It’s only been 28 years since Tim Berners-Lee gave ‘World Wide Web’ to the World. But in this little duration, the internet has already become an integral part of everyday life for most of the world’s population resulting in penetration of social media in everyone’s life. Till now Marketing Mix for determining product strategy and product portfolio has been all about the 4P, i.e., Product, Placement, Promotion and Pricing. But, with the arrival of this digital age, another P, i.e. People became the most important element of the traditional marketing mix.
Often described as the 5th P of the marketing mix, People represents the beliefs, rationale, and emotions behind consumer choices in buying a product or service.
The digital space has helped aggregate People with shared intent and interests on open social platforms, thereby enabling a focused form of marketing that speaks directly to target consumers – Influencer Marketing.
What is Influencer Marketing?
The process of researching, identifying, analyzing, engaging, and supporting the people who create high-impact engagements with your target audience about your brand and product/service offering is referred to as Influencer Marketing. Influencer Marketing unifies the general marketing, sales, product marketing, digital marketing, PR and most importantly social media initiatives for brands through powerful and relevant relationship-based communication. Statistics show that Influencer Marketing is among the most impactful marketing practices, both in terms of ROI and consumer conversion and retention.
As online customer engagement continues to grow exponentially, influencers are playing a critical role in creating successful and sustainable customer engagement, breaking online clutter, and establishing trust for brands and marketers alike.
Tips for Strategic Influencer Marketing
To maximize your revenue using influencer marketing-
1. Identify your goals
Before reaching out to your target audience identify your goals and define the campaign in accordance with these goals. Prepare a blueprint of all aspects of the campaign, including the type of influencer your brand resonates with and the assets and collaterals you wish to equip your influencers with to create successful engagement.
2. Rise above ad clutter
Social media is full of campaigns and advertisements trying to gain customer attention. To ensure successful, sustained customer engagement, marketers need to curate extra creative and interesting influencer campaigns.
3. Build an experience
Product demos and reviews are often transactional and mundane. Focus on creating a unique experience for your influencers to share with on their network that is likely to gain higher likes, conversations, and overall traction with consumers.
4. Embrace visual appeal
High resolution images and visually appealing props are key to gain the attention of millennials. Provide your influencers with beautiful imagery to help them create impactful engagement.
5. Analyze your campaigns
Curating one interesting campaign is not enough. Different audiences have different preferences, thus it is always advisable to experiment with different content for different segments, and analyze the response to identify the best way to engage.
6. Have an outside-in approach
Instead of creating the message you want to tell, curate what your audience would like to hear and share. The form of messaging too should be chosen as per preferences of the target audience. And irrespective of whether you use research, infographics, surveys, fun facts, gifs, vines, boomerang videos, or any other element, ensure that it is always unique and interesting.
7. It’s all about building a network
Influencer marketing should be done with a “network building” approach. Strategize your campaigns by identifying influencers who can not only create impactful engagement but also become brand advocates who nurture and elevate your brand value steadily over time.
Challenges of Influencer Marketing
A major challenge in crafting a successful influencer marketing campaign is identifying the right influencers.
As per Influencer Marketing Report 2017 | Augure, the #1 spot for influencer marketing challenges has been taken by the issue of identifying the right influencers. Though it may seem easy to identify and classify desirable influencers by their expertise, number of followers, and profession, it is actually very difficult to circle in on the right influencer given that the most influential blogger can differ significantly on the basis of the type of business you own and the audience you are targeting.
A study conducted by Forbes and Elite Daily revealed that only 1% of millennials will trust an advertisement, while 33% of millennials trust blogs when making a purchase decision. These figures signify that you are more likely to make a conversion with the new generation of consumers if you engage with them through someone who resonates with their idea of life.
What is Minerva and how can it help?
Minerva is a competitive business intelligence product that drives business strategy and deployment through near real-time visibility into market information and advanced analytics.
Having added 360-degree value through competitive intelligence to several Fortune 500 companies, the award-winning, SCIP-endorsed Minerva is ready to further raise the bar. Minerva 2.0 is here with omnichannel analytics to deliver unified information across online and offline sources and proven business acumen for brands and retailers. It is a comprehensive solution that provides live market data to support product, pricing, placement, promotion, and people (5P) decisions. By consolidating data from multiple sources, Minerva gives a true picture of 5P market dynamics across the competitive landscape with incisive insights useful across business functions.
As a marketer, your choice of influencer will vary greatly depending on factors like your value proposition and your target audience segmentation based on age, gender, profession, income level, and other behavioral factors.
If your target audience comprises largely of college going teenagers rather than working mothers, the right influencers for you will be different from those for a different audience mix, to begin with.
To narrow down next to specific influencers, chalk out a detailed profile of your target audience — What do they like? Whom do they follow? What motivates them? And remember, identifying an influencer is not a one-time activity – you need to continuously monitor your campaign outcomes and changing audience dynamics and ensure you are working with the best possible influencer at any given time.
Minerva can make the process of finding the right influencer for your offering extremely easy. The 5th P of Minerva provides crucial insights for influencer marketing with answers to critical strategic questions:
- Who are the influential authorities supporting your product?
- Which influencers are making active recommendations for your product?
- Which influencers are creating impactful engagement with your target audience?
- Who are the influencers supporting your competitors’ products?
- How is your product being discovered by customers?
- How can you increase your product reach?
- Which social channels are being used to promote your as well as your competitor’s products?
To learn more about Minerva, visit https://www.myminerva.ai/