The power of marketing is often lost and forgotten among the tsunami of digital media that floods our brains every day. Advertisers are sneaking in (or at least they are trying to) ads and other messages all over the internet. Influencer marketing specifically has become largely popular within the last few years as it has altered the way in which consumers view and perceive advertisements.
This rise in influencer marketing has had a hugely positive effect on standard marketing and has rescued many “marketers from costly and diminishing returns on advertisement spending.” In the past few years, influencer marketing has successfully targeted key audiences otherwise unaffected or not reached by standard marketing techniques like banner ads coming straight from a brand which have shown to be less and less effective.
With the prominence of ad blocking tools, internet users are able to “avoid pop-up ads, banners, videos, and marketing graphics” as advertisements have become a nuisance to many online consumers. Because of this, brands and marketers have taken a hit in revenues. The issue is that modern consumers want nothing to do with traditional ads and it has been a question of how to bring back attention to advertisements in a new and interesting way.
While influencer marketing has successfully brought back some revenue for brands, there is a large problem that still remains. As stated in an article on Entrepreneur.com, “there has been no simple or consistent way to measure the real impact of a particular influencer” and as a result of this, it has been impossible for marketers or brands to place a value on influencer marketing. While many social media influencers can generate a huge revenue, the market is imbalanced because brands are unable to “quantify the value of that emotional connection between influencers and their audience.” This is a problem for influencers because how would you know if you are being paid either too much or too little? This problem has been addressed by Snips, a “social media management and monetization tool for influencers” and they have taken the steps to rebalance this market for influencer marketing.
As said by David Zaretsky, the CEO and Chief Scientist of Snips, the number of followers of an influencer has historically been the sole quantification method for determining the value of influencer marketing. The recent “explosion of bots and fake followers on social media has inflated those numbers to the point where follower counts no longer have any correlation with actual engagement.” This is a huge issue because it further contributes to the market imbalance. They work with influencers and marketers to establish a basis for fair compensation.
Snips claims that their platform is “completely performance driven, providing greater accountability and transparency for all parties.” While this might not be a universal or final solution to the issue of quantifying influencer marketing value, these services are effectively bringing awareness to the issue that would otherwise go unnoticed. Social media influencers have a unique and wide reach to niche audiences and it is important that they be recognized and compensated accordingly.
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