Pandemic has put the entire world into hibernation mode. However, our millennials and Gen Z found a way out of the numbness zone. YouTube and other social media platforms have become the new source of income for young people. It has paved a way for entrepreneurs. In an interview with BW Businessworld, Prerna Goel, WhizCo Co-Founder and Chief Marketing Officer, explained everything inside out about the influencer marketing industry and revenue model.
What makes influencer marketing one of the most sought after digital marketing tools today?
The main advantage of taking the digital marketing route is that the conversion rate is very high. In many of our campaigns and initiatives, for example, we have seen tremendous response from influencer marketing. Since brands are also witnessing the impact, influencer marketing has become an essential tool for digital marketing. While traditional forms of campaigns require spending thousands of rupees with no distinct ROI, influencer marketing has great value in this regard.
What changes have been observed in the influencer marketing space after the outbreak of the pandemic?
The influencer marketing space has multiplied since the outbreak of the pandemic, even more so due to the phenomenal shift we have witnessed to digital across all industries and domains. The content industry, in particular, has flourished tremendously with massive use of social media resulting in unprecedented levels of content consumption. Influencer marketing has not been limited to social media as it has now made its way through short video apps as well. Language localization in these short video apps like MX, Josh, Moj has helped local brands to capture the right group of target audience.
What types of brands do you primarily associate with?
As we have a massive group of content creators on various social media and digital platforms, we have been associated with brands in many different verticals, such as fashion, healthcare, and fast-moving consumer goods, among others. Additionally, because we partner with all of the major short video apps, we have worked with various brands and individuals who intend to reach consumers beyond metropolitan cities in Tier 2 and Tier 3 regions.
What analysis should brands follow to determine the impact of an influencer marketing campaign?
There are many factors based on which the success or failure of campaigns can be determined. The most searched parameters for evaluating the impact of campaigns include impressions, reach, and clicks. Also, a compilation of the comments received on different platforms can be a good representation of how people feel about a campaign. They also act as feedback to design a brand’s future roadmap.
What is the strength of WhizCo’s group of influencers?
We have a group of more than 10,000 content creators distributed on different social media platforms in multiple categories and languages. This enables us to serve any type of brand at various scales, as well as in different geographic locations. For the success of any brand campaign, it is essential to have a collaboration of influencers from different social networks, short videos or other digital platforms. While it once seemed like a distant possibility, now we have made the process a reality.
How is it different from other digital marketing agencies?
Most of the time, agencies that manage brands on social media and other similar platforms tend to simply upload content. WhizCo is a fully equipped influencer and digital marketing agency that has a strong cumulative base of nearly 7 million people on leading platforms such as Instagram and Facebook. We know well the strategies and algorithms of the different platforms, which allow us to offer unique forms of account management to attract an increasingly relevant audience.
We focus on absolute customer satisfaction. We always try to go beyond our scope of work. The services we offer are not the regular digital marketing type but are more focused on content marketing and brand amplification.
What challenges do you face in the Indian digital marketing ecosystem?
Traditional brands sometimes don’t realize the potential for digital marketing and influence. They have a myopic view on the value of allocating a good budget to digital marketing. The need of the moment is to know the benefits of taking advantage of this new tool that can expand your reach to unexpected levels. At the same time, some brands or people have overwhelming expectations and must realize that there is no magic wand to unrealistically increase traction. The process has nuances and specifications that must be met.