With the rise in The influencer marketing industry has been growing steadily and it’s expected to cross $16bn this year! (when it was only $1.7 billion in 2017) Brands are heavily investing in creators and influencers more than ever before. Why?
Influencer marketing helps generate quality brand awareness, adds authenticity to the brand or service, builds trust and pushes the customers to engage with the brand because their favorite influencer recommended it. Yes, it works like that as well.
And there’s one more important, key factor that makes influencer marketing worth it.
Content creators, influencers, and brands of all sizes can reap the benefits of influencer marketing and establish a brand of themselves.
Now we have a question: what’s the role of smart contracts? How do these new digital campaign settings make a difference to the existing influencer collaborations?
How smart contracts are giving a new way to influencer collaborations?
Smart contracts are nothing but a predefined set of rules (just like a formal contract) however all these rules are in the form of programs stored in a blockchain which gets executed when all the predefined rules are met. And these contracts are blockchain-based, which means that they are secure and it’s impossible to hack or cheat any kind of information stored in a smart contract or blockchain.
If someone tries to change data in a blockchain, then all the block contents get changed since they are connected in a chain.
Another aspect of blockchain technology includes the quality of decentralisation. This means that no particular node or entity owns the blockchain; instead it’s distributed and connected to each entity via a unique identification node.
The other benefits you can enjoy are as follows:
The collaboration is carried out from brand to influencer or brand to creators with no middlemen or third party agency involvement. If you are the content owner then you can decide how the content would be used for marketing. With no middlemen involved the transactions are carried out quickly with zero transaction costs.
Lesser or few brand-influencer disputes
Smart contracts help simply the campaign details, rules and the settings between the brand and the creator. And only after both the parties agree on the rules, the smart contract is generated. By doing so, it ensures no more future disputes and better clarity of the campaign.
Once all the campaign rules are processed and executed, the payment is released with no delay. This way influencers don’t have to wait or worry as to when they would get the payment and the milestone-based payment ensures that brand goals are met and influencers are paid accordingly.
Campaign performance checks
Unlike the usual marketing campaign processes, with smart contracts you could better analyze the performance of the campaign and make quick decisions based on the ROI generated. Spreadd is a decentralised marketing ecosystem that focuses on social media scores and marketing growth to build a better audience-focused content strategy that actually helps you reach your target audience.
People are still not entirely familiar with smart contract concepts but surely the updates are coming with more people knowing and using it. What do you find the most appreciable quality of smart contracts? Let us know in the comments. follow Spreadd Medium for reading more of our blogs!!