[Greatest Hits] Mastering Influencer Marketing for Business Growth with Prateek Panda, VP of Marketing at Phyllo

In this ‘Greatest Hits’ episode of Getting to Aha!, host Darshan Mehta is joined by Prateek Panda, VP of Marketing at Phyllo. join them as they explore the importance of customer insights, the importance of authenticity, and the future of the industry. Prateek also shares valuable insights 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.

Key Takeaways

👉 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.

Listen Now!
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And connect with the host and guests here:
Darshan Mehta on LinkedIn - https://www.linkedin.com/in/darshan--mehta
Darshan's Twitter - @ahainsights
iResearch Website - https://iresearch.com
Prateek Panda: https://www.linkedin.com/in/prateekpanda/
Phyllo: https://www.getphyllo.com/

Getting to Aha! with Darshan Mehta is hand crafted by our friends over at: fame.so

Previous guests include: Luca Popovac, Senior Executive, Abhilasha Sinha of Open Secret, Laura Beavin-Yates, Stephen Griffiths of Level 2, Kristin Luck or ScaleHouse, Melina Palmer of The Brainy Business, Nicolas Zeisler of We’re Doing CX Wrong and How To Get It Right, Pricilla McKinney of Little Bird Marketing, Brooke Sellas of B Squared Marketing and Joseph Michelli of The Michelli Experience.

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