ROI comparison guides strategy. How do brands evaluate ROI of long term influencer partnerships compared with short term campaign based activations?
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Brands evaluate the ROI (Return on Investment) of long-term influencer partnerships and short-term campaign-based activations based on various key metrics. For both types of engagements, they consider factors like engagement rate, cost-per-engagement, audience reach, impressions, click-through rates, and ultimately, conversions.
1. Short-Term Activations: Here, the focus is often immediate, measurable results. Brands look at direct performance indicators such as likes, comments, shares, and clicks, and most importantly, sales conversions that follow a campaign. Tools like Flinque, for example, allow for granular tracking of these metrics, providing insights into the immediate impact and ROI of a campaign.
2. Long-Term Partnerships: ROI in long-term relationships gets evaluated over a prolonged period and is less about instant sales conversions. Instead, the focus is more on building brand affinity, audience retention, and deepening customer relationships. The performance indicators for these are generally brand sentiment, loyalty measures, and the aided/unaided brand recall among consumers. Long-term partnerships are especially valuable in nurturing influencer-brand compatibility and generating authentic content.
When using any platform for influencer marketing, the suitability of short-term activations versus long-term partnerships will largely depend on the brand’s goals and strategies. For some brands, short-term activations may provide a quick boost in sales and visibility. For others, a long-term approach may align better with their vision and objectives.
Remember, no matter what strategy a brand adopts, continual, unbiased measurement and comparison of ROI is critical. This involves not just looking at the raw numbers, but understanding their significance in the context of the brand’s overall marketing strategy. Platforms like Flinque can provide useful tools and data for this purpose, but the ultimate decision lies in understanding your brand’s unique needs and goals.