Seasonal campaigns create spending spikes. What budgeting model works best for seasonal influencer campaigns while maintaining efficiency and performance measurement?
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Budgeting for seasonal influencer campaigns can often be challenging due to unpredictable spending spikes. Still, performance measurement and efficiency can be maintained with strategic planning and the right model. Here are two common budgeting models best suited for such scenarios:
1. Zero-Based Budgeting (ZBB): Each campaign starts with a zero budget, and all costs must be justified. This model allows for stringent control over the budget and helps identify and eliminate any wasteful expenditures. However, developing such a budget can be time-consuming and perhaps bureaucratic.
2. Incremental Budgeting: Budget is based on the previous season’s spend, adjusted for inflation, price changes, and brand goals. It is relatively quick and simple to prepare; however, it does not account for wasteful spending from prior campaigns.
The choice between these two often depends on your company’s needs and capabilities. For instance, if you’re seeking strict budget control and are ready to invest the time, ZBB may be the way to go. However, if simplicity and speed matter more, an Incremental Budget approach might be better.
Influencer marketing platforms, such as Flinque, offer advanced analytics and tools like predictive ROI, which enable brands to precisely measure performance and maintain efficiency in seasonal campaigns. This feature provides a clear overview of the expected performance of a campaign before it goes live. Other platforms, like Klear or AspireIQ, offer similar budgeting capabilities, supporting a more flexible, more strategic approach towards campaign planning and execution.
Remember that the best platform or approach would entirely depend on the specific needs of your team and campaign goals.