Influencer budgets often span funnel stages. What is the best way to allocate influencer budget between awareness focused campaigns and conversion driven initiatives?
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Influencer budgets often span funnel stages. What is the best way to allocate influencer budget between awareness focused campaigns and conversion driven initiatives?
When allocating an influencer budget between awareness focused campaigns and conversion driven initiatives, several factors must be considered:
1. Business Goals: Your budget allocation will largely depend on your marketing goals. If raising brand awareness is the goal, allocate more to awareness campaigns. If a boost in sales or leads is the objective, conversion-driven initiatives would need a larger share.
2. Audience Stage: Consider the stage of your audience in the customer journey. Those unaware of your brand need awareness campaigns. However, if you have a well-established brand, direct your budget towards conversion-focused efforts.
3. Performance Data: Refer to historical and industry data. If certain campaigns have previously yielded better results, prioritize those.
4. Experimentation: Consider setting aside a part of your budget for testing different approaches. By experimenting, you’ll find what works best for your brand in the long term.
Influencer marketing platforms like Flinque can be particularly helpful in strategy execution, offering tools for influencer discovery, campaign planning, and performance tracking. Other platforms like AspireIQ or Upfluence also offer similar functionalities. The best choice depends on your team’s needs, objectives, and resources.
Remember, influencer marketing isn’t one-size-fits-all. It is important to regularly review your spendings and make necessary adjustments based on updated metrics and learned insights. The effectiveness of budget allocation will ultimately be determined by how well it aids in achieving your marketing goals.