Influencer marketing is here to stay. What was just an emerging trend in 2013 is now estimated to become a $5 – $10 billion industry in the next 5 years.
As brands look for more effective ways to access their audiences, the number of influencer campaigns have increased significantly. And at the same time, so too has the demand for more effective tools to manage them. The traditionally manual process of finding and managing influencer campaigns is set to become a whole lot more efficient.
Enter… the influencer marketing platform.
With more brands running more campaigns, influencer marketing platforms have emerged to help brands set up, manage and monitor campaigns. They simplify the whole process and reduce unnecessary manual work, freeing up time to focus on the things that matter.
These platforms represent the future of influencer marketing, which is why Brand New have recently released our own platform.
But what exactly are they and why are they important?
WHAT IS AN INFLUENCER MARKETING PLATFORM?
Traditionally, running influencer marketing has been fairly labour intensive. From finding the right influencers, to contacting and negotiating the terms of the campaign all the way through to management and review, it can put quite a drain on a team’s resources. The bigger the campaign and the more influencers, the greater the hassle. This made influencer marketing a challenge for those without the resources.
Influencer marketing platforms seek to solve this problem.
The software as a service model is a web based platform that includes a searchable database of vetted influencers, a communication platform and an analytics suite for campaign measurement. Brands and agencies can build, manage and monitor entire campaigns with multiple influencers, all from one convenient interface.
More specifically, it helps brands in the following ways.
1) Find the right influencers
Brandnew’s ever growing searchable database spans influencers across 60 countries and 30 interest categories. Brands can easily search this database by keyword, audience size and category to find the influencers best suited to your campaign. They can monitor the account growth and engagement rate over time to see how they stack up compared to other options. It eliminates countless hours of searching the web trying to find single influencers for a campaign (a common frustration of marketers).
2) Monitor and manage your campaigns
An in built chat function allows for streamlined communication between brand and influencer. Terms can be quickly negotiated and deliverables agreed upon in no time at all. It also provides brands the opportunity to monitor campaigns in real time. It allows brands to quickly see the engagement rate of multiple campaigns all in one place, thus saving time from tracking and monitoring manually.
3) Measure the effectiveness
The campaign analytics allow brands to effectively measure the performance of a campaign in real time and once it is completed. By analysing KPIs such as campaign reach, engagement and UGC, brands can drastically reduce manual labour and focus on what’s most important, discovering insights that can be transformed to meaningful action.
WHY ARE INFLUENCER MARKETING PLATFORMS SO IMPORTANT?
Primarily, they save time and effort. They allow brands to focus on strategic and creative aspects, rather than get bogged down in manual tasks. By automating and simplifying some of the time intensive work, brands and agencies are free to make the best use of their limited resources.
Influencer platforms provide an easy to use end-to-end solution that makes influencer marketing more accessible – for both brands and influencers.
By being part of the platform, influencers improve their chances of getting new projects. By simplifying the process of getting new client projects, influencers have more time to focus on creating great content. And with better content comes a larger, more engaged audience. Precisely the thing that attracts brands.
For brands, reducing the effort involved to find the right influencers poses another big strategic benefit. It makes it easier to work with multiple influencers simultaneously. Traditionally, finding and managing multiple influencers was a far more difficult affair. Influencer platforms simplify that process.
This means brands can experiment with a broader split of influencers for single campaigns, thus reaching their audience from many different angles, rather than relying on one or two with the biggest reach. It also allows them to explore the world of micro influencers with minimal effort.
In this way, Brandnew believe that influencer marketing platforms will help grow the industry as a whole. They make influencer marketing accessible to those who otherwise may have found it too complicated or time intensive. By lowering this barrier to entry and making it easier to create bigger, more dynamic campaigns, the industry as a whole will benefit.