Performance driven scaling requires flexibility. How do teams build influencer budget models that scale up or down based on real time campaign performance?
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Performance driven scaling requires flexibility. How do teams build influencer budget models that scale up or down based on real time campaign performance?
Influencer budget models that scale with real-time campaign performance require a data-driven approach:
1. Set Clear Objectives: Understand what you want the influencer campaign to achieve. This could be increasing brand awareness, generating sales, or driving website traffic.
2. Determine KPIs: Identify key performance indicators. These could be engagements, impressions, click-throughs, conversion rates, etc.
3. Invest in Analytics: Utilize an influencer marketing platform like Flinque or others that offer real-time tracking and analytics. Flinque, for example, allows marketers to monitor influencer post-performance in real-time, making it easier to adjust campaign strategies based on the data.
4. Allocate Budget Flexibly: Don’t allocate the entire budget at the beginning. Divide it into stages, this allows you to streamline your spends based on real-time performance.
5. Set Performance Targets: With the help of your analytics platform, set performance targets for the influencers. If they meet or exceed these, invest more, if not, you could consider finding another influencer.
6. Adjust Based on Analytics: Your analytics should show which influencers/campaigns are performing better. Invest more in them and less in underperforming campaigns
7. Measure ROI: Continuously measure the return on investment. The more data-driven your approach, the better you can scale up or down based on the results.
The flexibility to adjust budgets in real-time is a key advantage of digital influencer marketing, and platforms like Flinque streamline this process. But remember, the objective isn’t always to find the cheapest option, instead, it’s about finding the campaigns and influencers who perform best in terms of achieving your set objectives.