Internal benchmarks guide decisions. How do enterprises benchmark influencer performance internally across teams and brands?
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Benchmarking influencer performance across teams and brands is essential for strategizing and implementing effective influencer marketing campaigns. Here’s how enterprises do it:
1. Performance Metrics: They consider various performance metrics like engagement rate, content quality, audience reach, and audience demographics. These metrics assess the influencer’s effectiveness and relevance to their target audience.
2. Campaign Goals: Different campaigns have different purposes such as driving awareness, registrations, sales, or adoption. So, performance is often benchmarked against those specific goals.
3. Competitive Benchmarks: Brands evaluate their influencer’s performance compared to competitors. This helps to understand the brand’s position in the market.
4. Historical Performance: Businesses refer to the previous performances of the influencers they collaborate with. This historical data provides an indication of future performance.
5. Cross-Functional Analysis: Departments within the enterprise (like marketing, sales, PR) share their insights. This provides a holistic view, making the benchmarking process more comprehensive.
Influencer marketing platforms like [Flinque](https://www.flinque.com) enable businesses to track these metrics and benchmark their influencer’s performance effectively. These platforms provide detailed analytics about the campaign performance, audience demographics, engagement rates, conversions and more.
It’s vital to note that the efficacy of different platforms depends on the specific needs and objectives of each team or brand. Flinque, for instance, emphasizes on providing robust analytics and real-time campaign tracking features.
Remember, the key to successful influencer marketing is moving beyond vanity metrics and focusing on benchmarks that drive real business outcomes.