What Are the 4 M's of Influencer Marketing?
There are two ways to interpret the concept of "influencer marketing." The first, which is more traditional and B2B-oriented, involves earning influence through word-of-mouth and building relationships with customers and prospects. This type of influence is earned and not directly paid for, and it is based on genuine experiences and relationships with a brand.
The second interpretation of influencer marketing, which is more commonly used in modern-day social media, involves paying an individual (the influencer) to promote your brand or business on their existing social media channels.
While paid influencer marketing is often seen in the B2C space, it can also be successful in B2B campaigns. Influencers in the B2C space typically have close-knit communities of dedicated followers who are interested in purchasing the products or services they endorse. In B2B campaigns, it is advisable to collaborate with reputable companies and thought leaders in your industry to build brand awareness and credibility.
It's important to note that the larger an influencer's following, the lower their average engagement rates tend to be due to the sheer volume of content they post. Celebrity influencers are ideal for reach and awareness campaigns, provided you have the budget for it. Conversely, micro and macro-influencers tend to receive higher engagement rates due to their smaller followings.
The initial stage of influencer marketing, referred to as "Make," involves connecting with potential customers through brand advocates. To effectively execute this stage, various strategies must be tailored to each stage of the buyer's journey, including awareness, consideration, and decision-making.
For traditional B2B influencer marketing, the Make stage requires establishing relationships with industry leaders and potential customers to build brand advocates and loyal followers.
In contemporary, paid influencer marketing, the Make stage entails extensive market research and strategic planning. It's no longer just about awkward celebrity endorsements for major brands or products. Modern-day influencer marketing involves meticulously planned campaigns that focus on the target demographic of the brand. Such campaigns create value for both the business and the influencer with whom they're collaborating.
The Manage stage involves managing the influencers established during the Make stage by utilizing data and insights obtained during that stage. This stage is critical in identifying what's working well and areas that need improvement.
To gauge the success of your influencer marketing campaign, consider the following performance indicators:
- Which strategies are performing best for your campaign? Are specific types of posts or language outperforming others?
- Are your social media channels experiencing growth in terms of follower base or engagement rates due to the influencer campaign?
- Is the campaign generating leads and/or conversions?
- What is the sentiment of your target audience regarding your brand - positive, neutral, or negative?
Answering these questions will help you assess the effectiveness of your influencer marketing campaign. Keep in mind that success metrics may vary depending on your industry, the influencer you've collaborated with, the campaign goals, and other factors.
A crucial aspect of influencer marketing is monitoring the relationships between your target audience, your brand, and the influencer(s) to gain insight into customer behavior and satisfaction. The goal of this stage is to understand your customers and potential customers at a deeper level by monitoring their social media actions and engagement with your brand and influencer campaign(s).
By identifying your audience's preferences, thoughts, feelings, and conversations on social media, you can greatly enhance your marketing strategy. Although you should already know where your target audience is most active on social media, it's essential to understand how and why they engage with platforms and industry leaders they're interested in.
Monitoring situational factors in a customer's life can facilitate progress in the purchase journey. For instance, some customers may prioritize cost, while younger audiences may be drawn to accessories and covers. Business customers, on the other hand, may prioritize security and product integration with their existing technology. These factors can significantly influence the decision-making process, and monitoring them can guide the selection of appropriate influencers during the Make stage.
The ultimate stage of The 4 Ms of Influencer Marketing is “Measure”. It entails assessing and scrutinizing your campaign's results to determine what worked and what didn't.
Here are some questions you should ask during this stage:
- How did the target audience perceive the brand and its campaign?
- Which messages resonated with the audience, and which didn't?
- Did the campaign generate a significant return on investment (ROI)? Factors like audience targeting, sentiment, and engagement can impact ROI.
If the campaign didn't meet your expectations or you're no longer benefiting from a particular influencer relationship, don't lose hope. Use your insights to make informed decisions in the future and avoid past mistakes. Also, be sure to follow our list of influencer marketing mistakes to maximise the efficiency of your campaigns.
Influencer marketing now revolves around fostering an ongoing and dynamic relationship and experience with customers at different stages of the buyer’s journey. Cultivate relationships with influencers and customers in your niche to get the most out of your campaigns.
Why you should choose Adhub.co for influencer marketing?
Adhub is a platform that can assist both brands and content creators at any stage of their marketing campaign. Whether you're just starting out or have an established presence, Adhub can help you achieve your marketing goals.
For brands, Adhub offers a wide range of features and tools to help you create, manage, and optimize your influencer marketing campaigns. From finding the right influencers for your brand to managing those relationships and measuring campaign success, Adhub provides everything you need to run a successful campaign.
One of the key benefits of Adhub is the ability to access a large database of influencers with a wide range of audiences and niches. This means you can find the right influencers for your brand and target audience, and create campaigns that are tailored to your specific needs and goals.
Adhub also offers advanced targeting options, allowing you to hone in on specific demographics, locations, and interests to ensure your campaign is reaching the right people. And with comprehensive reporting and analytics, you can easily measure the success of your campaigns and make adjustments as neede
For content creators, Adhub offers the opportunity to connect with brands and monetize your content. By joining the Adhub network, you can access a large pool of brands looking for influencers to promote their products or services. And with Adhub's user-friendly platform, you can easily manage your relationships with brands, negotiate deals, and track your earnings.
Overall, Adhub is a powerful tool for anyone involved in influencer marketing, whether you're a brand looking to connect with influencers or a content creator looking to monetize your content. With its comprehensive features and user-friendly platform, Adhub is an essential tool for success in the world of influencer marketing.