One of the biggest trends creating buzz in the digital marketing industry is influencer marketing. Brands and agencies are taking advantage of scaling word-of-mouth referrals with thought leaders who thrive on social media. By focusing on specific platforms with influencers who speak to a particular audience and demographic, brands can better target and provide relevant and valuable info and content to fans and customers.
But what exactly is influencer marketing?
Essentially, influencer marketing is the process of developing relationships with industry-specific thought leaders and otherwise influential figures that can assist your brand with specific digital goals.
Social media has shaped a landscape where people have developed laser-focused spheres of influence. Although publicists and larger brands have developed systems to work with bloggers and, more recently, adapted to include YouTube vloggers, influencer marketing has moved to other niche networks as well, including platforms like Snapchat, Vine, Instagram, Tumblr and more.
Unlike traditional celebrities (which previously occupied much of the influencer landscape), a YouTube or Instagram influencer is more closely related to a peer than a spokesperson, leading to more trust among audiences.
"According to a McKinsey study, marketing-inspired word-of-mouth generates more than twice the sales of paid advertising, and these customers have a 37% higher retention rate," reported a recent Forbes article.
Additionally, in 2013, Technorati Media reported that 65% of brands are involved in influencer marketing. But as more platforms emerge and specific demographics gravitate to follow particular industry trends and networks, the definition and scope of influencers will also change.
How can brands utilize influencers to generate word-of-mouth referrals?
Influencers can come in all forms across social media and all can be valuable for building and expanding a brand's message and goals.
Use Brand Advocates:
Influencer relationships should always start with the customer base. Who are your most vocal fans online? Who is tweeting, and posting videos about your new products and sharing rave reviews with their networks? Those relationships are the most critical and building upon those is the first step to expanding your influencer base. Start a dialogue with your brand advocates, share their content, include them in test products and as beta testers. They will continue to spread the love and will create more organic buzz.
Know Your Influencer and Their Audience:
Additionally, figure out who is creating content and sharing about trends in your industry. What platforms are they using. Create relationships with them by connecting with them on social and get to know their audiences, do your audience and theirs align? If so, approach them with a collaboration or to participate in a campaign. Outline a budget (if feasible) and what participation and content will look like. Will the influencer be posting blogs, videos, tweets? How often and how many. Make sure brand and influencer expectations are cohesive before executing a campaign.
Measure Actionable Data:
Lastly, all campaigns should have a measurable component. Every influencer campaign should be tracked and measured with analytics that will allow you to determine the ROI of working with each influencer. A good system can track all tags across any platforms used for the campaign. (Simply Measured has a great system for tracking tags across platforms and measuring KPIs including reach, engagement and other actionable data.)
Maintain Influencer Relationships:
Influencers are selected and cultivated through aligning goals. Even if they are paid participants, a good working relationship gives valuable insights into your key demographic. Influencer relationships can often translate into lasting advocate relationships and can be leveraged for valuable research, data, and customer feedback.
Have you used influencers in your marketing? Tweet me your tips @ErinSRichards!