Influencer marketing has become increasingly popular in recent years as brands realize the tremendous value of partnering with individuals with large followers on social media platforms. In fact, according to a study, companies generate on average $5.78 for every dollar invested in influencer marketing, which has led to the global industry value of influencer marketing having doubled since 2019.
While many brands have started embracing this trend, finding the right influencers for your brand can be tricky. After all, there are so many factors that go into choosing an influencer who will be able to represent your brand well and share similar values with you. Moreover, with it comes unprecedented complexity and the question of being able to plan, execute, manage and track these campaigns.
That’s where an influencer management platform comes into play. It provides a streamlined way to keep track of all your influencer relationships in one place, so you can focus on what matters most: working with your partners to create content that brings in new customers.
What is an influencer management platform?
An influencer management platform (or IFP) is a software platform that helps you manage relationships with influencers and their audience. It allows you to see what types of posts work well with each influencer so that you can tailor your campaigns accordingly.
Influencer marketing is an increasingly important part of most companies’ marketing mix and is becoming indispensable in their marketing ammunition. As companies scale, the need to plan, structure, and track influencer marketing campaigns grows. However, spreadsheets have limits, and an Influencer Management Platform outnumbers them in several ways. It is not a regular database that stores details of influencers but a whole powerhouse that fuels your influencer marketing campaigns.
What does an influencer management platform do?
Finding the right influencer can be challenging—especially if you are looking for someone who is highly engaged with your target audience, has a strong reach and influence in their niche, is open to working with other brands, and has the time to manage collaborations.
Then there’s managing the collaboration: negotiating terms, sending out contracts, and managing ongoing communications between the two parties. Again, this can take up lots of time and resources—resources that could instead be used for other parts of your business.
An influencer management platform helps brands do just that – in a few clicks! It enables them to manage all their influencer marketing activities in one place. In addition, it helps marketing teams do the following:
1. Discover the right set of influencers
2. Managing influencer relationships
3. Managing influencer campaigns
4. Analyze influencer and campaign performance
5. Generate easy-to-consume campaign reports
Here is the complete guide for How to choose the best influencer management platform.