What is the Mavrck Points System?
One option for incentivizing influencers within your Mavrck programs is to use points. Influencers can earn points for completing activities, creating engaging content, and driving conversions / referrals. Once an influencer has accumulated enough points, they can select which reward they would like to unlock.
The points approach provides a number of advantages over directly linking an incentive to an activity.
- Influencers can choose which reward is best for them rather than unlock a specific reward tied to an activity.
- As an administrator, you do not need to set up new rewards when you set up new activities.
- The points for engagements / conversions model rewards influencers based on their performance/influence.
Earning Points as an Influencer
Influencers can earn points in a number of different ways:
- Immediately, by completing an activity such as a survey, review, follow, sharing a link, or creating content on a social network.
- By driving likes, comments, shares, and clicks on social media. The more engagements that a post receives, the more points the influencer will receive. Our system assesses the number of engagements that are generated after 24 hours and awards points accordingly.
- By driving a conversion (purchase / sign up / etc).
- By referring another influencer to your program.
Determining Number of Points to be Earned
The Mavrck Points System automatically defaults the number of points awarded to influencers based on our industry benchmarks and best practices. The model applies a value to each post, review, survey, engagement, click, and conversion and then rewards the influencer with a 'commission' for driving that value.
Commission in this sense means that we pass back a percentage of the estimated brand value to the influencer. For example, if a review is worth $3.00 to you as the brand, and you give 10% to the influencer, the influencer should unlock $0.30 worth of points.
We default the commission and values based on our benchmarks, but these values can be adjusted on request.
Points and Social Posts
Influencers drive the most value when they amplify and create content on social media. We optimized the Mavrck system to proportionally reward this value by awarding points based on the number of likes, comments, shares, and clicks that the influencer generates.
The model is based on three values:
- Base Post Value: The number of points that are awarded just for making the post. Awarded immediately (Even if the post is later deleted by the influencer)
- Points per Engagement: The number of points that are awarded for each like, comment, share, and click on a post.
- Step Value: Allows you to award points based on rounded values. A step value of 10 would mean that points are awarded for every 10 engagement rather than every single engagement.
- Max Points: The maximum number of points that will rewarded for a post.
By default, the base post is worth $1.00 (see above) and will reward the influencer with 20 pts ($.10).
We value an engagement at $.50, so the points per engagement is defaulted to 10 (see above)
We default the step value to 10, so influencers will be awarded points in 10 engagement (200 pt) increments.
We default the max points to 6,000, which means that an influencer will get points up to 300 engagements. (300 * 20 = 6,000)
Note that with a step value of 10, a post with 9 engagements will receive 0 additional points. They will only receive the base points.
Setting up Incentives / Rewards
To set up incentives in the system, you need to determine the cost of the incentive and calculate how many points are required.
By default, each point is valued at $0.005 (half of a cent).
To determine the number of points required to unlock an incentive, simply divide the cost of the incentive by .005. So a $20 gift card should cost 4,000 points.
You can enter this point value when creating an incentive. (See image)
Capping Your Total Incentive Cost
A common concern with points based models is that you will run out of incentives budget and your influencers will have nothing to spend their points on.
To avoid this situation, we recommend that you always have at least one sweepstakes running, with a fairly high value item. Because influencers can exchange points for sweepstakes entries, they will always have something to apply their points towards. Influencers who unlock the most entries have the greatest chance of winning.
In addition to the sweepstakes, you should attempt to maintain an mix of incentives at different value levels. Some low cost / low value items, some medium value, and some higher value items. By doing this, you are making incentives attainable to influencers with various levels of social media influence.
Enabling Points in Your System
To enable points in your Mavrck instance, please contact your customer support representative.