The ROI Problem Plaguing Influencer Marketing may finally be solved.
For quite some time, influencer marketing has been a buzzword among marketers, salespeople and PR professionals. The fact that it’s still with us after many years is a testament to its power to drive sales and engagement, but also suggests how little brands and influencers alike really get it.
Looking from the outside, influencer marketing is tailored for a marketing world where social media dominates and there’s content overload. Basically, those who want to reach audiences with their messaging need to connect with people who already have followers.
For example, if you are going to launch a fashion company, there would be huge benefits to having a well-known writer or model from a fashion magazine posting a photo or sharing a link, with a few friendly words of course, related to your brand on Twitter or Instagram.
It provides payoff for those who have put in the work to build important audience groups in areas such as technology, travel, liquor and even pets. The payoff for marketers is also big. It allows a marketer to access a targeted and active audience with a third party validation of your product from a leader in that space.
According to research, any post shared by a trusted influencer will lead to higher conversions than those sent by the brand itself. In addition, the retention rate of customers acquired through social influencers is 37% higher!
But influencer marketing isn’t always so simple. Without a clear formula for measuring their impact, there has been no way for brands or marketers to have an exact idea of their ROI.
That’s a problem.
But it’s one that Snips may have figured out the answer to. They bring marketers and influencers together in a system that can finely track how much actual influence an influencer is having on campaign performance. If the platform does as it should, Snips should provide some stability to the marketplace and give value to all stakeholders.
“Brands have been paying too much and too little for influencers because they struggle to quantify the value of the emotional connection that an influencer has over their audience,” says CEO and Chief Scientist of Snips David Zaretsky. “Historically, the sole way to evaluate influencer value was based on follower count. But now because of bots and fake followers, those counts may not reflect engagement. Our platform is all about performance, which promotes greater transparency and accountability.
Similar to many other ‘simple solutions,’ Snips took a ton of work to build, but they are poised to have big impact. It’s creating opportunity for startups, small businesses and even niche influencer as companies big and small can join the fight for an influencer’s time, attention and followers.
Indeed, the influencer space is set to be transformed as it will be easier to form partnerships and deliver quantifiable results than ever before.
“It’s not just about views, but action. That’s what a true influencer does and now we can quantifiably measure that value for them,” Zaretsky says.
Regardless if you are a marketer, influencer or casual observer, this is all good news.