Within the landscape of influencer marketing, businesses are constantly searching for the right balance between innovation and stability. The strategies that startups employ often differ significantly from those of established corporations, and understanding the dynamics at play is crucial for success.
The most effective way to learn about utilizing these strategies to their fullest potential is to connect with industry professionals who have experience with leading and succeeding in both startup and big corporations. Luckily, we were able to speak with Rahul Chowdhury, Chief Marketing and Digital Officer for Qunol, on this week's episode of the Generation Influence podcast.
Not only does Rahul embody the passion that comes with the 'startup mindset', but he has the experience necessary to provide extremely valuable insights around topics such as:
- Capitalizing on the advantages of the startup mindset
- How to take risk tolerance into account in business decisions
- Advice on partnering with the right creators in influencer marketing programs
- Tips on measuring ROI for influencer programs
Capitalizing on the Advantages of the 'Startup Mindset'
Quick Decision-Making: The Startup Imperative
In the fast-paced world of startups, there's little room for protracted decision-making processes. Resources and time are limited, demanding swift and informed decisions. Making the right choices becomes essential, as hesitation can hinder progress and growth. As Rahul points out, not making a decision is often just as detrimental as making the wrong one.
This is a critical lesson for influencer marketing in smaller organizations. Speedy decision-making is necessary to capitalize on opportunities in this dynamic field. Startups must focus on agility and adaptability, enabling them to make quick decisions with confidence. While larger corporations may have more extensive resources, startups can excel by leveraging their ability to act swiftly in response to evolving trends and market dynamics.
Founder Mindset: The Driving Force
Diving deeper, the 'founder mindset' is another concept that is important to understand. Startups are fueled by a relentless pursuit of opportunities and a hunger for growth. As Rahul emphasizes, this mindset goes beyond mere passion—it's about being driven to "go get" opportunities. The founder mindset is rooted in the belief that big opportunities are out there, waiting to be seized.
For businesses looking to excel in influencer marketing, adopting a founder mindset can be transformative. It involves evaluating opportunities with a keen eye, sizing them up, and seizing them with conviction. The ability to spot and act on these opportunities sets successful startups apart. To incorporate this mindset into your influencer marketing strategy, challenge yourself to think like a founder, continuously seek new opportunities, and approach them with unyielding determination.
How to Take Risk Tolerance Into Account for Business Decisions
Risk tolerance is another area where startups and larger corporations diverge. In the startup world, there is often less to lose, as these companies are chasing the next significant opportunity. While risk exists, the potential rewards typically outweigh the downsides. Startups thrive on calculated risks and innovative thinking.
Conversely, larger organizations tend to have a more conservative approach to risk. Their well-established positions in the market come with greater responsibilities, and the risk associated with pursuing new opportunities can be substantial. Corporate giants must carefully weigh potential gains against potential losses when evaluating opportunities.
Understanding this contrast is crucial for businesses involved in influencer marketing. Recognizing the varying levels of risk tolerance allows companies to make informed decisions aligned with their goals and resources. Startups can embrace calculated risks to drive growth, while corporations can leverage their stability to explore new opportunities while managing risk.
Advice on Partnering with the Right Creators in Influencer Programs
Influencer marketing plays a pivotal role in shaping authentic brand identity. gen.video specializes in influencer marketing and it's always such a pleasure when we get to discuss strategy with our podcast guests.
Amongst other strategy tips, something Rahul and Bill touched on was how important influencer discovery is to running successful programs. In their conversation, Rahul emphasized the importance of maintaining brand values while appealing to younger generations since startups in particular have the opportunity to build their brands authentically from the ground up, catering to evolving consumer preferences.
Finding influencers that not only check your boxes in terms of metrics, but also meet those brand values is key to appealing to audiences (like Gen Z) that respond well to authentic sponsorships. While maintaining core brand values, companies can stretch their brand equity to appeal to new demographics.
Tips on Measuring ROI for Influencer Programs
Measuring the return on investment (ROI) in influencer marketing can be challenging. Metrics like effective CPM, engagement rates, and conversion rates are used, but ROI may not always be easily quantifiable since influencer marketing provides much more than a positive ROAS like traditional media would. For example, with influencer content, brands can:
- Easily scale content production while avoiding the high costs of production agencies
- Repurpose content onto brand-owned channels
- Syndicate content directly to PDPs to reach consumers along the entirety of the purchase journey
- Build on the pre-established trust that influencers have with their audiences that they've already done the hard work in building
Rahul's insights shed light on these critical aspects of influencer marketing and brand strategy, offering a blueprint for success that blends the best of both startup and corporate worlds. By leveraging these insights, businesses can navigate the intricate balance between innovation and stability, ultimately driving growth and building lasting brand relationships in the world of influencer marketing.