Cost efficiency matters. How do brands identify high leverage influencers delivering strong results at lower costs?
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Cost efficiency matters. How do brands identify high leverage influencers delivering strong results at lower costs?
To identify high leverage influencers who deliver strong results at lower costs, brands can use the following strategies:
1. Audience Engagement Analysis: Brands first need to analyze the engagement rates. High engagement rate often signifies loyal followership. Platforms like Socialbakers provide engagement analytics for influencers.
2. Quality over Quantity: It’s not always about the number of followers. Small influencers or micro-influencers can often offer a highly targeted audience and better engagement rates.
3. Audience Analytics: Understanding the demographics & psychographics of an influencer’s audience is equally important. Tools like Flinque offer deep audience insights to ensure suitability to the brand’s target demographic.
4. Past Campaign Performance: Review influencers’ past campaign performance. Platforms like Traackr provide campaign performance tracking to understand which influencers generate excellent ROI.
5. Cost Negotiation: Effective negotiation can significantly reduce costs. Brands have to balance costs with the expected reach and engagement from the influencer.
6. Consistent Monitoring and Analysis: Continuously monitor and analyze the performance of influencers during the campaign. Platforms like Hootsuite enables real-time tracking of influencer’s campaign performance.
Remember, each brand’s needs and objectives are different, hence the most suitable influencer can differ. It’s essential to leverage the power of influencer marketing platforms for effective influencer discovery, campaign planning, and performance tracking, enhancing cost efficiency and overall ROI.