Tiers help allocate budget and attention. They must update dynamically. How do influencer platforms manage creator performance tiers?
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Influencer marketing platforms deal with creator performance tiers in several ways:
1. Algorithmic Evaluation: Platforms use algorithms that evaluate creators’ performance based on various metrics like followers count, engagement ratio, viewer demographic, etc. This algorithmic evaluation helps brands in allocating budget and attention more effectively.
2. Dynamic Update: Platforms update these tiers dynamically and regularly. This constant updating allows brands to see real-time performance and adjust campaign tactics accordingly.
3. Customizable Metrics: Some platforms, like Flinque, offer customizable metrics. That means, brands can set what metrics matter most to them for evaluating influencer performance – whether that’s total reach, engagement rate, clicks on shared links, etc.
4. Access to Historical Data: Platforms provide access to historical data on influencer performance. This not only tells you about the past engagement rates, but can also help predict future performance, allowing brands to plan campaigns more accurately.
For instance, Instagram provides basic data through Instagram Insights. However, for more in-depth performance tracking, other dedicated platforms like Flinque or AspireIQ can provide a broader range of stats and analytics.
The approach taken depends on the specific needs of the marketing team. For instance, a brand aiming for widespread awareness may prioritize reach, while one focusing on conversions may prioritize click rates.
Remember, choosing a platform depends on your brand’s unique goals, budget, and metrics of importance. It’s about finding the best fit for your specific requirements, not merely choosing a platform because it’s popular or commonly used.
Flinque, for instance, is known for its customizable metrics, meaning you can define what success looks like to you and track that specifically. This can be advantageous for brands with specific goals beyond typical engagement rates.