A platform for influencer marketing, also referred to as a marketplace for influencers, is a central hub that allows brands to find the best, connect with, employ, and then pay influencers to promote specific campaigns. The platform can be extremely beneficial for companies that want a way to control multiple influencers for the same campaign. Automating the processes involved in managing influencers, this platform simplifies the process of managing campaigns, which saves time and energy.
There are a myriad of influencer marketing platforms worldwide, each with various characteristics and capabilities for brands to interact. However, each platform is not perfect, and this creates room for improvement within the ecosystem.
Today, one in four marketers benefit from the advantages of influencer marketing app because this method has the second-highest ROI. These facts have led to the growth of this market.
In the midst of all this, if you’re trying to profit from this trend by creating an app for marketing influencers, now is the best time to start. How?
What is an Influencer Marketing App?
The first thing to do is get started! We must first understand the concept behind what an app for influencer marketing is all about. It’s a tool that connects brands to influential people. It’s as simple as that. In today’s competitive market, connecting with the appropriate persons at the right moment is crucial to improve visibility and boost sales. Influencers and brands discover various possibilities with these apps and choose options that meet their requirements.
Mobile app development for influencer marketing is a combination of careful research and analysis of key functions and features, while making sure to use the top technology and tools.
Top Challenges and Solutions for Influencer Marketing Platform Development
While the influencer marketing phenomenon can be traced into the 1920s, the current social media variation of influencer marketing we are all familiar with now is just two decades older, and within the short span of time, it has seen a significant increase across a variety of areas.
However, as with the other areas of marketing that are growing rapidly, influencer marketing is also experiencing several serious problems of growth. Although some of them are business-related, there are a lot of technological obstacles for influencer marketing companies.
ROI Measurement
You should be aware of these statistics:
- According to a study measuring and improving ROI is one of the main issues brands face while working alongside influencers.
- The majority of influencer campaigns incorporate Instagram as a component of their marketing strategy, according to research conducted by Influencer Marketing Hub. It opens a brand new window.
Contrary to other digital marketing channels like display ads and paid search, which perform a decent job of assessing the effectiveness of their campaigns, influencer advertising has a difficult time calculating a return on investment (ROI) for brands as well as advertisers.
There are several reasons why this is the case.
First of all, one important goal of the majority of advertising campaigns featuring influencers involves creating brand recognition, which is difficult to quantify.
Additionally, there are technical limitations that can negatively impact the way you measure your campaign. For instance, it isn’t possible to embed clickable links into Instagram feed posts. This means there is no attribution for clicks.
If an influencer includes any kind of hyperlink or URL in the caption of the post and the user will be required to manually copy and paste the URL into a browser, however without any referrer information transferred to the analytics software of the brand will consider this to be an individual visit, not an influencer’s visit.
Campaign data can also be affected by other platforms for social media since referrer data is lost when users click on links within mobile applications that take users to web pages within browsers.
Additionally, a lot of users simply search for the company on Google after having been exposed to ad content that will cause the wrong channel getting credit for the click and conversion.
To overcome this problem the influencer marketing vendors could create measurement solutions similar to the ones used in TV and radio, like the time-based models of attribution.
Influencer Fraud
You should be aware of these statistics:
- Based on the results of the 2018 Influencer Marketing Survey 50 percent of marketers identified false followers as the biggest problem.
- An analysis by Points North Group found that a major cosmetics brand has paid $600,000 for impressions that were never noticed or were not seen as fake by followers.
Influencer fraud is usually a result of false influencers as well as fake followers.
Fake influencers are users of social media who appear to are real influencers using images from stock and fake followers. Even though there’s usually an actual individual behind an account everything else on the account is fake.
Fake followers are utilized by fake influencers and authentic influencers to increase the amount of their followers. Certain brands only collaborate with influencers who have an aforementioned number of followers. Therefore, by artificially increasing this number, real influencers are able to get more lucrative contracts.
Like fraud in the field of display advertising Influencer fraud can cause suspicion among brands and can lead to a reduction in spending for influencer-related marketing programs. It affects all those involved in the field.
As the need for brands influencer marketing market is growing, the brands that will be receiving the biggest portion of the brand’s dollars will be those who offer assurances that their campaigns will be endorsed by genuine influencers, and seen by real people.
Campaign Automation
A few facts you need to know:
- 72 percent of marketers believe the influencer market can be controlled
- 77% of marketers stated that identifying the most appropriate influencers is a challenge in working with influential people.
There are numerous tedious and manual steps involved when preparing an influencer marketing strategy that could be automated.
A few of the most popular are:
- Locating the best (and authentic) influencers
- Connecting with influential people
- Management of contracts
- Handling payments
Influencer marketing companies are well placed to address the majority of these problems through the development of new features that can automate these tedious and manual tasks.
Cost to Build an Influencer Marketing Platform
To give you an average, influencer marketing app development cost could range from $40,000 to $200,000. There are other factors that affect the total cost to create an impact marketing app including the development firm along with the design and programming procedure, quality control as well as the platform that powers the app as well as other factors.
As a general rule, it is possible to claim that general complexity of an app is the main determinant which affects the app/platform development budget. A complicated influencer marketing platform process will cost more than constructing a basic platform with a basic number of features.
Factors Affecting the Cost of Influencer Marketing Platform Software Development
In order to ensure that you’re making a proper budget for your influencer marketing platform choosing the type of software you’d like to create is essential. When you’ve got a clear concept, it is suggested that you choose an influencer marketing app development company that will give you the best return on investment. These are the main elements that determine the final price of software for influencer marketing platforms development.
UI/UX Design
In order to create a platform for marketing to influencers that’s efficient and simple to use, a well-thought-out UI/UX strategy is vital to the achievement. An integrated design improves the user’s engagement and retention. Since there are multiple testing methods needed to meet specific client needs which further impact the development costs overall.
Underlying Platform
The platform selected for the development of apps that influencers market can have a significant effect on the amount of budget. The requirements for budgeting differ between iOS, Android, and cross-platform apps. In order to maximize your budget in the beginning, starting with a single platform before moving to a cross-platform application is recommended after it has gained popularity in the marketplace. This strategy can save costs over the long term.
Team Size
In the case of developing a platform for influencer marketing the size of your team can have an important impact on budget for development. When choosing the ideal size of team for your development project it is crucial to think about the differences between cost and quality. While employing freelancers could lower the cost but your software’s quality could be affected due to their lack of knowledge. However outsourcing the work to a specialist software development company like this can reduce overall costs and allow you to benefit from their decades of experience.
Maintenance
It is crucial to remember that maintaining your software and apps properly is essential for its survival in this highly competitive digital world. Important steps must be taken to ensure the best performance of apps across all platforms. The maintenance costs typically include the costs to ensure security of the application in addition to the costs required to provide software updates or to implement new technologies according to the market demands.
Tech Stack
An established influencer marketing platform that is backed by an efficient technology stack is essential to gain instant traction on the market. Integrating the most recent technologies into the application is vital for gaining an edge over competitors. But, it is important to remember that the cost of integrating these technologies can be different.
The Key Takeaway
The potential for influencer marketing vendors center around resolving issues that are within their own control, specifically the technological issues mentioned above. Marketing vendors who influencers are tech-based in the end.
Another huge chance for vendors is to use technology as a point of differentiation.
The ones who stand out from the crowd and attract new clients are those that distinguish their business from competitors the most. Through the development of innovative technology and features that can solve the biggest issues for influencers and brands, vendors are in a great position to gain market share.
The market for influencer marketing is similar to any other industry that is emerging; the most successful companies will be those who recognize opportunities and take advantage of these opportunities.
