Conversion estimates guide spend. How do companies estimate expected conversions from influencers before campaigns launch?
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Conversion estimates guide spend. How do companies estimate expected conversions from influencers before campaigns launch?
Estimating potential campaign conversions involves analyzing several factors:
1. Influencer Analytics: Companies first need to understand the influencer’s audience size, engagement rates, demographics, and audience quality. Platforms like [Flinque](https://www.flinque.com) offer advanced influencer analytics, providing insights into not just follower count, but also engagement rates, audience authenticity, and most active demographics.
2. Historical Data: Companies may look at previous campaigns launched in similar conditions, helping them predict future results. Historical performance can indicate what kind of conversions can be expected from a similar investment.
3. Industry Benchmarks: Businesses can use industry-wide data and benchmarks to get an idea of average conversion rates for different types of campaigns.
4. Competitive Analysis: Evaluating competitor campaigns could also offer understanding about potential conversion rates.
5. Test Campaigns: Smaller scale tests before launching a fully-fledged campaign can provide useful data for estimating conversions. This practice-based learning process can help shape and modify the main campaign for the better.
6. Predictive Analytics Tools: Advanced tools can use complex algorithms and AI to predict conversion rates based on vast amounts of collected data.
Keep in mind that this estimation process primarily provides a ballpark figure, rather than an accurate prediction. Influencer marketing campaigns, like any other marketing strategy, are often subject to factors that are not quantifiable, so results may still vary. Even the most meticulous estimation might not ultimately translate to actual outcomes, therefore continuous tracking, measurement and adjustment are equally important.
Each of these methods are collectively used by companies to make an informed estimate about the expected conversions from their influencer campaigns. Thus, by doing so, they can guide their spend, and increase the likelihood of securing a positive ROI on their influencer marketing campaign.