advertiser's crash course in influencer marketing
TRANSCRIPT
Geno Prussakov
CEO, AM Navigator (marketing management agency)Chair, Influencer Marketing Days (conference)
888-588-8866 | Washington, [email protected]
Advertiser’s Crash Course in Influencer Marketing
Introduction
“Breakout Term”
Source: Google Trends
Mass Media Storm
Mass Media Storm
Facts & Stats
Blog.Tomoson.com March 2015 Influencer Marketing Study
Facts & Stats
Blog.Tomoson.com March 2015 Influencer Marketing Study
“We've actively decided not to get involved in influencer
marketing.”
0%
Facts & Stats
Facts & Stats
ROI vs. EMV
ROI (Return on Investment) “measures the amount of return on an investment relative to the investment’s cost.”
Investopedia.com
Source: TapInfluence.com/ROI
Facts & Stats
“Sales directly attributable to the positive (online) word of mouth” surrounding the iPhone’s launch “outstripped those attributable to Apple's (own) paid marketing sixfold.”
A new way to measure word-of-mouth marketingMcKinsey.com
McKinsey Quarterly – April 2010
Facts & Stats
Source: TapInfluence.com/ROI
“EMV (Earned Media Value) – the dollar value that can be attributed to publicity, social sharing, and endorsement,
and other unpaid digital media exposure.”
RhythmOne.com
Facts & Stats
Source: RhythmOne 2015 Influencer Marketing Benchmarks Report
Outline
• Introduction• Types of Influencers• Identification & Onboarding• Influencer Activation• Measurement• Conclusion
Types of Influencers
Type #1Macro-Influencers
Case Study 1
+ 25% MoM
Case Study 2
+ 16%
Macro-Influencers
o Musicianso Actorso Professional athleteso Business leaderso “Platform sensations”
“… have developed an elevated status” (on specific social media platforms) by building a hyper-engaged audience, one that brands may want to reach through them.”
RhythmOne.com
Evaluate based on your primary goals.What are you trying to achieve?
Reach (vs. Engagement)
Instagram Marketing: Does Influencer Size Matter?Markerly.com, April 2016
Type #2Micro-Influencers
The reason:
Characteristics of Micro-Influencers
• Non-celebrity• Expertise• Passion• Fewer than 100k followers• High rate of engagement• Capacity to motivate (action)
Engagement / Followers
Definition
Micro-influencer – a non-celebrity individual who influences a relatively small but highly-engaged follower base.
Examples
• Instagram reviewer• Kayak fishing fan on YouTube• Photographer blogger
• Thought leader / “Brandvidual”
Brandvidual
a) Focused on developing their personal brand
b) Creates content based on intelligence, experimentation, observation
Advantages
Deep audience engagement Better approachability Lower costs Long-term relationships potential Better flexibility High conversion potential
“For $25,000, you can activate several micro-influencers within your chosen verticals and get in front of roughly 5 million combined followers. That same amount will barely get you in the door with a celebrity.”Why You Should Think ‘Micro’ When Planning Your Next Influencer CampaignSarah Ware, TheHuffingtonPost.com, April 15, 2016
Type #3Brand Advocates
83% of consumers trust recommendations from people they know above all other forms of advertising.Global Trust in Advertising 2015 report by Nielsen
Definition
Brand advocates “are a different breed of consumers” – they are happy to “evangelize their favorite brands and products.” And they do it “without cash or coupons, payments or perks.”
Brand Advocates: Turning Enthusiastic Customers into a Powerful Marketing Force by Rob Fuggetta
Characteristics of Brand Advocates
Product fans
Happy to tell others
Do not require incentives
5 Techniques to Identify Advocates
I. Ask “The Ultimate Question”
5 Techniques to Identify Advocates
I. Ask “The Ultimate Question”II. Contact repeat customersIII. Employ social listeningIV. Monitor online reviewsV. Turn to fans and followers
3 Ways to Support Advocates
I. Advocate Communities
3 Ways to Support Advocates
I. Advocate CommunitiesII. Inside Information
3 Ways to Support Advocates
I. Advocate CommunitiesII. Inside InformationIII. Spotlighting Them
Advocacy is always:a) strategic/ongoingb) earned
Identificationand Onboarding
Principles of Identification
Key Criteria
i. Audience Resonance
ii. Audience Engagement
iii. Lack of Brand Contradiction
The Influence Formula
Reach × Brand Affinity × Relationship with Followers ___________________________________________
_INFLUENCEThe Explosive Growth Of Influencer Marketing And What It Means For You
Kyle WongForbes.com, September 10, 2014
Influencers’ Role in the Marketing Funnel
Razorfish Social Media Influence Marketing Report, 2009
• shorten the sales cycle• amplify other marketing
Tools to Consider
self-service
full-service
discovery
tracking
analytics
…and more!
2 archetyp
es
databases
influencer networks
Influencer Databases
Definition
Influencer databases are structured sets of data regarding publishers of digital content.
Influencer Databases
Platform-specific
Holistic (cross-platform)
Influencer Databases (Examples)
Little Bird (for Twitter) Inkybee (bloggers and Twitter) GroupHigh (bloggers and their social imprint)
Influencer Networks
Definition
Influencer networks are networks of opted-in influencers, who have been vetted by the network.
Common Functionalities
Create a campaign
Select influencers
Track & analyze performance
Influencer Networks (Examples)
Whalar (for Instagram) Grapevine (for YouTube and Instagram) BlogMint (bloggers) FameBit* (cross-platform) TapInfluence (cross-platform)
* Acquired by Google on October 11, 2016
Influencer Networks
…can be vertical-specific
Health & Wellness (e.g. Wellness Amplified) Fashion & Lifestyle (e.g. Shopping Links) Travel (e.g. iAmbassador) Outdoors (e.g. GravityFed)
Conclusion
Influencer Activation
Principles of Activation
3 Facets
I. Definition (of activation)II. Setting incentives in placeIII. Consistency
I. Define Activation
Examples:• Mention on social media• Review within content• Traffic referral• Conversion(s)
II. Set Suitable Incentives
TransactionalRelational
1.Transactional Incentives
Examples:• Cash payment• Free product• Recurring payments tied to consumer actions
2. Relational Incentives
Examples:• VIP Treatment• Event invite• Sneak peek• New product trial
III. Stay Consistent
Conclusion(We must have) a clear, unbiased
understanding of the situation at hand, deep insights into the vagaries of human nature, the establishment of appropriate and reasonable expectations and goals, and the constructions of a balanced set of incentives.
Bronwyn Fryer, “Moving Mountains” (Harvard Business Review on Motivating People, 2003)
III. Stay Consistent
1. Start with the truth2. Appeal to greatness3. Make them proud4. Provide constant and consistent communication channel5. Build trust6. Care for the little guy7. Set different incentive levels
Bronwyn Fryer, “Moving Mountains” (Harvard Business Review on Motivating People, 2003)
Activation in Action
3 Phases
I. Pre-activationII. ActivationIII. Post-activation
I. Pre-Activation
I. Pre-Activation
Source: GroupHighCompensating Influencers While Maintaining Trust, 2015
Consider:Influencer type
Relationship with brand
II. Activation
i. Back them up
ii. Equip them
Equip with…
o Customer demographicso Content about producto Lists of bestsellerso Keywordso Testimonialso Videos
III. Post-Activation
Support them via:
• Social media • Guest blog posts• Feature them in your own marketing
The majority of influencers are motivated when brands help them boost their image and grow their audience.
It’s a “win-win” situation!
Measuring Influencer Marketing
“Measurement is the first step to control & improvement. If you can’t measure something, you can’t understand it. If you can’t understand it, you can’t control it. If you can’t control it, you can’t improve it.”
— H. James Harrington
Measurement Problem?
…or blurry goals?
Customer Journey (AIDA)
Awareness
Interest
Desire
Action
Marketing Funnel
Awareness
Consideration
Action
Awareness KPIs
Views/Reach New followers Re-posts Likes Traffic New links
Consideration KPIs
Views of specific pages Email submissions Free trial/demo request Items in cart Searches Comments Social sharing Newsletter sign-ups
Action KPIs
Revenue ROI Conversion New v. Returning Average Order Value Lifetime Customer
Value
In Conclusion…
It’s all about the imprint
Thank You! Q&A Time