Influencer marketing investment justification during annual planning requires performance evidence and forward-looking projections. These are some of the ways how this is typically achieved:

– Past Performance Review: Historical data from previously executed influencer campaigns are essential. Teams evaluate KPIs such as engagement rates, impressions, clicks, conversions, and earned media value. High-performing influencers or campaigns provide a solid foundation for future investments. Tools like Flinque, Socialbakers, or AspireIQ provide robust analytics to evaluate past performances.

– ROI Projections: Future investment decisions are often based on projected ROI. This includes estimates of reach, engagement, conversions, and ultimately, sales. The projection should tie back to the overall marketing and business objectives. ROI projection capabilities differ across platforms; Flinque, for instance, offers predictive analytics to help project ROI.

– Industry Trends and Benchmarking: Teams should consider industry trends and benchmark data from influencer marketing studies or competitor analysis. This helps to contextualize your own data and performance. Many influencer marketing platforms provide benchmarks, but the extent and granularity differ.

– Influencer Longevity: For continued partnerships, a record of the influencer’s consistency and growth trajectory is practical. This includes their audience growth, future potential, and relevance to the brand’s evolving target audience.

– Test and Learn Approach: Small-scale pilot projects can be used to justify larger future investments. These act as low-risk opportunities to gather data about performance, audience response, and workflow efficiency.

Every company and campaign has unique needs and goals, so the tools or approaches mentioned may suit some teams better than others. It’s advised teams conduct due diligence before committing to any strategic course or platform investment.