In recent years, influencer marketing has shown a rapid growth, attracting attention and advertising budgets. It’s estimated that the industry will reach $10 billion by 2020.
The research has shown that 90% of consumers are more likely to trust a brand that advertises via influencers compared to other advertising strategies. Influencer marketing is much more cost-effective than banner advertising and is also more credible for brand reputation; because of these reasons, influencer marketing has become one of the most popular strategies.
Nevertheless, influencer marketing lacks transparency and with little to no regulations enforced yet, it’s not uncommon to see shady agents and scammers taking advantage of the industry. As of now, the agent fees and machinations consume a large portion of the influencer’s revenue and the brands’ marketing budgets.
The revolutionary blockchain startup, SocialMedia.Market is designed to solve this problem.
SocialMedia.Market is a decentralized platform for influencer marketing, which will solve the numerous challenges of the influencer marketing industry. The platform aims to provide an accessible, transparent, and competitive marketplace that will open up opportunities for thousands of influencers and brands all over the globe while enabling widespread audience exposure and engaging consumers effectively.
SocialMedia.Market will create a new generation of advertising accessible to millions of novice and growing influencers, startups, small and medium businesses.
SocialMedia.Market platform automates the creation and management of the influencer’s marketing activities, as well as distributing payments from brands to influencers. A common feature for both brands and influencers is that the user interface for creating or accepting campaigns is designed to be as simple as possible.
Users will need to perform an identity verification test to ensure the ecosystem’s security. Unique identities of users on the SocialMedia.Market platform will be verified and recorded on the blockchain which effectively eliminates the possibility of fraud or scams. To make sure that the personal data is secure, the SocialMedia.Market team enables a two-factor (2FA) authentication for logins.
1. For brands and advertisers
Advertisers and brands have to go through a quick verification process to identify their details and company profile before they can start campaigns or connect with influencers.
Once the verification is complete, advertisers can start creating their influencer marketing campaigns. Then advertisers have to specify the campaign details to locate the most suitable influencers. The key factors include:
- Social media channels to use
- Start, end dates, and timeline of the campaign
- Region, country, or city of the campaign
- Campaign budget and estimates
- Files and content to be included in campaigns
- Additional information for the campaigns
SocialMedia.Market also provides templates for brands to plug and play, as well as intelligent tips to help new brands set-up campaigns.
Once that is done, advertisers can select influencers to execute their campaign. This can be done in two different ways. The first method is by making the campaign visible for all influencers who match the target audience; Note that only qualified and verified influencers can apply.
The other way is to create a personalized list containing the brand’s preferred influencers by using the platform’s database, advanced search engine, as well as several filters. After the list is created, the campaign will be shared with influencers on the brand’s list.
2. For influencers
Influencers receive campaign tasks in SocialMedia.Market’s integrated CRM.
They can also choose a task from a list of open jobs by advertisers, but influencers only see the tasks that relate to their details and skill sets. For example, an influencer in the streetwear industry will not receive a task to promote food products as that is out of their niche.
Before accepting a campaign, an influencer MUST agree to the terms and conditions of the task. Conversations, as well as clarifications, can be done conveniently in SocialMedia.Market’s integrated messenger app. Once a campaign is confirmed, a smart contract is created for that job and influencers must complete their responsibilities within the time period allocated by the smart contract.
The platform offers the following advantages to its users:
- 100% safe escrow transactions powered by the blockchain
- Easy, efficient, and fast global payments
- Donations platform for bloggers, streamers, and influencers
- Attractive agent commissions within the platform
- Low-cost transactions with even lower operation fees
- Decentralized dispute solution system
- Utility tool for acquiring outstanding marketing services, premium analytics, and developmental instruments
All transactions and operations within the SocialMedia.Market platform is powered by the platform’s official utility token, the Social Media Token (SMT). The token makes services in the platform extremely effective and at the same time, prevents unauthorized manual interventions in the ecosystem’s processes.
Here are the details of the upcoming SMT token sale:
Token name: SMT
Token base: Ethereum (ERC-20)
Token supply: 10,000,000 SMT (Phase 1 hard cap) – 30,000,000 SMT (Phase 2 hard cap)
Token sale duration: 7th December, 2017 – 14th December, 2017 (Phase 1) | 9th February, 2018 – 23 February, 2018 (Phase 2)
Token sale target: 40,000,000 SMT (hard cap)
Token exchange rate: 1 ETH = 800 SMT (Phase 1) | 1 ETH = 700 SMT (Phase 2)