The social media marketing has made a quantum shift in the way marketing is done by shifting the focus to voice of the customer rather than voice of the brand. Earlier the marketing trend used to be pulling out a brand ambassador and rolling out the story in television, newspapers and other media platforms. Today it is all about the story reaching millions of bubbles on the social media cloud and when the bigger bubbles (influencers) are added on top of it then the game changes altogether.
Word of mouth marketing results in 200% sales in comparison to paid advertising. They also result in 37% higher retention rate of customers. Riding this trend of word of mouth marketing, another form of marketing has gained prominence in very recent times called the “influencer marketing. This is about marketing through influencers who tend to have a strong base of followers in the social media world. For example when your product is about fashion or designer wear, then you target a fashion blogger who tweets regularly about fashion and has high social media presence to advertise your product which can impact the purchase decisions of their followers.
Brand influencer selection is very important and hence one must take into account the following two important criteria:
- Qualitative filtering which considers content relevance and audience relevance and their quality.
- Quantitative selections which is based on the formula:
Influencer influence = Audience reach * Audience adhesiveness * Quality score
where audience reach is calculated by number of followers, quality score is based on a scale of 1-10 for the expertise & credibility of the brand, audience adhesiveness is a score based on number of retweets, likes and replies over the period of last 2 months.
Thus influencer partnerships also act as a validator for your own content marketing campaigns. However only time will tell if it can ring the bell of traditional marketing soon or not. But the marketing campaigns will never be the same again.