Abstract:
"Influencer Marketing’ has become a prominent factor in ‘Social Media Marketing’ as it has an ability to reach highly targeted audiences in a more authentic and engaging way compared to traditional advertising methods. However, Influencer Marketing has been challenging due to its inability to define KPIs, Price Ranges for influencers and the difficulty in measuring ROI. This affects the accuracy of the whole Marketing project.
Hence, to gather more details on the same, a survey was distributed among the professionals in Digital Marketing, interviews conducted with the industry experts who are experienced in Influencer Marketing and a Literature Review was done as well.
From the methods above, it was derived that this problem occurs due to the inaccurate and inadequate metrics as there is no particular standard used by the firms and the professionals. Due to this non-standard metrics and unavailability of price standards, it has become impossible to define accurate KPIs and price ranges for influencers. Further, difficulty in measuring the Return on Investment from the influencer had come into play due to the difficulty in tracking conversions. Accordingly, the objective of this “InfluenSir” project is to address this problem by providing a digital solution to facilitate the features to conduct above-mentioned definitions and ROI generation for a standard method, agreed by professionals in the industry. Iterative and Incremental Development Methodology is incorporated in order to conduct this project due to the dynamic nature of Influencer Marketing and IID’s ability to employ the changes.
As per the conclusion, this study provides a comprehensive understanding of the problem domain and solution in Influencer Marketing while highlighting the challenges faced by the marketers, and the need for more effective and efficient approach to Influencer Selection, Campaign Management and Performance Evaluation.
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