Influencer Marketing Direly Needed an Overhaul — Mavin Is Just That
According to several online articles, influencer marketing was close to death because of the way the industry was working for a past few years. Some of the biggest cons of traditional influencer marketing were:
- Only big numbers mattered for Brands
- Big numbers did not always translate to profitable ROIs
- Influencers became expensive and out of reach for small brands/companies
- Demand for lots of brand followers caused influencers to illegally use bots
- Only the fashion industry was reaping all the benefits
In short, things were going in the wrong direction before Mavin made its entry and brought forth a solution that solves all these problems simultaneously.
Changes Mavin Brought for Influencers and Brands
- Everybody is an Influencer
This is the biggest change that influencer marketing needed for a long time. Mavin has given nano and micro-influencers an equal opportunity to take a bite out of the cookie. If you are a nano-marketer with a handful of followers, you can still be as effective and profitable as a huge influencer with hundreds of thousands of followers.
- Nano and Micro Influencers Are More Profitable
According to Mavin’s philosophy, it’s not the number of followers that matters; it is the distance from those followers that really matters i.e. engagement rate. 1000 micro-influencers with 50% engagement rate are much more profitable and affordable for brands than one influencer with 1,000,000 followers but only 5% engagement rate. Brands also have to realize that there are a very small number of huge influencers, but millions and billions of micro/nano influencers.
Take a look at the difference Between Micro, Macro and Mega Influencers in this article to know how a large number of followers translate into low engagement rate.
- Small and Local Brands Will Have Access
An extravagant spending from large brands made influencers raise their compensation rates beyond the reach of small and local brands. With micro and nano influencers in the mix, small and local brands will also be able to benefit from influencer marketing. Not to mention, they will be able to do their marketing at a much lower cost and with a much higher engagement ratio — higher engagement leads to high conversions.
- Variety of Industries Will Be Served
Looking at just the fleeting trends, influencer marketing proved to be most profitable for fashion brands. On the other hand, Mavin will bring a variety of markets and their subsets on the stage. Not to mention the rise of niche marketing will automatically align with Mavin’s approach to influencer marketing.
- Blockchain for the Nano/Micro-influencers
Instantaneous payouts, a safer transactional platform, access to large and small brands the same, etc. makes blockchain technology the new companion for nano/micro influencers.
- Bots Out of the Game
With traditional influencer marketing, brands targeted only influencers with huge number of followers. On the other hand, influencers wanted to earn as much as possible by sponsoring more content and appearing big with millions of followers. This made medium-sized influencers e.g. influencers with 50,000 or 60,000 followers use bots illegally to get likes on their marketed content. They even had fake followers bought from third parties just to appear big. With Mavin’s approach focused on micro/nano influencers, big numbers do not matter anymore. As stated earlier, it is the engagement rate that will matter now and this is going to give a shut down call to bot users.
- The Real Word of Mouth Marketing
Some people refer to influencer marketing as word of mouth 2.0. What they don’t realize is that word of mouth has a 100% engagement rate. On the other hand, this does not hold true for influencer marketing where many influencers with millions of followers are not able to get a like or impression from more than 5% of their followers. What is really synonymous with word of mouth marketing is influencer marketing through nano/micro influencers on Mavin.
At a glance it might appear to you that Mavin is only for micro/nano influencers, but that’s not true. This platform is changing influencer marketing for micro influencers, nano influencers, macro influencers, mega influencers, small brands, local brands, global brands and every single entity connected with the platform. With an approach so future-proof and complete, Mavin might be the Facebook of future blockchain based influencer marketing platforms.