Influencer Marketing – How consumer demand gets forged!
Influencer Marketing has been a big wave for a while and it will continue to rise. 94% of the brands preferred Instagram for their campaigns, followed by Facebook and YouTube Advertising. Currently, up to 15% of digital media investments are going into influencers as of 2019 in India alone.
Getting started with Influencer Marketing.
Brands usually seek an Influencer Marketing Agency or approach platforms directly to manage Influencers. Currently, there are over 100 agencies in India alone who manage this service. So how do you get started?
To start you need to understand Who, Why, How & What do you want from the Influencer Marketing Activity
Let’s start with WHO.
Who is an Influencer according to YOU?
While the Digital Marketing Industry might define influencers differently, it’s always YOU who defines Influencers based on your brand objectives.
Below are a few to get started,
- Someone who can create visibility about your brand online (Celebs, Viral Content Creators, etc.)
- Someone who can get people talking about your brand by simply posting your product/service (Bloggers, Youtube Vloggers, Instagrammers, Tok Tokers’ etc.)
- Someone who can assist you with selling products/services (Affiliate Marketers)
Below are a few posts from influencers Mindstorm had worked with
Now lets head to WHY.
Why are you looking forward to Influencers?
- You want content to be created by people & shared on their networks
- You want content to be created by people with large following and shared on their networks
- You want your content to be only circulated through people
- You want your content to be only circulated through people with large following
- You want content to be created and have it circulated along with your referral code to drive a sale
Now lets move to HOW
How to select influencers? This is purely based on Budget v/s Deliverables. In some cases, Influencers do agree to Barter Collaborations. This would be purely be if in case they found more value added to them if they realised their association with a brand is worth more than what they charge.
Pricing varies drastically based on the following factors
- Follower base
- The content to be created – Post, Video, Stories, Platforms Influencers will use etc.
- Quantity of Content created
- Live v/s Timed activity
- Attending an event to create content
- Host a get-together
- Run a contest on their feed
- Do a giveaway on their feed
- Demand for influencers on a particular day – Best brand bid on the day wins
Pricing varies from 3000 per post by one influencer to 10,00,000 per post. Hence please fix a budget before moving to the next phase. At times, you will find no logic in the way how each Influencer charges. For eg. Here’s a video from Sanjeev Kapoor – the Celebrity Chef with 3.8 Million subscribers who received over 62 comments charge a hefty sum for collaboration just because of his offline imagery while it would have absolutely no effect online. While you might find a blogger like Kabita with 4.8 Million Subscribers charging much less with 1,515 comments. This is what makes sourcing pricing extremely difficult as no one maintains a standard rate card. Everything depends on the mood and interests of the Influencer. Again like we said earlier, Influencer is the way you define one.
Somya Gupta, an Instagram celebrity with over 500,000 followers at the age of 21, earns almost Rs 200,000 each month from advertising for over 50 brands including Calvin Klein, Loreal, Lakme, Garnier, Maybelline and One Plus. Fashion blogger Aashna Shroff earns between Rs 5 lakh and Rs 10 lakh monthly just from her Instagram posts.
And finally to WHAT
What platforms do you have to get started with Influencer Marketing?
- Influencer Platforms (which you can take access to and play around with filters – You can Google to find them – If you’ve got time to tinker, this is the place to start)
- Pro: Fast to find, Easy to connect, Filter Influencers based on requirements
- Cons: Requires a manager as its ‘platform’ only, As per rates mentioned, manual negotiations, Operates on a fixed fee or transactional model for platform maintenance
- Digital Agencies who have already identified influencers & work with them
- Pro: Influencers with previous associations, Reliable, Rates shared are post negotiations
- Cons: Slower process and varies from agency to agency, Charge you for the service
- Influencer Marketing Freelancers
- Pro: Might have a good list if they are dedicated.
- Cons: Can be random in their response rate
How do you measure if Influencer Marketing works for you?
Influencer Marketing effects are seen over time (Observe the chart below). A one-off activity will assist in increasing demand temporarily but doesn’t allow it to sustain over months.
Evaluate how demand for your product grows using Search Data for your product, brand or service.
Below is a brand that executed Influencer Campaigns throughout its first year. Observe the number of search queries rise for the brand over time. Data is sourced from Google Adwords by Keyword.
How can Mindstorm help?
We are a leading global marketing and social media influencer marketing agency in Mumbai. As mavens in Instagram influencer marketing, blogger management and social media influencer marketing – we help in bringing brands to life on social media channels with guaranteed results.
Mindstorm has a network of over 10,000 influencers in India. We can assist you push a brief across to this network to receive applications from bloggers who are interested to work with you based on your brief.
How do we charge?
- You can submit an Influencer Brief for FREE & receive leads from influencers who would want to work with you.
- A premium fee is charged if you’d like us to filter the audience as per your requirement and source your influencers.