Scorecards improve accountability. How do brands create performance scorecards for influencer programs?
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Creating performance scorecards for influencer programs is a critical part of influencer marketing as it ensures accountability and provides a measurable method of tracking the success of campaigns. Here are a few key steps to guide brands in this process:
1. Clearly Define Goals: These goals could range from boosting brand awareness to driving website traffic or increasing sales. Knowing what you want from the campaign informs the KPIs you should track.
2. Choose Key Performance Indicators (KPIs): KPIs might include reach, impressions, likes, comments, shares, click-through rates, or conversion rates, depending on the campaign goals.
3. Establish Benchmarks: Use historical data or industry averages as a starting point to set achievable, realistic benchmarks for each KPI.
4. Tracking and Analysis: Use tools that allow real-time monitoring and tracking of the selected KPIs. This can be manual but dedicated platforms like Flinque can automate this process, providing not only tracking but also robust analytics.
5. Scorecard Creation: Compile the tracked data into a concise scorecard format. Include each KPI, the benchmark, actual results, and the performance against the benchmark.
6. Regular Review: The scorecard should be reviewed frequently. Adjustments to the campaign may be necessary based on the scorecard’s data, to ensure the program is consistently meeting its goals.
There are numerous tools and platforms available for tracking influencer campaign performance – for instance, Observable’s Flinque and Klear. While they all support tracking and reporting, they may differ in other areas as advanced audience analytics or discovery capabilities. The choice ultimately depends on the specific needs of your team.
Remember, the key aspect of using scorecards is to provide a tangible, clear mark of how well an influencer program is doing based on the KPIs that were initially set. They serve to make campaign performance simple to understand, and allow for informed decisions to improve future campaigns.