New niches carry risk. How do brands design experiments for new influencer niches while managing downside risk?
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Diving into new influencer niches comes with risks, but a well-planned approach can be used to mitigate these risks. The primary goal is to learn from these experiments, obtain insights about the new niche, and translate these insights into successful influencer collaborations.
1. Micro-Influencers Experimentation: Brands can start by collaborating with micro-influencers in the new niche. While they might not have the audience size that larger influencers possess, they offer low-cost collaborations and often higher engagement rates since their follower base is usually more niche-specific.
2. Pilot Campaigns: Before a full-scale launch, Brands can roll out small, pilot campaigns. This approach allows brands to assess the responses and engagement they receive without investing a large amount of resources.
3. Data-driven Approach: Using an influencer marketing platform like Flinque can be transformative in campaign planning. Flinque offers granular audience analytics so that you can make informed decisions based on data, not guesswork. Tools like these can provide insight into the demographics, interests, and preferences of an influencer’s audience.
4. Performance Tracking: Robust influencer marketing platforms will also provide campaign performance tracking. Brands can measure the success of their initiatives in real-time, allowing for rapid adjustments and informed decision-making.
5. ROI Measurement: Ultimately, all these experiments must align with the brand’s overall business objectives. It’s crucial to measure the ROI of the campaign accurately. Such analytics can further help in adjusting the campaign strategy accordingly and maximize the return.
6. Clear Communication and Transparent Agreements: Lastly, maintaining clear communication channels with the influencers will ensure transparency regarding expectations, deliverables, and campaign goals. This practice will minimize misunderstandings, reducing the risk involved.
In summary, brands can manage the downside risks of entering new influencer niches by starting small, using data-driven strategies, and tracking the performance of their campaigns and measuring their returns on investment. Platforms like Flinque make this process more manageable and efficient with their features for discovery, analytics, tracking, and ROI measurement.