The Pros and Cons of an Influencer Marketplace
Running an influencer marketing campaign is no child’s play. It requires a lot of planning, conceptualizing, developing, implementation and monitoring to give the best bang for the buck. Every marketer strives to meet their brand’s goals by using a cost- and resource-effective influencer marketing strategy.
This is easier said than done. Time and resource-constraints mean brand managers need to use every tool out there to make their marketing campaign a success. To start with, they need an influencer marketplace to find the right influencers from hundreds out there online.
These marketplaces simplify the brand manager’s job to a great extent. With the help of these influencer marketing platforms, brand managers can implement complex influencer marketing campaigns with ease. However, these marketplaces come with their own set of challenges.
In this post, we’ll see the advantages and limitations of these influencer marketplaces to know what to expect from them.
Let’s get started.
The advantages of influencer marketplaces
Thorough background and performance checks
Influencer marketplaces have high onboarding standards. Only those influencers are on board who have consistently maintained an engaged following and the right quality of every post.
With thousands of people claiming to be influencers vetting each of them can be a tough task for brands who would have otherwise reached out to them via email or direct messaging on social media.
Quick and easy collaborations
The influencer platform ensures each influencer is worthy of getting an influencer marketing contract. This means they are trained to know what to expect and how to use various software and tools to get their work done.
Brands do not need to spend precious time and resources explaining things to them prior to the marketing campaign.
Access to all types of influencers
Influencer marketplaces have all types of influencers to choose from- those with only about a thousand followers to those with millions of followers. The pricing for each influencer depends on the engagement level and the number of followers he has. Brands can choose a set of influencers that appeal to their requirements without worrying about quality.
You can find specific influencers for niche campaigns
Sometimes, brands have a very specific requirement when it comes to influencers. For example, a brand may need an influencer to promote their corporate skill development workshops to a select group of Human Resources professionals operating within a niche.
It is practically impossible to find the right influencer by reaching out to a broad audience. It is only at influencer marketplaces where you can get the right influencer to get this job done.
The drawbacks of influencer marketplaces
Though influencer marketplaces help you select the right influencers, they do come with certain pitfalls. Brand managers need to ensure they choose the right influencer marketing platform to ensure they do not have unexpected surprises.
You might be restricted to a certain pool of influencers
Though you may find genuine and passionate influencers in these marketplaces, there could be some influencers that tick the right boxes but may not be present in these marketplaces.
Your influencer marketing campaign could work better if it had the right influencers that weren’t part of the marketplace.
Your campaign incentives may not appeal to the influencers
You aren’t the only brand in your niche using one particular influencer marketplace. The influencer can view similar brand’s offers and choose one that suits him best. If you do not offer appealing incentives and remuneration for your campaign, there is the chance that your competition may get the better suited influencers.
There might be hidden or unexpected charges
Some influencer marketplaces may impose charges at a time when you least expect it. These charges can be over and above the prices you pay for using the platform and interacting with the influencers. Such charges not only add to your marketing costs but also erode your influencer’s earnings.
Though influencer marketplaces are a great place to meet the right influencers, they have their own share of drawbacks. You must not depend solely on the influencer marketplaces, an open mind is what helps best. Sometimes you may get the right influencer from amongst your own staff, customers or others. What matters the most is having an influencer that grows organically and takes your brand places.
Title: The Pros and Cons of an Influencer Marketplace
Meta Description: Running an influencer marketing campaign is no child’s play. It requires a lot of planning, implementation. For that, read this article to learn more about it.