How Influencer Marketing Builds Your Business
There is currently a lot of buzz around the phrase “influencer marketing” and how it gets the best ROI (return on investment) from your marketing budget.
Can you believe these reports?
Yes, because it’s just a new name from business practices we been using for years.. updated for social media and internet marketing, and measured in ways you can better track results.
What is Influencer Marketing?
We define influencers as people who recommend, advocate and influence others to take action. We are all influential on some topics for some people. Every day, we persuade of friends and family to do what’s good for the, to look at a new product, attend an event or look at a funny photo. In marketing surveys, these recommendations get counted in surveys as “word of mouth” and “saw it online” and generally rank at the top for “Where did you hear about us?” questions.
Some influencers do more. They write for a blog, post more photos on Facebook, share where they are, what they are doing or entertain their fans. And some people have a lot more influence because they have a large fan base, share more often, and have learned how to share their excitement for brands and products they love.
Influence Marketing is the practice of finding the best influencers, building relationships with those influencers, and enabling their sharing.
Types of Influencers Who Can Help Your Business
Until recently, we knew that certain people would help build your business, but the cost of reaching each individual was prohibited. Now we use online connections, special programs and VIP treatment to connect a brand with three types of influencers.
Some influencers have a large enough audience that they have been courted by traditional media and marketing and paid for reach. Celebrity endorsements can be big stars, online phenomenons (like YouTubers or Video streamers), online reviewers, bloggers and social media super users. More media means more celebrities, and endorsements are available with any sized budget.
A new breed of influencers are subject matter specialists. They cover your market, limited by topics, industry or interests. In the last decade, millions of blogs and new media producers has created content that is generally unsponsored. They may not have the reach of a celebrity, but their audiences are passionate about the content and the relationships they have create a deeper bond than most celebrity brands. We find and encourage these influencers and together we create specialized content, and brand specific programs that yield short term ROI and long term brand love.
In every audience or customer database there is a group of fans that love the products and tell their friends. A recommendation from a friends has been measured at 6-9 times the value of a celebrity. If you have a good product, give great customer service and care about people, these folks will tell everyone. Ambassador programs formalize what used to be called the fan club, providing resources and recognition to your super users and enabling to do what they want to do naturally.
Influence is Personal
In the 20th Century, a brand could use mass media to greatly increase the reach of a campaign with interruption of programing, signs and ads everywhere and the company with the loudest voice usually won. Today with the Internet, we can find the people who are asking for a solution and already talking about your industry. We can listen and engage individuals better than ever before.
Research in persuasion, behavioural economics, social psychology and sales point to principals that can be applied to your messaging. We know what clicks with customers.
People want to do business with other people that they know, like and trust. Mass media still lets individuals know about products, influencers are trusted friends who share what they like. Relationships are formed and that leads to trust.
Traditional ads and pushy sales message are an interruption and avoided. Influencer marketing builds trust in a brand for people who want to buy. Human beings and relationships are messy compared to a mass marketing push, but the investment yields so much more.