In recent years, businesses have adopted new engagement strategies seeing the rise of popularity of social media and digital advertising. One of them is influencer marketing that helps to increase brand advocacy effectively.
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Initially, Influencer Marketing was used by gaming and entertainment industries for the promotional campaigns. Seeing the value, digital agencies used this form of advertising channel for big companies and corporations. Unlike traditional advertising, Influencer Marketing guarantees the chance to the brands to gain attention and to achieve credibility.
While influencer marketing has helped to promote customer loyalty, yet the current state is ridden by many problems:
- Inadequate and Chaotic Pricing due to presence of multiple intermediaries and risk.
- High occurrence of fraud due to inability to vet both the influencers and advertisers.
- Management of influencer marketing programs is time-consuming when handled from inside the house.
- High barrier to entry for new influencers and for small to mid-sized businesses.
- Presence of incomplete ROI analysis has led to difficulty in selecting the right influencers.
- Since influencer marketing is time consuming there is limited campaign diversity.
Blockchain technology has the potential to enhance the connection between influencers and brands, changing how they interact and conduct businesses. Its immutability and transparency enables each party to know what is expected of them and how well they are performing it.
This means that influencers have secured means to get paid for helping companies in their social media marketing efforts. This enables the companies to collaborate more efficiently with the influencers and evaluate the effectiveness of marketing campaigns across social media networks.
While these type of synergy is still fresh and new, there are already decentralized solutions, like SocialMedia.Market with a huge promise for a big future for the convergence of blockchain technology and influencer marketing. SocialMedia.Market with connects the social media influencers and advertisers in one ecosystem. Developed on Ethereum blockchain, SocialMedia.Market allows users to perform, ablaze, and create advertising campaigns in a secured manner, making influencer marketing cost effective and transparent at all times.
- Decreased transaction fees and operational costs.
- Easy to use interface that is accessible for new influencers and small businesses.
- Competitive and transparent marketplace.
- Brands can target more diverse and broader audience due to global outreach.
- Decentralized arbitration system allows for fair dispute resolution by independent platform experts.
- The system has built-in resources like smart tips and templates that allows users to create smart contracts according to their needs.
- Escrow transactions are 100 percent safe secured by blockchain technology and smart contracts.
- Advertisers have access to various influencers across popular social media platforms like Twitter, YouTube, Facebook and Instagram.
The SocialMedia.Market platform holds a token sale this November. Their presale has already started.
As influencer marketing continues to gain popularity, blockchain technology can become a solution to many of its challenges and issues. Industry players, like SocialMedia.Market are already implementing blockchain and smart contracts in their platforms, building decentralized solutions that will open up the new opportunities for the industry.