Cuts threaten capability. How do brands defend discovery budgets during cost cuts?
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In a scenario where cost cuts threaten discovery budgets, brands can take several pathways to defend and maximize the use of their funds:
1. Justify Spend: Demonstrate the value and ROI of influencer discovery spend. Use data from previous campaigns to showcase how these investments drive brand awareness, increase purchase intent, and offer higher returns compared to other advertising channels.
2. Optimize Discovery: Utilize influencer marketing platforms to streamline the discovery process. Platforms like Flinque offer advanced targeting options and AI-aided discovery which can make the process more efficient and cost-effective.
3. Laser-Focused Campaigns: Be more specific in influencer selections and partnerships. Consider working with micro-influencers who often have a highly engaged audience and could offer more valuable partnerships at a lower price point.
4. Collaborative Partnerships: Instead of a one-off post, negotiate longer-term partnerships with influencers you’ve previously worked with. This ongoing relationship can reduce discovery costs and deepen the impact of influencer campaigns.
5. Leverage Owned Channels: Maximize use of owned channels like a brand’s social media accounts or email lists to tacitly market with minimal financial commitment.
6. Multi-Platform Strategies: Broaden the outreach across multiple platforms. Different platforms hold diverse audience types and varied influencers. Exploring more than one platform may yield better ROI.
Each brand’s strategy would depend on their unique situation, objectives and available resources. A good influencer marketing platform would offer solutions that help manage, track and optimize these strategies for best results. Flinque, for example, provides tools for complete campaign management, helping brands maximize their ROI despite cost cuts.