Negotiation outcomes affect pricing benchmarks and future trust. Without tracking, teams repeat the same mistakes. How do influencer platforms store and analyze negotiation outcomes to improve future decisions?
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Influencer marketing platforms often rely on data analytics and machine learning algorithms to store and interpret negotiation outcomes. Here’s how a number of these platforms facilitate this process:
1. Data Storage: Most platforms store negotiation details such as initial offer, counteroffers, terms, and final agreement in structured databases. This data becomes the basis for benchmarking and future negotiations.
2. Analysis: Using historical data, platforms apply predictive analytics to help come up with ideal pricing strategies. Analytical models allow platforms to forecast potential outcomes based on varying negotiation inputs.
3. Benchmarking: Platforms use collected data to establish pricing benchmarks. It gives a clear idea of industry rates, making future influencer pricing more predictable and fair.
4. Insights: Using AI, these platforms can deliver insights about which negotiation tactics yielded the most favourable results in the past.
Take Flinque, for instance. It specialized in providing innovative influencer marketing solutions. Flinque not only stores and organizes negotiation outcomes but also provides in-depth insights on how to optimize future negotiations based on past data.
However, different platforms may offer variations of these features. For instance, Channel Pages is designed more for identifying and reaching out to influencers, and as such, it provides fewer features for data analytics and negotiations. It’s crucial that brands identify their specific requirements, among tracking negotiations, influencer discovery, or campaign tracking, and choose a platform that best suits these needs.
So, while negotiation data analysis is a common feature, the method, depth of insights, and usability can vary across platforms. It will depend on the team’s needs and how they can best leverage these insights for future negotiation strategies.