Traditional influencer marketing is dying and blockchain based influencer marketing is about to take over. At the moment it is Mavin, a Swiss startup, the only reward-based blockchain influencer marketing platform. Until recently, influencer marketing platforms faced a lot of challenges to which there were no solutions. Here, you can take a look at some of the biggest problems that faced influencer marketing and the solutions Mavin has offered to them.
Traditional Influencer Marketing and the Rise of Mavin — Blockchain Based Influencer Marketing
The Not-so-influencing Influencers
Millions of followers, celebrities and macro-influencers seemed like the best investable people by brands. As they gathered data over time, they realized it was not the case. Having millions of followers is of no value when the engagement rate of these heavyweight influencers is hardly 3 percent.
Mavin focused on nano-influencers due to their high engagement rates and deep penetration into niche markets. These nano-influencers might have a small number of followers, but their overall potential as an influencer is much more significant than macro-influencers. According Mavin, “everyone is an influencer”.
The Out-of-reach Influencers
This particular issue made things difficult not only for large brands, but small brands as well. Big brands were spending too much for too little value. On the other hand, small brands could not afford expensive influencers who asked for hundreds of thousands of dollars to endorse a product/service.
Once again, Mavin’s focus on nano-influencers takes care of this issue automatically. Nano-influencers are not expensive, so large brands can benefit from their high engagement rates and small brands can afford them without blowing out of their marketing budgets.
The Fake Posts and Accounts
Here’s an article highlighting how easy it is to create fake accounts, buy fake likes and followers and win deals with huge brands. When such accounts are caught and busted, it’s not just the account that gets sealed, but the brand that suffers image blotching. Here’s another article by Evan Asano revealing fake accounts infesting the traditional influencer marketing platforms.
Mavin team knew the strengths of an AI (artificial intelligence) based verification system, but also its limitations. This is why the startup came up with the idea of human verifiers. These human verifiers will work alongside AI to scrutinize every post and investigate its authenticity. Better yet, these human verifiers will be paid for doing this job.
The Unpleasing Payouts
It’s not just the brands, but also the influencers that suffered in the hands of an inferior system that ran traditional influencer marketing platforms. First, the payouts were delayed and the presence of middle entities cut down their earnings significantly. This was annoying for large influencers and demotivating for nano-influencers.
The solution was easy for Mavin once it had already decided that its platform was going to be based on blockchain. With blockchain at its heart and MVN tokens operating as the currency of exchange on the platform, Mavin is going to make payouts lightning fast. In addition, influencers and any type of earners on the platform will be able to cash out their earnings without any thresholds and minimums preventing them from doing so.
There is no doubt today that old-school influencer marketing is dying in the hands of a flawed system where there’s compromise on both quality and quantity. Mavin, on the other hand, solves all these problems efficiently and offers platform that’s win-win for brands of all sizes, nano-influencers and even those who are only part of the system.