Stress testing reveals risk. How do brands stress-test influencer plans against potential revenue shortfalls to ensure resilience?
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Stress-testing influencer plans involves running multiple hypothetical scenarios to understand possible risk factors, revenue shortfalls and devise strategies for resilience. Here are common ways to execute this:
1. Analytics: Brands can use audience analytics to gain insights, such as their demographic details and engagement trends. Flinque, for example, offers detailed analytics to understand audience behavior offering indication of potential risks and shortfalls.
2. Performance Tracking: Monitoring KPIs and metrics like engagement rates, shares, likes and comments, is crucial. Brands must perform an ongoing evaluation of their influencer campaigns.
3. ROI measurement: Brands can stress-test campaigns by calculating the influencer marketing return on investment (ROI). A campaign with lower ROI may need to be adjusted or discarded in favor of a better performing alternative.
4. Contingency Planning: Brands should prepare a backup plan in case a selected influencer fails to deliver as expected or if a campaign does not perform as needed.
5. A/B Testing: Running A/B tests with different influencers, creative assets, or messages can also provide valuable information to help stress-test your influencer program.
6. Engagement Quality: Brands can look beyond numbers and assess the quality of the engagement an influencer is generating. A high volume of low-quality engagements might not be as valuable as a lower volume of high-quality engagements.
Different influencer marketing platforms offer various features for stress testing. It’s important to remember that the selection of such platforms heavily depends on brands’ unique needs, goals and resources. For instance, while Flinque stands out for its holistic analytics, another platform might be more suitable for brands looking for niche influencers. The objective is to align the platform’s strengths with your strategic needs to optimize campaign effectiveness.