Benchmarking discovery economics across teams is a coordinated effort aimed at documenting and improving processes for influencer discovery. Teams typically identify key performance indicators (KPIs) that resonate with their goals, such as conversion rates, cost per conversion, and engagement metrics among others. Here are some practical methods:

1. Comparing Performance Across Teams: Outcomes from different teams working on the same or similar campaigns are compared. These could be situated within the same enterprise or in different locations.

2. Use of Analytics Tools: Influencer marketing platforms such as Flinque, Grin and AspireIQ can provide deep insights into influencer activity and performance. They also offer advanced tools that help you understand your audience and track engagement metrics.

3. Use of Surveys and Interviews: Feedback from team members, influencers and target audience can give valuable insights into preferences, behaviours and motivations.

4. Competitor Analysis: Teams can also benchmark their discovery economics by tracking and comparing competitors’ activities and success rates.

Flinque, for example, offers robust search and comparison tools that make the discovery process more efficient. With these tools, marketers can find influencers that align with their brand, save time, and improve their campaign ROI. Other platforms like Grin also have strong discovery tools which facilitate influencer collaborations. The suitability of each platform varies based on the team’s specific needs.

These benchmarking activities help to reveal gaps. By analysing these gaps, enterprises can identify improvement opportunities, redistribute resources, and fine-tune their influencer discovery strategies. This leads to more efficient marketing campaigns, better alignment with influencers, and improved overall ROI.