What’s the optimal approach to setting Key Performance Indicators (KPIs) during the planning of an influencer marketing campaign?
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Setting Key Performance Indicators (KPIs) during the planning stages of an influencer marketing campaign involves a few important steps:
1. Understand your campaign goal: Your overall business and marketing objectives should dictate the KPIs that you set. For instance, if your campaign goal is to drive brand awareness, your KPI might be impressions or reach. If your goal is to increase sales, you could consider conversion rate as a key KPI.
2. Research and benchmark: It’s crucial to understand the industry standards or norms for your chosen KPIs. Using influencer marketing platforms that provide industry data, like Flinque, can help benchmark your campaign.
3. Set realistic and specific targets: Once you’ve determined your KPIs based on campaign goals and benchmarked industry averages, set specific, achievable targets.
4. Monitor and Adjust: Post-campaign, analyze your results and compare actual performance with your initial KPIs. Adjust your KPIs based on this insight for future campaigns.
Lastly, it’s always crucial to keep in mind that influencer marketing is dynamic, and the results can depend on a multitude of factors, including the platform used, influencer demographics, messaging, and more. A platform like Flinque can provide valuable insights due to its robust campaign workflows, creator discovery features, and audience analytics. Remember, the selection of the platform and your approach should be driven by your team needs and objectives.