Have you ever heard the word influencer marketing? If you are a digital marketing expert, you must familiar with the concept of influencer marketing. Actually every day we live and breathe influencer marketing but we often forget that not everyone knows what it is!
That’s what this blog post for. Here I will share the definition of influence marketing & explain how it differs from another form of marketing.
According to Wikipedia, influence marketing is defined as:
“Influencer marketing is a form of marketing in which focus is placed on specific types of individual rather than the target market as a whole. It identifies the individuals that have influence over potential buyers, and orients marketing activities around these influencers.”
In influencer marketing rather than marketing directly to a large group of customers, we instead inspire/hire/pay influencers to get out the word for you.
Influencer marketing goes hand in hand with two other forms of marketing:
1) Social Media Marketing
The most campaign of social media marketing has some sort of social media component. In that campaign, influencers are expected to spread a word through their personal social channels. Many campaigns of influencer marketing also carry a content element in which either you create content for the influencers, or they create the content themselves.
Although some people use word-of-mouth marketing and influencer marketing interchangeably, there’s a true distinction between the 2 disciplines. Whereas influencer selling is that the conception of partaking key people to leverage their influence among friends and family, word-of-mouth marketing is that the actual avenue by that this communication takes place. So, the truth is that the all the influencer marketing mostly includes word-of-mouth marketing but not all the word-of-mouth marketing include influencer marketing.
What is the difference between Advocate Marketing and Influencer Marketing?
There is a lot of difference between Advocate Marketing and Influencer Marketing. They are not same in any way. Advocate marketing focuses on encouraging loyal customers to share their love for your product or brand. This may happen by way of product reviews and customer references.
In Influencer marketing, we mostly focus more on finding influencers. Influencers are always paid in some way, either with money or free products. On the other hand, Advocate Marketing focus less on payment. It focuses more on driving brand loyalty.
Key components of Influencer Marketing
Main components to build influencer marketing are as follows:
1) Identify key components or product influencers, either manually or through a platform like TapInfluence.
2) Create a promoting campaign directed at those influencers
3) Create a secondary promoting campaign for the influencers to drive larger awareness to a bigger set of target customers
4) Track key metrics with reference to reaching, sales and complete awareness
Benefits of Influencer Marketing
Influencer marketing can help business:
1) Get 3 to 10 times more conversions.
2) Boost brand awareness.
3) Grow sales and revenue.