- How to Develop an Influencer Marketing Platform?
- Cost to Build an Influencer Marketing Platform
- Factors Affecting the Cost of Influencer Marketing Platform Software Development
- Influencer Marketing Platform Features
- Popular Monetization Models for Influencer's Marketing App
- How Can Appinventiv Help You Achieve a Competitive Business Edge in Influencer Marketing?
An influencer marketing platform, also known as an influencer marketing marketplace, serves as a centralized hub for brands to discover, connect with, hire, and pay influencers for specific campaigns. This platform greatly benefits brands seeking to manage multiple influencers within a single campaign. Automating certain processes associated with managing influencers, the platform streamlines the campaign management process, saving brands time and effort.
There are ample influencer marketing platforms across the globe, each with a different set of features and offering unique capabilities for brands to engage. Still, each platform has its shortcomings, thereby making space for improvement in the ecosystem.
Since the global influencer marketing platform market was valued at $10.39 billion in 2021 and is expected to witness a CAGR of 33.4% from 2022 to 2030, now is the right time to invest in the market by developing an influencer marketing platform and leverage the growing market share to ensure a constant revenue stream for your business.
So, this blog will help you understand the complete process that goes behind influencer marketing platform development. In addition, we will also look at the cost of building an influencer marketing platform and the multiple features that go into creating it.
How to Develop an Influencer Marketing Platform?
Influencer marketing has become an intriguing option for brands due to the challenges faced by programmatic advertising. Privacy regulations, ad-blocking software, and banner blindness are all contributing factors. Thus, creating a well-defined and robust influencer marketing platform that offers it all is the need of the hour. Let us look at the influencer marketing platform development process in detail:
1. Define the project scope
This step requires assembling a dedicated social media app development team consisting of a project manager, a software developer, and a few business analysts. The team’s primary objective will be to work closely with your business stakeholders to create a project scope statement. This statement will define the project plan and how the development process will unfold, which will be critical in guiding the team’s efforts.
2. Choose the right development methodology as per your project scope
After finalizing the project’s scope, it is time to analyze the market and choose the development methodology. To keep the costs optimized initially, starting with MVP development for your project is usually recommended. After MVP is launched in the market and the initial customer feedback is gathered, you can switch to a fully-fledged mobile app with an extensive feature list.
Generally, this stage involves analyzing the shortcomings in the influencer marketing platform ecosystem, analyzing the risks involved, and finalizing a project plan based on them.
3. Finalize a development approach
If you wish to create a web app, using a Platform-as-a-Service (PaaS) platform is recommended. On the other hand, to build an influencer marketing platform for a mobile device, using a Mobile-Backend-as-a-Service (MBaaS) platform is advisable.
Now that you have decided on the development approach, it is time to choose between iOS or Android platform for your app. Native apps are capable of offering the best UX as well as improved performance. But, to reduce the overall costs to build an influencer marketing platform, choosing a cross-platform mobile development is advisable.
4. Choose the right managed cloud services platform
Now that you have finalized the development approach and have gathered a strong development team that includes designers, developers, quality analysts, and more, it is time to choose the right managed cloud services platform for your project. We recommend you use AWS since it offers well-known PaaS and MBaaS platforms while managing your cloud infrastructure, security, middleware, and networking effectively.
5. Finalize an influencer marketing API solution
Using a leading 3rd party API solution to integrate the influencer marketing features is recommended. We advise you to use the Upfluence API since it can offer you access to the audience demographics in its database while making way for you to fine-tune your search effectively.
6. Find a suitable project management tool
Now that you have procured all the required tools and methodologies, it is now time to find the best project management tool that resonates with your custom project requirements while making way for you to manage the related tasks efficiently. We recommend you use a scrum framework to manage the agile project methodology implemented at your end.
Another best option is using a DevOps methodology. DevOps project management allows project managers to act as coordinators, working closely with multiple contributors to ensure that timelines and dependencies are met. By tailoring project management to support the DevOps model, the project can be completed with greater efficiency and productivity.
7. Carry out the UI/UX design process
This stage requires conducting a thorough business analysis, benchmarking against industry standards, developing UX/UI concepts, and writing detailed specifications for the project prototype. The process will conclude with your approval of the prototype, ensuring all requirements are satisfied.
8. Complete the coding process
After the design prototype has been finalized through multiple testing iterations, it is time to start writing the code to create an influencer marketing platform. This stage involves the development of the app or platform frontend and backend using a dedicated programming language and multiple technologies.
9. Assure Quality and deploy the app
Before the app is deployed on the app store or Play store, it is necessary to carry out a thorough quality assurance process that helps ensure the smooth running of the platform and its bug-free nature. After the app/platform testing, the app is deployed on the required platforms.
Once the app is available across the globe for users, it is necessary to carry out proper maintenance to ensure that it runs smoothly on all platforms. Further updates should be offered to the app according to the latest market trends, ensuring its success in this competitive ecosystem.
Cost to Build an Influencer Marketing Platform
To give you a brief idea, the influencer marketing platform development cost can vary between $40,000 to $200,000. There are further several factors that impact the overall cost to build an influencer marketing platform, such as the location of the app development agency, the design and coding process, quality assurance, the underlying app platform, etc.
In general terms, we can say that the overall app complexity is the major deciding factor that impacts the app/platform development budget. For instance, a highly complex influencer marketing platform development process will cost you more than building a simple platform with a minimal feature list. Here is the influencer marketing platform development cost breakdown as per overall complexity:
|Influencer Marketing App Type||Estimated average cost of development||Time Frame|
|Simple||$40,000 to $60,000||3 to 6 months|
|Moderately Complex||$60,000 to $100,000||6 to 8 months|
|Highly Complex||$100,000 to $200,000||9+ months|
Furthermore, let us try and offer you a sure-shot formula to estimate influencer marketing platform development cost:
Here the total development hours is the time frame required to complete the app’s wireframing process, design, code, quality assurance, maintenance, etc. The hourly rate of development varies according to the hired influencer marketing app development organization.
Factors Affecting the Cost of Influencer Marketing Platform Software Development
To ensure that you are setting aside an appropriate budget for your influencer marketing platform, finalizing the type of software you wish to develop is crucial. Once you have a clear idea, it is recommended that you hire a dedicated influencer marketing app development organization that can offer you maximum ROI. Here are the major factors that affect the final cost of influencer marketing platform software development.
To develop an influencer marketing platform that is robust and easy to use, a well-defined UI/UX strategy is crucial for success. A seamless software design enhances user engagement and retention. Since multiple testing procedures are necessary for handling custom client requirements, this further impacts the overall development cost.
The platform chosen for influencer marketing app development has a significant impact on the budget. The budgetary requirements vary for iOS, Android, and cross-platform apps. To optimize the budget initially, starting with a single platform and switching to a cross-platform app is recommended once it gains traction in the market. This approach can help save costs in the long run.
When it comes to influencer marketing platform development, the team size has a significant impact on the development budget. When selecting the right team size for your development project, it is important to consider the trade-offs between cost and quality. While hiring freelancers may reduce the pricing, the quality of the software may be compromised due to their lack of professional expertise. On the other hand, outsourcing the project to a dedicated software development agency like Appinventiv can optimize the overall cost while allowing you to leverage their years of expertise.
The minimum team requirements for influencer marketing platform software development:
- 1-2 project managers
- 1-2 business analysts
- 2-3 frontend developers
- 2-3 backend developers
- 1-2 designers
- 1-2 quality assurance analysts
Location of the Software Development Agency
The location of the hired software development team is another deciding factor that impacts the overall development costs extensively. For instance, the hourly rate of development in regions like Asia is comparatively less than in the UAE, UK, or the US. Here is the estimated rate of development as per various regions:
|Region||Hourly Rate of Development|
It is important to note that proper app/software maintenance is crucial for its success in this competitive digital ecosystem. Significant actions must be taken to ensure optimal app performance across all major platforms. The maintenance cost usually includes the charges to ensure the bug-free nature of the app, as well as the charges required to offer software upgrades or implement new technologies as per market requirements.
A well-defined influencer marketing platform integrated with a robust tech stack is imperative to achieve instant traction in the market. Incorporating the latest technologies in the app is crucial to gain a competitive edge. However, it is important to note that the cost of integrating these technologies can vary accordingly.
A well-defined feature set that addresses the shortcomings of other similar software available in the market is crucial for gaining traction. Therefore, carefully considering features and prioritization is necessary for the app’s success. Analyzing the feature list of the influencer marketing software will help you understand its costs better.
Influencer Marketing Platform Features
An influencer marketing platform is designed to serve a specific purpose for its user base, and its features are tailored to meet the requirements of that purpose. Let us try and help you understand the core functionalities of the influencer marketing platform development process:
The registration process needs to be simple and intuitive. Users should be able to register an account and sign in using Twitter, Facebook, or other social media accounts. Users can begin using the app more immediately thanks to this feature, which lets them avoid registering an entirely new account.
2. Relationship Management
An ideal influencer marketing platform should automate all the tedious tasks involved in influencer marketing, such as messaging influencers, signing contracts, price negotiations, and payments. Furthermore, the platform should allow the marketers to keep track of their relationships with influencers. Automating these tasks would save marketers a lot of time and effort, allowing them to focus on other important aspects of their campaigns.
3. Influencer Search and Discovery
A key component to include when you develop an influencer marketing platform is the search bar. Users can utilize the influencer search capability to locate and contact influencers depending on their region, niche, target audience, and other pertinent details. Users may now look for influencers near them, which makes influencer marketing programs more affordable for companies with tight budgets.
4. Advanced Filters
Another crucial element of influencer marketing software is advanced filters. By reducing time and increasing their chances of success, this tool aids businesses in locating the most appropriate influencers for their initiatives. Users can use advanced filters to focus their search for influencers based on various criteria, including the size of their following, engagement rates, the types of material they provide, and more.
5. Analytics and Reporting
Brands can monitor the success of their influencer marketing programs thanks to the analytical tools feature. It offers information on how influencer marketing is performed, including engagement rates, audience reach, conversions, and more. Brands may evaluate the effectiveness of their influencer marketing efforts and tweak their plan to get better results by having analytical tools at their disposal.
6. Profile Creation
The ability to create a profile is crucial for influencers to highlight their strengths and abilities to potential brands. The tool makes it simpler for marketers to find influencers who are a good fit for their campaigns by enabling influencers to establish a profile that highlights their work, abilities, and accomplishments.
7. User-based Content
User-based content is one of the powerful influencer marketing platform features. It enables influencers to produce and distribute content to their followers while exhibiting their expertise, originality, and sense of fashion. The user-based content function allows marketers to find influencers whose work is compatible with the look and values of their brands, increasing the likelihood that the two parties will work well together.
8. AR technology
Augmented Reality (AR) is one of the latest trends that have redefined the influencer marketing platforms. Using augmented reality (AR) technology, creators may produce interactive, immersive content that engages viewers and offers a distinctive user experience. Businesses may develop distinctive campaigns that stand out and draw the interest of their target audience by incorporating AR technology into an influencer marketing app.
Campaign Content Management
The platform should act as a comprehensive campaign content management system that enables users to manage various ad campaign features for multiple brands and influencers. These features include ad text and graphic creatives, hashtags, mentions, campaign duration, deadlines, giveaways, and sweepstakes.
An AI chatbot is a unique element that can improve the user experience in an influencer marketing app. Artificial intelligence (AI) chatbots are automated programs that communicate with users by responding to their questions promptly and correctly. Businesses may offer round-the-clock support to their consumers, speed up response times, and lighten the effort of their customer support personnel by incorporating an AI chatbot into an influencer marketing platform. The software can be more engaging and dynamic by using AI chatbots to make personalized recommendations based on the user’s interests, preferences, and behavior.
Popular Monetization Models for Influencer’s Marketing App
Here are a few beneficial monetization models that can help you ensure a constant revenue stream for your influencer marketing platform:
1. Advertisement model
The most common method of funding an influencer marketing app is through advertisements. Under this business model, companies make money by running adverts on the app. The advertisements can be seen in various media, including video advertising, sponsored posts, and banner ads. The number of clicks and views the adverts receive determines how much money the app makes.
Businesses like the advertisement model since it’s simple to set up and needs little upkeep over time. However, if there is too much advertising or if they are unrelated to the user’s interests, this model may be invasive and negatively affect the user experience.
[Also Read: How Do Free Apps Make Money: A Descriptive Guide]
2. Premium subscription model
Another well-liked strategy for making money off an influencer marketing app is the premium subscription model. Under this model, companies provide consumers a premium membership service that gives them access to extra services like ad-free browsing, exclusive content, or premium customer assistance. Users can cancel their subscription to the premium subscription service at any time, and it is typically offered on a monthly or annual basis.
Businesses like the premium subscription model because it offers a consistent income stream, and consumers are more willing to pay for a premium subscription if they value the service. To keep users happy and interested, however, this model needs a lot of continuing upkeep and customer care.
3. In-App purchases
Another monetization strategy that may be applied to an influencer marketing app is in-app purchases. With this approach, companies provide customers the option to buy extra features like premium content, virtual items, or unique experiences. The price of the in-app purchases might vary based on the goods or services offered, and they can be made with real money or digital currency.
[Also Read: How Much Money Can You Earn Through An App?]
How Can Appinventiv Help You Achieve a Competitive Business Edge in Influencer Marketing?
We hope this blog has gauged everything you need to know to develop an influencer marketing platform. It is important to note that the market for this type of software is highly competitive, and your product should stand out. Our guide offers a variety of platforms, tools, and frameworks to assist with the development, but it is important to understand that creating such an app is a complex process.
Appinventiv is a dedicated social media app development company that has a team of highly experienced social media app developers who specialize in creating influencer marketing mobile and web apps. We take pride in our expertise and are dedicated to providing the best possible solutions to our clients. Our apps are equipped with the latest technology to cater to all stakeholders’ current and future needs in real-time.
We recently developed VYRB, a social media application that enables users to send and receive audio messages optimized for Bluetooth wearables. Our app development practices made the organization bag a whooping $1+ Million in seed funding as well as more than 50K app downloads.
Get in touch with our experts over a free consultation for your custom business requirements.
Q. How does an influencer marketing platform work?
A. Influencer marketing platforms make use of advanced algorithms to simplify the process of finding influencers that can promote your business or brand. They feature extensive searchable databases of potential influencers along with features like relationship management, campaign management, third-party analytics, influencer marketplaces, etc.
Q. How much does it cost to build an influencer marketing platform?
A. It costs around $40,000 to $200,000 to develop an influencer marketing platform. There are several factors that further affect the overall costs, such as the location of the influencer marketing app development agency, the UI/UX design of the app, the development process, the underlying platform, etc.
Q. How long does it take to build an influencer marketing platform?
A. The time frame to complete the influencer marketing platform development process varies according to the overall complexity. For instance, a highly complex app with an extensive feature list will take around 8 to 9 months for development, while a simple app with a minimal feature list will require 3 to 4 months.