Influence Marketing CheatSheet

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How influence marketing works …

How influence marketing works
Which technologies can help identify and engage advocates
Influence marketing tactics
How to identify influencers
How to rank influencers
Common reasons to invest in influence marketing
Online resources to help identify relevant technologies that can help identify and engage influencers

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  • 1. Entire content © 2014 Gleanster, LLC. All rights reserved. Unauthorized use or reproduction prohibited. Note: This document is intended for individual use. Electronic distribution via email or by posting on a personal website is in violation of the terms of use. Concept Cheat Sheet What’s a CheatSheet? Gleanster Research produces two types of CheatSheats: ÆÆ Concept CheatSheats: Explaining the nuances of a key concept. ÆÆ Technology CheatSheats: A comprehensive guide to a technology. CheatSheats offer a quick and consumable overview of a key concept or technology. Our analysts develop these with one goal in mind; explain the concept or technology as if you were talking to your grandmother. It’s the quickest way to get acclimated to emerging business terms and impress your colleagues and your boss with your practical insights at your next meeting. Inside a Concept CheatSheet The Concept, Defined Related Definitions Related Business Outcomes Relevant Technologies Compliments of: This CheatSheet is made available compliments of: Gleanster is a new breed of market research and advisory services firm. Its analyst reports highlight the experiences of Top Performing organizations; why they invest in technology, how they overcome challenges, and how they maximize the value of their investments. Influence Marketing The Concept, Defined Influence Marketing is a marketing discipline where emphasis is placed on specific key individuals (or types of individual) rather than the target market as a whole. Influence marketing focuses efforts on building relationships or engaging individuals that have influence over potential buyers. These relationships can be used to generate brand awareness (directly or indirectly) or engage new target audiences. Influencers may be potential buyers, customers, or third parties. Third parties can include relationships from the supply chain (retailers, manufacturers, etc.) or may be so-called value- added influencers (such as journalists, academics, industry analysts, professional advisers, and so on). Related Definitions Influence Marketing Tactics: Despite the fact that influence marketing is a relatively new discipline, a wide body of thought leadership has been developed to establish best practices and define tactics. Marketers should be focused on four main activities: • Identifying influencers, and rank them in order of importance to the brand. • Market to influencers, to increase awareness of the firm within the influencer community. • Market through influencers, use influencers to increase market awareness of the firm among target markets. • Market with influencers, turning influencers into advocates of the firm. Identify Influencers: Market research techniques can be used to identify influencers. Research has been conducted to classify influencers into 6 categories: • Advocates: influencers who get involved, with their communities, political movements, charities, and so on. • Networked: influencers who have large social networks. • Role Models: influencers who are frequently referenced or trusted by others. • Cultured: influencers who have multiple and diverse interests. • Early Adopters: individuals who wield influence and may be early adopters (or leavers) in markets. Ranking Influencers: In a business setting, there could be a wide variety of influencers to engage with. Research suggests that only about 1-2% of your customer community may be influencers, but then you have to account for external relationships. You can rank influencers based on the following dimensions: • Reach – the number of people an individual has the ability to connect with. • Objectivity – whether an influencer has a vested interest in promoting a particular point of view. • Frequency of Influence – the number of opportunities an individual has to influence buying decisions. • Expertise – how much of a subject matter expert is the influencer. • Status – the degree of consequence in ignoring an influencer’s advice. • Reference – the extent to which influence is exerted across the decision lifecycle.
  • 2. Entire content © 2014 Gleanster, LLC. All rights reserved. Unauthorized use or reproduction prohibited. Note: This document is intended for individual use. Electronic distribution via email or by posting on a personal website is in violation of the terms of use. Concept CheatSheet: Influence Marketing 2 COMPLIMENTS OF:   Alpha User: Alpha users are key contributors to social networks, they manage the connectivity of the core members of the community. Similar to how viruses spread in nature, there is an initial starting point to communications in social networks, and the originators of such communications are alpha users. They tend to be highly connected users with exceptional influence to the other thought-leaders of any social network. Relationship marketing: Relationship marketing was first defined as a form of marketing developed from direct response marketing campaigns which emphasizes customer retention and satisfaction, rather than a dominant focus on sales transactions. Reputation management: Reputation management is the understanding or influencing of an individual’s or business’s reputation. It was originally coined as a public relations term, but advancement in computing, the internet and social media made it primarily an issue of search results. Word-of-mouth marketing: Word- of-mouth marketing (WOMM, WOM marketing), also called word-of-mouth advertising,differsfromnaturallyoccurring WOM, in that it is actively influenced or encouraged by organizations (e.g. “seeding” a message in a network, rewarding regular consumers to engage in WOM, employing WOM “agents”). Related Business Outcomes Why invest in influence marketing? • Lead generation • Customer acquisition • Brand awareness • Market research • Product launch strategy • Outsource content marketing and content creation • Expand social presence • Reduce operation margins Relevant Technologies What technologies support this concept? Check out the links below to view the landscape of vendors (and related Gleanster Research content). Remember that Gleansights contain analyst commentary and vendor rankings (based on end-user feedback) on all the relevant Solution Providers in a given Topic Area.  Influence Marketing  Social Media Monitoring  Social Media Marketing  Online Communities