Social media enables marketers to extend their brand’s reach by leveraging influencers who can be deployed as brand advocates. An influencer from yesteryear might have been great aunt Gwyneth who had a special remedy for alleviating headaches (crushed ginger root tea – just add boiling water). In the ’50s it might have been great aunt Alice recommending a “powder” (meaning Aspirin) – and thus a brand influencer was born.
A study by McKinsey demonstrates that word-of-mouth marketing can double sales, and that customers won via WOM have a 37% higher retention rate. MarketShare and Keller Fay Group collaborated in a study that concluded “Social Voice plays a significant role in the consumer decision journey and acts as an amplifier of marketing.” Social Voice is the combined power of online & offline consumer conversations about brands, and 10-15% of marketing’s impact is delivered via Social Voice, according to MarketShare and Keller Fay Group.
Influencer marketing leverages social media to directly impact two important marketing KPIs: reach and stickiness. Today’s word-of-mouth extends way beyond great aunt Alice’s extended family, to the Facebook connections of your teenage children or your best friend’s extensive LinkedIn network, or shared articles or lifecasting on Twitter. But even these two examples (that might be considered “peer networks”) will not extend your brand’s reach as far as a brand influencer can.
Identifying, cultivating, and collaborating with brand influencers requires new skills for today’s marketers. Join our webinar to learn from a thought leader on this topic: John Bohan, CEO of Socialtyze, who is our guest CEO on Social CEOs – Talk Social at 12pm EST on Wednesday, Nov. 19!