Benchmarking informs allocation. How do brands benchmark influencer results against other acquisition channels?
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Brands can benchmark influencer results against other acquisition channels through the following strategies:
1. Comparing Cost Per Action (CPA): Brands can evaluate the cost per desired action (like signups, downloads, or sales) through influencers and compare it with that of other channels like pay-per-click advertising, social media advertising or SEO.
2. Observing Customer Lifetime Value (CLV): Brands can assess the lifetime value of customers who engage with the brand through an influencer and compare it to the CLV from other strategies like email marketing or retargeting.
3. Checking Engagement Metrics: Brands can track engagement metrics (likes, shares, comments) from influencer posts and compare these with the engagement they derive from their organic social media posts or paid social ads.
4. Reviewing Brand Awareness Metrics: Brands can survey their audience to gauge brand recall after an influencer campaign and compare this to brand recall metrics from traditional advertising channels.
Influencer marketing platforms such as Flinque give brands the tools to track these metrics effectively. Flinque, for example, allows brands to monitor influencer campaign results in real-time, which is handy for benchmarking. However, the type and scale of your business can dictate which platform or mix of channels works best for you. It’s crucial to regularly benchmark and assess campaign performance to make data-driven marketing decisions.