Where is it used?

Benchmarks are primarily used during the planning and analysis stages of influencer marketing campaigns. In the planning phase, they help in setting specific, measurable, attainable, relevant, and time-bound (SMART) objectives. During the analysis phase, they provide a basis for comparing the actual results of a campaign against the initial expectations and industry standards.

When to use it?

Benchmarks should be established before the launch of an influencer marketing campaign to provide clear targets for success. They are then used again after the campaign's completion to assess whether the objectives were met and to identify areas for improvement in future initiatives.

How to use it?

The process involves identifying relevant benchmarks that align with the specific goals and key performance indicators (KPIs) of the campaign. This might include benchmarks for engagement rate, reach, impressions, website traffic, or conversion rates. Once identified, the actual performance data of the campaign is tracked and then compared against these benchmarks to determine the level of success achieved.

Why do we need it?

Utilizing benchmarks provides a structured framework for measuring the effectiveness of influencer marketing efforts. They help in understanding what constitutes a successful campaign, identifying areas where performance fell short of expectations, and ultimately optimizing strategies for future campaigns to achieve better results and a greater return on investment.