PATRON: The Influencer Marketing Platform Based On Blockchain Technology

davllinc007 (50)in #crypto • 7 years ago (edited)

Introduction

The continual growth of Technology has productively seen a rapid development in various areas of our lives. This has however given most people the opportunity to take up roles as an influencer to other people at large.
An influencer is simply someone who is capable of influencing and impacting on other peoples lives. The evolution of Social Media has had a great impact on societies, and is still having major impact till date.

Nowadays it doesn't necessarily have to always be the celebrities who are the biggest influencers, it is possible for an unknown individual to also be one by shearing his/her thoughts, creating awareness, expressing creativity, exploring ideas, etc through Social Media platforms such as Facebook, Twitter, Instagram or YouTube.

Social Media Platforms have always been known to be the right avenue for influencers to educate, impact and influence people who follow them. Influencers have also benefited from such platforms according to their fan base, the more the fan base the more an influencers is able to earn. There are however some challenges holding back interested users from achieving full potentials in becoming an influencer, such challenge include charges to be settled to agents/intermediaries.

A Platform created specifically for influencer marketing has put in plans to change how the industry operates. It aims at promoting a smooth environment thereby providing best possible solution involving influencers and social network solution all together in one platform.
Patron is the next Best thing in Influencer marketing.

What is Patron?

PATRON is a blockchain project from Japan. It will provide a truly fair, transparent, and secure platform for brands to connect with influencers from all over the world. They will be able to directly connect with brands through a decentralized marketplace.
Patron is a platform created specifically for the influencer marketing which is built on blockchain technology.

Patron aims at constructively changing the way social media operates in terms of influencing and impacting on people at large. The aim is to eliminate intermediaries thereby allowing a smooth interaction between influencers and brands and also for brands to directly connect to influencers in cner that is transparent and less complicated, with the control of a decentralized network.

Over the years social media has been a very reliable medium in which to advertise with positive response gotten from the people who gets to see the products.
Companies have often sponsored influencers to promote their products to their followers and this means have worked out well over the years mostly because influencers have a special connection with their followers.

Patron has developed a strategy to determine the effectiveness of their marketing campaign, this strategy sees influencers being divided into 3 different categories and each category is then ranked according their followers.
Influencers fan base and how often their followers purchase goods and how active they are, are all very important factors to take into consideration. Since influencers are priced according to how many followers they have this gives sponsor companies the opportunity to make right choices when choosing an influencer.

How Influencers Worth Are Determined By Patron

Patron has set up 3 criteria that it uses to judge and determine the value of influencers

Number of Followers
This refers to the fan base of an influencer i.e. the number of followers they've got. Influencers with many followers(large fan base) tends to earn more and are targets for sponsor companies.

Engagement Level
This refers to the connection between the influencer and their followers, this talks about how frequent the influencer interact with their followers. For an influencer to have an active fan base they should interact with their followers more often to keep them active.
Reputation
This refers to the feedback influencers get from their followers, influencers are been reviewed by their followers and if the review is favorable it keeps the followers active.

Why Patron is Necessary?

Patron is basically a shearing economy for influencers but mind Patron does more than just shear, it's serves as a balance for influencers and followers, influencers and sponsor companies and followers and sponsor companies.
Influencers are a great importance in the advertising market as they may positively help change the tides of product sales.

Patron manages a large number of influencers all over. The aims of Patron is to replace the traditional business model with a decentralized system that can benefit both brands and social media influencers alike and shedding light on the effects and benefits of an influencers, the profit realized from employing an influencer.
Patron also aims at resolving some challenges faced in influencer marketing.

Benefit of PAT Token

By tokenizing the market and making it much easier to build a brand and monetize it, the platform gives micro influencers a chance to enter the market. Moreover, both sponsors and small influencers would get profit. It would become cheaper for companies to sponsor micro-influencers. As a result, more influencers will come online. Overall, the aim of PATRON is to help a micro-influencer gain business and connect with global brands.

What is the benefit of directly connecting influencers to companies?

Builds Trust and Shows Authority

When a celebrity, industry expert, or social media personality shares content about a brand, it adds instant credibility to the mentioned company. Because the company can get an authoritative person to notice and recognize their brand, it shows the brand is an industry leader and trustworthy company. The recognition is even more powerful in niche marketing when an authority in your industry shares your content.

Turns Your Brand Into a Hot Topic

Influencers are often the driving force behind new trends and movements. They frequently expose audiences to new ideas, brands, and products. So one of the benefits of influencer marketing is being seen as a hot new concept. By aligning your brand with a trendsetting influencer, you show your company as an innovative leader.

Drives Purchasing Decisions

Among the advantages of online influencers mentioning your brand is that it can actually drive sales. Consumers frequently look to influencers for advice on what products and services to buy. In a study, roughly 40 percent of respondents said they made a purchase after seeing a social media influencer use the product or service. So if one of your marketing objectives is increasing sales, influencer marketing might be able to help you accomplish that goal.

Beats Advertising Blindness
One of the benefits of influencer marketing is that the strategy far outweighs other advertising options. Banner ads were once a tool that marketers used to promote their products and services. But audiences have become blind to this advertising method. Influencer marketing cuts through banner ad blindness by placing your brand where audiences notice it.
Excellent For Boosting Brand Authority And Awareness

Apart from sending high-quality, targeted traffic and avoiding the dreadful effects that ad blocker technology has in store for companies utilizing traditional Internet advertising campaigns, influencer marketing is also an excellent way to boost the authority and awareness of a brand.

How do influencers benefit from using Patron?

PATRON is aiming to revolutionize the influencer economy, creating a marketplace where influencers from around the world will be ranked determined by their niche, their reach, and engagement, as well as their trust (which is determined by users). The marketplace will make it easy for businesses of all types to connect with influencers of a given niche. No longer will they have to work with a middleman or intermediary, transactions are handled via our native token PAT, which leverages the safety and security of blockchain technology. Utilizing blockchain technology, aiming to build a new contract mechanism between individuals participating in PATRON’s sharing economy.

How do businesses benefit from using Patron?

Influencer marketing has been an important part of successful brands for many years. Thanks to the Internet, the utilization of influencers has become much easier. More importantly, it’s a cost-effective strategy that even smaller businesses can utilize without depleting their marketing budget. There are influencers in virtually every industry you can imagine. Whether your business is producing nutritional supplements or designing software, selling cars or consulting services, there are always a significant number of influencers that can be utilized to help promote your business.

For this reason, influencer marketing poses as an excellent opportunity for any type of business. It can help to reduce your cost of advertising and ensure that you get the most value for your money, since there’s always an advocate on your side to promote your message. PATRON is creating a unified ecosystem for brands and micro-influencers.

Use Case

Abiola is from France and he is into art works, mostly drawings and paintings, he has done a couple of amazing drawing and portraits and he currently displays his works on Instagram with 34000 followers, so far he has gotten very little contract work due to his advertising on Instagram and he hopes he can get more. He has even done some drawings of celebrities and tagged them on Instagram but yet he still didn't get much followers as expected. Paying a celebrity to advertise for him would certainly cost him much money which he can't afford. Until a friend told him about Patron which he had no idea of before. He got involved with Patron and after a short while he was linked with a business firm dealing in interior decorations, who where willing to buy his portraits at a better price, now Abiola feels really impressed with Patron and grateful because his hard work now pays off.

Conclusion

PATRON is prepared to serve as an anchor in the age of social media, providing a seamless way for people to find and work with influencers from all over the world.
Social influencer marketing is a popular strategy being used by many marketers today, PATRON is poised for rapid growth alongside the booming influencer economy.