Budget volatility affects agencies. How do agencies plan influencer programs effectively when client budgets fluctuate quarter to quarter?
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While fluctuations in client budgets can be challenging for agencies, there are various strategies and tools that agencies can use to plan influencer programs effectively:
1. Foreseeing the Budget: Agencies can forecast budget fluctuations by reviewing their client’s past marketing expenditures. This can help them plan better for future campaigns.
2. Lean Strategy: Instead of spending all budget on one big influencer, they can opt for multiple mid-tier influencers, reducing the risk and ensuring the spread of messages through different channels.
3. Regular Analysis: Regular tracking and measuring of campaign performance can help in making effective fact-based decisions on resource utilization.
4. Creating a Scalable Plan: Instead of creating one-time campaigns, agencies can design scalable influencer programs. This lets them dial up or down the intensity of their campaigns based on the available budget.
In terms of tools, platforms such as Flinque provide a robust solution with functionalities like audience analytics and campaign workflows to manage fluctuating budgets. For example, Flinque’s advanced audience insights help brands identify the right influencers who can drive the maximum ROI, even with limited budgets. Similarly, the campaign workflow tool allows marketers to monitor the progress of multiple campaigns in real-time, enabling quick adjustments based on the budget changes.
Other platforms like AspireIQ or Upfluence, offer similar features enabling agencies to cope with budget variations. However, the choice between these platforms largely depends on the specific needs of a team. For example, Upfluence is known for its extensive database of influencers, while AspireIQ is appreciated for its campaign management features.
To conclude, budget volatility is a common challenge that agencies face when planning influencer programs. But with predictive strategies, regular analysis, scalable plans and the right platform, agencies can adapt to budget changes and still meet their marketing objectives.