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21 May, 2019 - brands

A data-led approach is key to successful Influence marketing

It is no secret that influencers have taken the marketing industry by storm, globally and now in India too. Today, more than 20-30% of marketing budgets in India are allocated to influencer marketing, and if it’s a beauty or fashion brand we’re talking about, the percentage is double that.

Why? Because it works. You’re more likely to try out a restaurant that comes highly recommended by ‘someone like you’ than be convinced by a celebrity-led ad campaign. According to a Nielsen study, as many as 92% percent of consumers trust word-of-mouth references over any type of traditional advertising.
Yet, 90% of the marketers we’ve spoken to in India are unsure about how to go about using influencers for their own brand. They have seen influencers endorsing every day products, (and more urgently, their competitor product), but marketers big and small still scratch their heads when it comes to understanding how to make influencer marketing work for them.

This is because, when it comes to influencer marketing, we’re using dated techniques such as recommendations from colleagues, or a random social media search, rather than data and metrics to find an influencer that is truly right for your particular brand.

“We’re seeing the same influencers being used over and over again, endorsing everything from a face cream to a luxury watch. There’s no thought behind the selection as marketers are going for follower numbers rather than brand affinity,” said Namita Sharma, CEO and co-founder of Teacup Influence, India’s first data-driven influencer marketing platform. “As a result, the ROI received on the campaign is disappointing and is surprisingly ignored by CMOs as sheer marketing experimentation.”

Sharma believes it is time CMOs demand results from their influencer marketing activities, because results they do in fact bring. “Brands have moved on from relying on traditional marketing to influencer marketing. Many marketers consider influencer marketing to be the best means to generate a higher return on investment (ROI). When the aim of your influencer campaign is to increase branding or engagement it can generate 8X ROI” according to an article on how to boost ROI by Brian Mechem.

Sharma’s Teacup Influence hopes to change the way marketers engage with Influencers in India with an in-depth view into each influencer’s reach, engagement rate across individual platforms, audience sentiment analysis, conversation topics, top hashtags used and 50 other searchable and comparative data points.

Understanding the social performance of influencers, allows brands to make a more educated decision, resulting in more genuine and authentic branded storytelling. And if there’s one thing the final episode of the Game of Thrones got right, it was the importance of a good story!

“Influencer marketing is here to stay, and for business who want to harness ROI from it, they have to start using data and social analytics to fuel their influencer selection process. Businesses who are getting results from their campaigns, are the ones that are being data-smart about it," concludes Sharma.

Teacup Influence is an advanced, technology-led platform that combines proprietary data algorithms with specialist insight to provide bespoke influencer marketing solutions, tailormade for the Indian sub-continent. From influencer discovery to content management and analytics, Teacup Influence has it covered. Get in touch for a complimentary demo of the platform.
 

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