PROCUREMENT

Centralizing Influencer Marketing to Achieve Efficiency and Cost Transparency for Enterprise Businesses

May 09, 2024

Whitepapers

Centralizing Influencer Marketing to Achieve Efficiency and Cost Transparency for Enterprise Businesses

Exploring how enterprise businesses can leverage tools to empower a centralized approach to influencer marketing activities and create efficient and transparent ways of working across the organization. 

1. WHAT DOES IT MEAN TO CENTRALIZE INFLUENCER MARKETING?

Centralization is a real hot topic in the world of marketing these days, but what does it actually mean for businesses looking to implement it as part of their influencer marketing operations? 

Centralization, in the context of influencer marketing, refers to the activity of storing all of your influencer marketing activities & data (including influencer analytics and fees) via a curated suite of central tools to facilitate better decision making, resource allocation and strategy execution; making it simple to unify best practices and efficient ways of working across the various teams within an organization. 

Furthermore, it facilitates transparency, accountability & knowledge sharing, to help procurement teams identify discounts and cost saving opportunities.

2. WHY SHOULD ENTERPRISE BUSINESSES USE TOOLS TO CENTRALIZE INFLUENCER MARKETING?

For enterprises, the strategy for influencer marketing is often set at the enterprise level and then executed at a brand level. This is due to the nature of influencer marketing to be most effective when localized, with influencers acting as a mouthpiece for the brand and creating content that is authentic to the local nuances.

However, It is often very easy for local brand managers to execute influencer marketing activities in line with their specific goals and objectives, outside of the global or enterprise level strategy. 

In cases where a centralized approach isn’t leveraged it is commonplace to see this happen, where brands are operating in silos executing influencer marketing activities inefficiently with minimal transparency, collaboration and without a standardized way of working. 

By leveraging a curated suite of tools to centralize influencer marketing, enterprises can counter these challenges and maximize the effectiveness and efficiency of these activities. A few services that use this approach are:

3. WHERE CAN YOU CENTRALIZE FOR INLUENCER MARKETING AND WHICH TOOLS SHOULD YOU BE USING?

Centralization tools consolidate influencer activities, streamlining operations in line with the objectives.

Through the strategic selection of these tools tailored to individual business needs, organizations can construct a customized solution that simplifies their workflow towards achieving enterprise-level goals.

4. WHAT ARE THE BENEFITS OF CENTRALIZING INFLUENCER MARKETING?

With a fully centralized model that combines all of the tools listed above, enterprise businesses can unlock a more efficient and effective way of working, the benefits of centralization include, but are not limited to, the following. 

4.1 Consistency, Compliance Governance & Brand Safety

Centralizing influencer marketing processes with templates, training, and legal guidance enables organizations to efficiently manage brand presence across all influencer activities. For instance, providing clear briefing documents ensures influencers comply with legal requirements and brand guidelines.

4.2 Transparency & Accountability 

Centralizing influencer data in a portal promotes transparency. Requiring both internal and external teams to provide accurate costs for influencer collaborations enables brand and procurement teams to negotiate efficiently by knowing fee benchmarks and identifying potential discounts for repeat collaborations.

4.3 Reduced Duplication & Increased Economies of Scale

Sharing data, learnings, and best practices across brand teams reduces the duplication of activities and promotes informed decision making.For instance, repeatedly working with a high performing influencer allows for cost efficient agreements like service level agreements for multiple content pieces.

4.4 Simplified Knowledge Sharing to Improve Effectiveness

By centralizing templates, training, and best practices, teams within the organization are able to access a single source of information, speeding up knowledge sharing and problem-solving. This supports the delivery of consistent high performance activities aligned with enterprise objectives.

4.5 Performance Optimisation

Centralizing influencer data gives leadership teams visibility to make informed decisions. They can easily spot low-cost, under-performing, or top-performing influencers, ensuring continuous improvement in influencer activities’ performance and efficiency across the business.

4.6 Efficient Ways of Working 

With all teams using centralized tools, the enterprise achieves buy-in for the agreed way of working. This streamlines day-to-day activities, optimizing resource allocation, facilitating communication, and enhancing collaboration.

4.7 Simplified Scaling of Influencer Activities 

Centralizing all influencer data helps enterprise leaders make informed decisions about scaling activities. Furthermore, they can leverage centralized influencer management templates to scale faster, with streamlined processes like outreach, engagement, briefing, and contracting through best practice documents. This simplifies campaign execution, supporting scale.

5. GUIDING PRINCIPLES TO KICKSTART A CENTRALIZED APPROACH

Centralizing influencer marketing efforts becomes significantly easier for enterprise businesses when they utilize tools. However, to ensure success, we’ve outlined some guiding principles to make your centralization efforts as effective as possible

5.1 Thoroughly Assess the Tools 

Centralization tools can be expensive. Especially when you are leveraging multiple for a fully centralized approach to influencer marketing. By spending time properly assessing the different tools and their suitability to your businesses specific objectives you can ensure no budget is wasted paying on tools you don’t need.

5.2 Ensure Business Wide Buy in 

Without a consensus view on the value of centralizing influencer marketing activities, enterprise businesses can find it difficult to achieve alignment, consistency, and smooth implementation across teams. 

5.3 Train Your Team & Enforce Accountability 

Training helps ensure that employees have the knowledge required to use the centralized suite of tools. Making teams accountable for their role in following & contributing to the centralization effort promotes adherence to standards and procedures, and drives overall organizational success.

6. CONCLUSION

In conclusion, centralizing influencer marketing for enterprise businesses through tools empowers efficient and transparent ways of working. It consolidates decision-making, optimizes resource allocation, and streamlines strategy execution across the organization. 

Centralization ensures consistency, compliance governance, and cost transparency while reducing duplication of efforts and increasing economies of scale. Moreover, it simplifies knowledge sharing, enhances performance optimization, and fosters efficient ways of working. 

By adhering to guiding principles such as thorough tool assessment, top-level decision-making, business-wide buy-in, and team training with enforced accountability, enterprises can successfully centralize influencer marketing activities, driving greater effectiveness and efficiency across the organization

7. EMPOWER YOUR BRAND’S TRANSFORMATION JOURNEY WITH PRIMEINFLUENCE FROM SOCIALLY POWERFUL, A FULL SERVICE INFLUENCER MARKETING SOLUTION.

PrimeInfluence is Socially Powerful’s solution & service to help enterprises transform influencer marketing to be more efficient and effective.

These white papers offer some initial guidance on how to start your influencer marketing transformation journey.

Leveraging a suite of guidance, frameworks and proprietary digital tools built through Socially Powerful’s vast experience & expertise in influencer marketing.

Empower your influencer marketing transformation journey today, with PrimeInfluence by Socially Powerful

Access expert guidance across: 

Author

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Annette Klar

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