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Did you know that searches for the term “influencer marketing” increased almost by 200% between 2016 and 2017? And, by just the fifth month of 2018, the average monthly searches have already increased by another 60% compared to 2017.
This clearly indicates how influencer marketing has been growing over the past couple of years. And it definitely doesn’t show any signs of stopping. By 2020, the global spend on influencer marketing is expected to be anywhere between $5 and $10 billion.
The growing popularity and success of influencer marketing have encouraged many marketers to focus more on it. 85% of marketers are using it, and 90% of them have found it to be the most effective form of marketing. So it shouldn’t come as a surprise that over 60% of marketers wish to increase their budgets for influencer marketing.
There many tools, platforms, and software solutions available today to assist you with your influencer marketing campaigns. However, not all tools may be suitable for your brand. To understand this better, we’ll take a look at the different types of influencer marketing solutions in this post.
It is worth mentioning that the influencer marketing space has seen an explosion of companies offering solutions. Most of them follow the below generalizations. Also, most have a varying degree of managed services available. However, please bear in mind that some may break the molds outlined below.
When trying to implement influencer marketing, brands may face challenges in executing their campaigns. One solution to avoid all of the confusion and complexities is to work with an influencer marketing agency.
Influencer marketing agencies can help you connect with influencers to promote your brand’s product or services. Bigger agencies offer services like finding influencers, managing your campaigns, tracking engagement and impressions.
Here are some of the pros and cons of leveraging influencer marketing agencies:
Influencer marketing platforms serve as a medium to connect brands with influencers. And they help to build relationships which are beneficial for both brands and influencers. These platforms offer a wide range of influencers to select from.
Influencer marketing platforms list influencers regardless of whether they have been signed by a MNC or working with a talent manager. Some platforms have a minimum follower count requirement for influencers to join, and generally, they don’t need to pay any joining fees.
Here are some of the pros and cons of using influencer marketing platforms:
In the context of influencer marketing, an influencer marketing network is a group of influencers who share the same kind of characteristics. Influencers need to “opt-in" to such networks. They need to sign up and agree to the terms and conditions of such networks, sometimes by signing an agreement.
Like in any other network, these influencers also interact and engage with each other. Influencer marketing networks can be beneficial for influencers as members often share useful tools and resources. These are valuable and helpful for other members of the network.
Here are some of the pros and cons of using influencer marketing networks:
As a brand, if you can find a network that specifically serves your niche - the extra audience insights, vetting of influencers, known pricing, and sometimes higher response rates can offer a lot of value.
A single influencer marketing tool won’t be the perfect fit for every company. Companies need to weigh the pros and cons of each solution and ultimately decide how much ownership and control they want over their programs. They should also consider whether or not they have the resources required to make any chosen solution successful.
Have you been using an influencer marketing solution for your business? Let us know your experience or thoughts in the comments below.
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