[TechSparks 2020] Monk Entertainment co-founders map the most effective influencer marketing strategies for your business
In today’s time, you can’t survive in business without digital marketing. Radio, print, and television - the go-to tools for marketing and advertising a few years back – have now made way for marketing on digital platforms such as Instagram, Facebook, and Twitter. Celebs, on the other hand, have been replaced by social media influencers.
The medium may have changed, but the “Power of branding lies in the idea of storytelling”, said Jalak Rawal, COO of Monk Entertainment, at TechSparks 2020, YourStory's flagship event and India's largest and most influential tech-entrepreneurship conference.
Hosting a masterclass on “Leveraging influencer marketing for your brand”, she along with Viraj Sheth, Co-founder and CEO of Monk Entertainment, shared how and why influencer marketing is an effective tool in today’s time.
Monk Entertainment is an influencer marketing and social media management firm, with clients such as Nykaa Man, Wow Skin Science for Men, and Flo Mattresses.
Viraj Sheth said influencer marketing should be taken seriously by brands primarily for three reasons: it is relatable, economical, and measurable.
Why spend on digital marketing?
Viraj said influencer marketing should be taken seriously by brands primarily for three reasons: it is relatable, economical, and measurable.
This form of marketing has brought buyers and sellers closer, making the world of commerce a much smaller place.
Influencers have, meanwhile, mastered the art of creating relatable content.
“Instead of showing five ways to lose weight, influencers show creative things like ‘funny things that happen to you in the gym’,” said Viraj, adding that businesses pitch their products through relatable content that attracts users unlike earlier TV ads.
Another advantage of influencer marketing: “You get to pick and choose what kind of a campaign you want to run.”
The CEO said it is an extremely effective way of calculating one’s return on investment by tracking the number of people who visited the website of the brand after the campaign, impressions, and other progress parameters across different demographics and geographies.
“Influencer marketing agencies are four agencies wrapped into one.” Creative, talent, production, and media agencies come together in today’s time in a digital format.
Jalak Rawal pointed out that influencer marketing can be used by all companies, irrespective of their sectors - from startups to traditional businesses looking at making a connection with the millennials.
An effective tool for all
Jalak pointed out that influencer marketing can be used by all companies, irrespective of their sectors - from startups to traditional businesses looking at making a connection with the millennials.
She added that a good influencer marketing agency is one that has a range of influencers and is able to get brand maximum conversions.
Viraj highlighted that it was important to engage the right kind of people for a campaign. According to him, “one sustained and continuous messaging with one brand and the same influencer” can help achieving campaign goals.
COVID-19 has bolstered content consumption across the world, and this is a good time for brands to leverage this opportunity “Everything depends on how fast and agile you are,” Jalak said.
TechSparks - YourStory's annual flagship event - has been India's largest and most important technology, innovation, and entrepreneurship summit for over a decade, bringing together entrepreneurs, policymakers, technologists, investors, mentors, and business leaders for stories, conversations, collaborations, and connections that matter. As TechSparks 2020 goes all virtual and global in its 11th edition, we want to thank you for the tremendous support we've received from all of you throughout our journey and give a huge shoutout to our sponsors of TechSparks 2020.