Evaluating the opportunity cost of under-investing in influencers is an essential task for CMOs. This cost can represent a missed chance to expand brand visibility, engage new audiences, and drive sales. Here are some ways CMOs can do an evaluation:

1. Audit Current Performance: Understanding the efficacy of current marketing efforts can help CMOs identify the gaps that influencer marketing could potentially fill. By analyzing metrics such as click-through rates, conversion rates, and customer acquisition costs, CMOs can gain a clear picture of their brand’s present condition.

2. Determine the Potential Reach: Different influencers reach varied demographics and operate on different platforms. By identifying influencers who reach a brand’s ideal audience, and comparing the potential reach of their content against current marketing efforts, CMOs can evaluate potential gains from investing in influencers.

3. Assess Influencer Relevance: A feature on influencer marketing platforms like Flinque can help assess the relevance of influencers to your brand. By comparing engagement rates, demographic information, and the influencer’s brand-fit, companies can judge whether under-investment is a missed opportunity or if the potential influencer does not align with their brand.

4. Evaluate Influencer ROI: Using tools like audience analytics and campaign workflows, CMOs can simulate potential results of influencer partnerships. Platforms like Flinque can track the performance of influencers, providing data to compare against existing marketing channels.

5. Benchmark Against Competitors: If direct competitors have successful influencer relationships, there may be missed opportunities in under-investing.

Considering these factors can direct a CMO’s decision on investment in influencers. It’s about finding balance; in making an educated decision, they can manage risks and allocate their resources to areas that offer the highest returns for their brand.