The views expressed by the business participants are their own.
It’s not surprising to see a social media account with 1 million followers, admire their success and think that you need to do the same things they do. However, followers don’t always translate to “influence,” meaning they influence their audience to take action — the whole basis of influence.
If you’re checking out an account that’s more popular than yours, ask yourself if it also meets the criteria for:
- A shadow: Do their viewers see them as trustworthy?
- Cross-referencing: Is there a way to convey what they said or check the education/experience based on any statements made?
- Industry standard: Do they encounter a bar with selected content?
- Ownership: Is what they say/do different or is the delivery the same?
- Audience details: Do they know the audience they are building demographically – age, location, interests, etc.?
The value is in the testing, and that is based on understanding one big thing: why someone is your follower/follower. Once that is answered, this serves as a great input into what comes next in terms of how to sell to them.
Related: Are Influencers Really Influential? How Influencer Marketing Can Deliver Brand Impact
Call to action (CTA) vs. Good marketing strategy
Even if social media has provided a direct understanding of the socio-economic situation that allows us to understand the consumer accessibility of services and products, this does not mean that influencer marketing, i.e. product/service promotion, can work. The way you sell to an audience is more than, “Let me send you something” or “Click on a link.”
This is where most influencers lose sight of the fact that 10% of business is products and services, while 90% is the business itself – and most influencers don’t know how to sell. They can sell them to get likes, comments, saved posts and followers, but this does not always mean making money. Despite this, many of them are still getting paid…for now.
Your actionable step is to show how the problem is solved, inform the communication of buyer personas among mixed demographics.
Madness to make money
Promoters make money and there is no mystery about that, but many can only tell you numbers (4) numbers:
- Followers: This is “retention,” which is called the number of people you’ve managed to maintain as an audience.
- Average demographics: The age and location of those fans.
- Click through rate (CTR): The number of people they can get to click on a call to action.
- Partial conversion rate: The number of people sent by clicking on the CTA who make a purchase, but this is only an impression if the business uses a partnership program and if the consumer has not exceeded this.
We still don’t know about conversion rates: Consumers who bought because of a certain influence, but skipped the related loop (that is bought in another way), which now shows the untraceable origin of work and businesses that do not cooperate there is no kind of tracking (good tangible suppliers that do not use interactive links, restaurants and other bricks and mortar and suppliers of service).
Related: Harnessing the Power of Influence: How a Powerful Influencer Marketing Strategy Can Help Your Brand Reach New Heights
How technology will close the loop and AI will introduce a new metric
If an incentive is offered to use an affiliate link, this greatly increases the chances that it will be used in the No. 1 of the acquisition as a reduction in costs. If a consumer is told that they will pay less up front or by developing loyalty points they can save later, many will see the value.
Additionally, through the use of the app/software/program, this technology will show businesses:
- Average income: Average amount of money spent by the influencer’s audience.
- Customer lifetime value: Average amount of money spent by the influencer’s audience over time.
- Consumer demographics: If using as a prerequisite asks questions in alignment to understand that buyer, what was once only follower information is now buyer information. These are the numbers you should start paying attention to!
Artificial intelligence tools will also be able to tell us the size of an influencer’s audience target spending within the promoter’s business; the average value of a promoter’s audience target spend with their business over time (predicted customer lifetime value); and communication of financial trends, such as the impact of the economy on influencers’ audiences and what they actually spend their money on.
Related: Influencers: E-commerce’s New Besties?
A new proposition: Facilitator versus donor
Consider these three situations:
- High sales conversion rate and high projected average usage: An influencer with 10,000 followers showing a 3% sales conversion rate.
- High sales conversion rate and low projected average usage: An influencer with 100,000 followers showing a 3% sales conversion rate, with an average spend of $10 = $30,000 average engagement (100,000 x 0.03 = 3,000 customers x $10).
- Low sales conversion rate and high perceived usage: An influencer with 100,000 followers showing a sales conversion rate of 0.2%, with an average spend of $150 = $30,000 average engagement (100,000 x 0.002 = 200 customers x $150).
The data above shows how an influencer with 10,000 followers can be more valuable than an influencer with 100,000 followers, just because of sales conversion and expected spend. If an influencer can’t get their audience to use it and if they use it if they don’t spend enough money to make that business profitable, without properly supporting their reputation, how can a business owner say they were a good investment of money?
This new metric is what will differentiate between an influencer and a contributor to a platform that just happens to have a lot of followers. Your goal is to make sure you know your audience, how to market to them better and rework your strategy to develop the numbers businesses will use to determine whether or not to hire you.
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