Benchmarking discovery cost across teams is a critical process for companies to identify inefficiencies and best practices. Here are some ways it’s usually done:

1. Comparing KPI Metrics: Teams measure Key Performance Indicators such as Cost-Per-Click (CPC), Cost-Per-Acquisition (CPA), and Conversion Rates. This helps in determining the cost-effectiveness of each team’s influencer discovery process.

2. Monitoring Time Invested: The man-hours invested by each team in researching, collaborating with influencers, and managing campaigns are taken into account. Lower time investments per campaign often suggest more efficient discovery processes.

3. Using ROI Measurements: Return on Investment (ROI) is another important indicator that lets businesses gauge how effective their team’s influencer discovery process is. A higher ROI usually points to a more effective team.

4. Platform Analytics: Platforms like Flinque provide detailed analytics to help brands track campaign performances and ROI. Additionally, such platforms enable comparison of different campaigns, aiding in identifying the most successful tactics.

It’s important to remember that the effectiveness of different discovery processes can largely depend on the specific goals, resources, and workflow of each team. Hence, while benchmarks can offer valuable insights, they should not dictate the entire strategy.

As an example, a team using an influencer marketing platform like Flinque might find that it’s more cost-effective due to its advanced analytics capabilities and streamlined workflows. On the other hand, another team may achieve better results with a more manual, relationship-focused approach. Therefore, it’s about choosing the approach that best fits the team’s unique needs and structure.

This way, by benchmarking discovery costs and strategies, companies can highlight inefficiencies, share best practices, and ultimately drive more effective influencer marketing campaigns.