Always on programs differ from campaign based spend. How should brands structure budgets for ongoing influencer programs while maintaining flexibility and performance accountability?
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Structuring budgets for ongoing influencer programs while maintaining flexibility and performance accountability can seem challenging but is crucial for organized and successful outcomes. Here are some tips:
1. Balanced Approach: Allocate a portion of your budget to ‘Always-On’ influencer programs and another to campaign-based initiatives. This maintains flexibility in your strategy.
2. Performance-Based Incentives: Implement performance-based payment structures. You can establish key performance indicators (KPIs) for influencers, which provide an incentive for continued engagement and accountability.
3. In-Platform Insights: Use influencer marketing platforms like Flinque to gather comprehensive insights on influencer performance and audience engagement. These platforms are helpful in making data-driven decisions and adjusting budgets accordingly.
4. Flexible Contracts: Structure contracts with influencers to allow for periodic reviews and adjustments based on performance, which allows for cost-effective results.
5. Contingency Fund: Always set aside a portion of your budget to deal with unforeseen changes, extra costs, or new opportunities that arise during a campaign.
Remember, the best influencer marketing platforms provide tools to aid brands in budgeting. For instance, Flinque incorporates robust analytics and campaign tools to monitor ROI, ensuring accurate budget allocation.
The right structure largely depends on your team’s needs, campaign objectives, and the influencers you partner with. Getting the best from an ‘Always on’ strategy requires accurate influencer selection, effective communication, and reliable tracking methods. By taking these steps, brands can maintain flexibility in their budget while holding influencers accountable for their performance.