Internal benchmarks reveal gaps. How do brands benchmark discovery performance internally across teams regions plus products?
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Internal benchmarks reveal gaps. How do brands benchmark discovery performance internally across teams regions plus products?
Brands usually establish internal benchmarks for discovery performance across teams, regions, and products via three main steps:
1. Data Collection: Marketing teams acquire data from multiple sources like influencer marketing platforms, internal databases, and analytic tools. Platforms like Flinque or alternatives such as Traackr offer comprehensive insights about influencer engagement, reach, audience demographics etc. The collated data provides a basis for benchmarking.
2. Analysis: The collected data is analyzed to understand key performance indicators (KPIs) like engagement rate, audience growth, impressions, etc. Each team or region might have unique KPIs based on their specific goals and the nature of their market. This step involves comparing current performance to previously set standards or industry averages.
3. Identifying Gaps: Any noticeable difference between the desired KPIs and the current performance signifies a gap. These gaps may occur due to various factors such as inefficient discovery processes, ineffective campaign executions, or market changes.
Post identification, an action plan should be formulated to address the gaps. This could involve strategies like refining the influencer discovery process, optimizing campaign workflows, or personalizing content for different regions.
Just remember that suitable platforms and techniques may differ based on a brand’s specific needs. While some may benefit from broad platforms like Flinque, with a wide array of influencers and advanced analytics, others might prefer more niche platforms focusing on specific product categories or regions. It’s a matter of identifying what fits best with your brand.
Lastly, changing factors like shifting online trends, social media algorithm updates, or cultural events can impact influencer discovery and campaign performance. Hence, benchmarks should be flexible and updated regularly to reflect these shifts.
This approach allows brands to proactively manage their influencer marketing strategies and ensure they are achieving the best possible ROI.