Challenges within the Influencer Industry
The reasons why we decided to start this project.
Influencer marketing is on the rise, which was made apparent by the recently released figures indicating that the value of this specific market has doubled between 2019 and 2021, growing from 6.5 billion to 13.8 billion U.S. dollars within 3 years.
However, you'll know that the internet is full of contradictory and perplexing information on the subject. The technique for discovering and recruiting influencers is sometime challenging to manage, and the benefits of engaging influencers are not always obvious. On top of this, there are inherent structural opportunities that could greatly benefit brands, influencers and followers.
These are some of the issues that Influencio aims to address:
Matching the appropriate influencer with the right product should be a given. Unfortunately, many brands suffer from this issue. Advertisers that are not well-versed in the realm of influencer marketing may encounter several challenges in identifying the ideal influencer to advertise their business.
The ease of purchasing like and comment bots come at a price for brands. Most of the time, these are hard to spot and brands will find themselves with a large bill with little to no results.
New entrants to the influencer industry usually have a problem with how to set their rates. Overcharging could lead to not being able to secure a deal and undercharging could mean working for less than what you deserve.
This is also an issue for brands where marketing budget and spend is usually limited.
With the COVID-19 pandemic affecting almost all physical interaction, virtual engagement has proven to be extremely important. Influencio provides a platform for influencers and fans to engage on a deeper level with the P2E game and NFTs.
In general, social media networks generate revenue by selling advertisements depending on user traffic. The platform profits from increased traffic and engagement in the form of billions of dollars in ad revenue, whilst consumers only benefit from utilizing the platform. These advantages are unfair, which is why Influencio’s features enable users to monetize their social impact and use.
Every time an update to the social media algorithm is released, there is understandable concern among companies, marketers, consumers, and influencers. 49% of marketers identified social algorithm updates as one of their top worries about their influencer marketing approach.
What’s more, if a social media platform becomes obsolete or if an influencer's accounts get banned. Earnings and their main source of revenue disappear almost instantly.