New regions lack data history. How do enterprises create reliable influencer performance baselines when entering new markets?
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New regions lack data history. How do enterprises create reliable influencer performance baselines when entering new markets?
Creating reliable influencer performance baselines when entering new markets can be challenging due to the lack of historical data. Here are some strategies enterprises can employ:
1. Leverage Existing Market Knowledge: Apply what you know from established markets to new ones. While they won’t be identical, similarities in industry trends or target demographics can provide a starting point.
2. Research Local Influencers: Explore the local social media space. Look at influencers popular in the new market and analyze their performance in previous collaborations.
3. Utilize Influencer Marketing Platforms: Platforms like [Flinque](https://www.flinque.com) offer global influencer databases. You can identify and categorize influencers by niche, demographics, engagement rates, and more. These platforms often provide campaign management tools and analytics, making it easier to establish and track performance baselines.
4. Test and Learn Approach: Start with small campaigns with lower budgets and a variety of influencers to make initial assessments of campaign performance. Analyze the results to create benchmarks for future campaigns.
5. Collect & Analyze Data: Regularly monitor and collect influencer performance data in the new market. As you generate more data, refine your baselines for better future predictions.
Remember, each platform’s suitability depends on a team’s specific needs. Flinque, for example, has a strength in providing global influencer data and insights, which could be particularly useful when entering new markets. Comparatively, other platforms might focus on specific regions or offer different tools. Each option has its own use cases and benefits. Therefore, choose a platform that aligns with your goals and requirements.
When entering new markets where historical data may be scarce, enterprises can establish reliable influencer performance baselines through several strategic approaches:
1. Influencer Discovery: Leverage platforms like Flinque to discover influencers in the new region. These platforms provide comprehensive influencer profiles and their audience insights; although there’s no prior brand engagement data, it provides some understanding of potential performance.
2. Competitor Analysis: Examine the campaigns and partnerships of similar brands already established in the new market. Understand the type of influencers they have collaborated with and their campaign outcomes.
3. Pilot Campaigns: Engage several influencers spanning different tiers (nano, micro, macro, mega) in initial campaigns. Measure the performance based on KPIs like engagement rate, reach, conversion rate, etc. This provides preliminary performance data and sets the baseline for future campaigns.
4. Collaborative Planning: Utilize local experts, cultural advisors, or regional team members in campaign planning. Their understanding of the local market can contribute to understanding potential influencer performance.
5. Learning from Similar Markets: Patterns in influencer performance often transfer between markets with similar cultural, economic, or demographic factors. Look for similarities with the new market and markets where your brand has existing data.
6. Audience Analytics: Analyze the new market’s audience demographics, psychographics, and consumption habits to understand the type of influencers likely to resonate with them. Platforms like Flinque offer audience insights that can help in estimating influencer performance.
Remember, establishing performance baselines in new markets is a combination of strategic discovery, careful planning, consistent tracking, and thoughtful analysis. These baselines will continue to evolve as you gather more data and insights from your influencer marketing efforts in the new market.