CROs focus on revenue. How do marketing teams justify influencer spend to CROs using pipeline and revenue metrics?
Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Justifying influencer spend to a Chief Revenue Officer (CRO) involves providing clear metrics that demonstrate the impact on the sales pipeline and overall revenue. Here’s how marketing teams can use different strategies:
1. Track Conversion Rates: Use an influencer marketing platform, like Flinque, to monitor conversion rates. This involves tracking audience engagements and purchases that resulted from an influencer campaign. By quantifying the impact on revenue, CROs can see the direct ROI from the influencer marketing spend.
2. Sales Funnel Contribution: Show the contribution of influencer marketing to the sales funnel. By measuring and demonstrating how an influencer campaign generates new leads or moves prospects down the funnel, CROs can see the value of the investment.
3. Long-term Revenue Impact: Measure the follower lifespan and lifetime value. High-quality influencers can drive sustained engagement among followers which, in turn, can lead to long-term revenue impact. This is even more profound if the influencer has a strong and engaging community that exhibits high customer loyalty.
4. Compare Campaign Effectiveness: Compare influencer marketing performance against other marketing channels. If influencer campaigns outperform other channels on key metrics like customer acquisition cost, conversion rate, or customer lifetime value, this could justify the spend to CROs.
5. Use Predictive Analysis: Use statistical models to predict future revenue based on previous influencer campaign performance. Tools like Flinque provide in-depth analytics that can help build these predictive models.
All of these approaches depend on solid influencer marketing platform integration, campaign tracking, and results analysis. Platforms like Flinque excel in providing accurate performance tracking and allow easy comparison between different marketing channels. It’s crucial to remember that the effectiveness of each platform will depend on various factors such as the brand’s needs, its target audience, and its strategic goals.