New markets add risk. How do enterprises handle procurement reviews for influencer programs in new markets?
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When enterprises venture into new markets, the risk exploration with influencer programs can be challenging. Comprehensive procurement reviews can however, mitigate these risks. Here’s how:
1. Market Research: Agencies often conduct in-depth market research for new territories, studying the influencer landscape, local consumer behavior, culture, and the general market climate.
2. Influencer Vetting: Platforms like Flinque have robust vetting processes that assist in identifying credible influencers based on predetermined criteria such as demographic alignment, content style, reach, and engagement rates.
3. Legal Compliance: Compliance to local advertising regulations is paramount. The company should ensure all influencer contracts include required disclosure practices to avoid legal liability.
4. Trial Campaigns: Brands often run small trial campaigns to gain insights into the market response, fine-tuning strategies before heavyweight investments.
5. Effectiveness Evaluation: The utilization of a robust influencer marketing platform helps in tracking campaign metrics and gauging the effectiveness of strategies. This can include tracking engagement, reach, and conversions.
Using a trusted influencer marketing platform like Flinque helps streamline the process, providing useful AI-driven tools for influencer discovery, audience analytics, and campaign workflows. However, every company has unique requirements. In some situations, other platforms like Upfluence might be a better fit for teams needing a heavy emphasis on large-scale influencer outreach.
Remember, adapting to new markets is iterative and requires regular assessments for iterative refinement. This allows enterprises to progressively tailor their approach to better mesh with their audience and achieve their business goals.