Social media's advent has altered how people and corporations engage with one another. In fact, according to a Statista poll, using social media is one of the most popular online activities. In 2021, there were more than 4.26 billion social media users worldwide, and by 2027, there should be almost six billion.

Humans' means of communication used to be limited to those they knew in person, but they are now available to everyone on the planet. When it comes to enterprises, social media has completely changed how firms operate today. Modern marketing strategies that use reels, blogs, vlogs, and live streaming via digital media channels have replaced traditional strategies.

The expansion of influencer marketing can be traced to how readily accessible the internet is. The government's Digital India Initiative is also another element that has contributed to the rise in social media users, which has in turn created new opportunities for digital marketing. Influencers today are social media juggernauts with a massive fan following. This has given marketers a fresh chance to identify the ideal influencer and work toward a wider audience.

Influencer marketing: The Future of Business Marketing

Unquestionably, influencer marketing has altered how people view marketing in the present world. Both consumers' wants and people's behaviors for consuming material have changed dramatically. A Mckinsey study found that Gen Z, a group of people between the ages of 16 and 26, currently represents 40% of customers. They are recognized as the most "plugged in" generation to date since they spend three hours every day reading and posting content on social media. This has prompted firms to update their marketing plans in order to meet the needs of the new generation.

However, the core principles of marketing and advertising continue to be the same, including conveying the right narrative to the right audience in the appropriate location. But what is the proper narrative? The tale, however, varies from brand to brand. Although audiences tend to relate to native material on a deep level, it plays a vital part in interacting with them. Therefore, it has become vital for brands to identify their target market and how they want consumers to view the brand.

Influencer marketing is a perfect venue for this because customers need to interact with a business several times before making a purchase. Imagine seeing a print advertisement for a recently released product and then watching your favourite influencer debate it on the social media platform of your choice. Which of the two would most likely have an impact on you? The latter is clearly the correct response because influencer marketing is the best way for brands to connect with consumers through the audio-visual medium, which is undoubtedly a powerful medium for audience engagement. Market enthusiasts report that 61 percent of consumers rely on influencer recommendations, compared to only 38 percent who believe sponsored and regularly slanted social media content.

Influencer marketing: The Business of the Future

There is no escaping the fact that influencers today dominate every area of interest in our digitally-dominated world, from politics to products, cosmetics to marketing, and influencer marketing as a whole is now a critical factor affecting the strategy of modern marketers.

In reality, influencer marketing will become more and more important as time goes on. According to a MarketsandMarkets report, the global market for influencer marketing platforms is projected to reach $24.1 billion by 2025, expanding at a CAGR of 32.0 percent during that time. Therefore, it should be clear that market dominance by influencers would completely alter the corporate landscape.

How can brands manage multiple influencers and get more out of their influencer marketing efforts?

There's no denying the fact the influencer marketing procedure is not easy for brands. Managing multiple influencers at the same time is not a piece of cake. Brands have to manage and keep multiple records and pay multiple influencers at the same time. This increases the workload of marketers and finance teams. 

This makes brands choose the easier and more costly way out - The influencer marketing platforms. Now, these platforms charge a heavy sum of money from brands and the reach is often untraceable. Brands struggle with visibility and their choice of influencers. 

But how can brands manage it themselves? 

  1. Identify your objectives
  2. Identify the people you're trying to influence
  3. Take care of the 3 Rs of influence - Influence is made up of three R components: Relevance - Reach - Resonance

Relevance

Relevant influencers share material that is pertinent to your company and industry. They must have a target audience that is similar to yours.

Reach

The number of individuals you may potentially reach through an influencer's following is referred to as reach. Remember that a small audience might be effective, but you must have a large enough following to achieve your objectives.

Resonance

This is the possible level of engagement with a relevant audience that the influencer can create. To put it another way, bigger isn't necessarily better. As previously said, having a large number of followers is pointless if those followers aren't interested in your offer. Niche influencers, on the other hand, can have a large number of loyal and engaged fans.

4. Shortlist influencers that you want to work with

5. Carry out a Research 

6. Reach out to them personally!

7. Assist them to develop content.

8. Manage payments

Once you start with the campaign, the most important part is to take care of the fact that you have to pay the influencers on time. Your influencer may start demanding payment as soon as he/she winds up the campaign. In that case, working with a large number of influencers without the support of an influencer marketing agency becomes a challenging task for the marketing manager. 

But remember, you’re a marketer, not an accountant. 

You need to shift to a tool that can help you with managing your influencer payments and focus more on building the brand. Vouch is one such tool that helps you with bulk influencer payments without the need of signing up with any influencer agency.

9. Measure the outcome of the campaigns

Once you start with the campaign, the most important part is to take care of the fact that you have to pay the influencers on time. Your influencer may start demanding payment as soon as he/she winds up the campaign. In that case, working with a large number of influencers without the support of an influencer marketing agency becomes a challenging task for the marketing manager. 

But remember, you’re a marketer, not an accountant. 

You need to shift to a tool that can help you with managing your influencer payments and focus more on building the brand. Vouch is one such tool that helps you with bulk influencer payments without the need of signing up with any influencer agency.

Get to know more about how to manage influencer marketing campaigns with our blog - How to manage an influencer marketing campaign effectively?

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