In this episode of Getting to Aha!, Darshan Mehta is joined by Prateek Panda, VP of Marketing at Phyllo. They unveil the power of influencer marketing, how to align campaign goals with authenticity and ethics, and advice for businesses looking to leverage influencers for growth.

Prateek is a three-time entrepreneur and marketing leader, guiding startups in their growth journey, scaling from zero to over $25 million in Annual Recurring Revenue (ARR). His innovative strategies and methods have gained recognition in well-known publications such as TechInAsia, Forbes, and Entrepreneur Magazine.

Prateek has features on lists like "40 Under 40 Founders & Executives" by StartupBeat and "Indian Tech Leaders of 2023" by TheTechPanda. Beyond his entrepreneurial efforts, Prateek is also actively involved as a Startup Mentor and Advisor for various businesses. Moreover, he is the Co-Founder of Appknox and host of the IMpulse - The Influencer Marketing Podcast.

👉 Experience makes entrepreneurship progressively easier, even if challenges still persist. Prateek's journey from a 19-year-old founder to a well-versed business leader highlights the importance of resilience and adaptability, which helps you grow stronger mentally and handle tasks like fundraising, customer acquisition, and team building more skillfully. Moreover, Prateek learned why it's crucial to view investors as business partners while retaining control over his vision, as well as the necessity of listening to customers.

👉 Influencer marketing is emerging as a highly effective alternative to traditional advertising, especially given rising costs and decreasing ROI of digital ads. Once seen as a tool for brand visibility, influencer marketing is now evolving into a measurable, performance-driven channel, thanks to its authenticity and credibility of influencers. 

👉 Brands must prioritize working with influencers who genuinely resonate with their audience, often shown by their willingness to share both positives and negatives about a product. Also, it's essential to look beyond follower counts, as these can be misleading due to fake followers. Demographic alignments and engagement rates are key metrics.

👉 Influencer campaign budgets significantly vary, with costs for a single TikTok post ranging from $300 to $30,000. So, don't over-invest in a single influencer, especially if your brand is new to this form of marketing; diversify your influencer portfolio and experiment with various post formats. Secondly, communicate your campaign goals clearly and authentically with influencers. For instance, if you promote an early-stage product, seek sign-ups from users genuinely interested in engaging with and improving the product, not just increasing sign-up numbers.

👉 The power of influence in decision-making is a fundamental aspect of human behavior, which allows both B2B and B2C to harness the full potential of influencer marketing. In the B2B content, this influence often occurs within closed group discussions and professional networks. Influencer marketing is about leveraging these natural, influential relationships. But the key moment is identifying the right influencers who resonate authentically with the target audience.

👉 When assessing the effectiveness of influencer marketing, you have to align ROI measurement with campaign goals. Luckily, modern tools enable precise tracking of consumer journeys from influencer interaction to purchase. Beyond that, evaluating an influencer's ethics and authenticity is critical. So, focus on building long-term relationships with influencers for more meaningful and effective campaigns rather than one-off posts.

bCast - https://bit.ly/3ACsRBz

Apple - https://apple.co/3gsuA31 

Spotify - https://spoti.fi/3B0lVy6 

Youtube - https://bit.ly/3KYAHtd 

RSS -  https://bit.ly/3AFrUs6 

Darshan Mehta on Linkedin - https://www.linkedin.com/in/darshan--mehta

IResearch Website - https://iresearch.com

Prateek Panda: https://www.linkedin.com/in/prateekpanda/

Phyllo: https://www.getphyllo.com/