I recently had a fascinating conversation with the CMO for a global multi-brand consumer goods company on the measurement of social media performance and in particular about EMV (Earned Media Value).
Here is a fairly accurate transcript of that conversation.
Influencer marketing is a complex space.
As the practice evolves, multiple propositions compete on the market ranging from talent management agencies and specialist influencer boutiques, to influencer marketplaces and dedicated influencer management platforms.
It’s estimated that 3% of individuals own a staggering 90% of social conversations and influence, and that of this only 0.1% deliver 60%.
Here we will outline the fundamental evolution in social interaction and engagement and how brands must adapt to a collaborative communication model to capitalise upon this.
As the value of individuals becomes redefined, will IRM replace CRM?
Influencer Relationship Management (IRM) is the hottest new emerging practice in marketing and communications that is winning budgetary affirmation amongst some of the world’s major playing brands including Coca Cola, Adobe and Phillips.
2015 is approaching and we are in the middle of budgeting times in many corporations.
More than ever, digital marketing budgets will concentrate the attention of CMOs and CEOs, driven by such public declaration as that of Jean Paul Agon at L’Oreal (the world’s third biggest advertiser) that digital will account for 15% of L’Oréal’s marketing spend in 2015.
Media will naturally continue to take the lion’s share and Carat is predicting a healthy 15% increase in digital media investments in 2015.
Since we started to work on mapping influence patterns, I have been wondering if we could find easy recognizable patterns in influence maps. If so, we could probably predict influence patterns and the secret of ROI optimisation would be eventually revealed to CMOs !!! Stimulating thought.
The recent history of science showed that behind apparently unpredictable phenomena, patterns could in fact be identified.
Further, similar patterns could be applied to domains as diverse as weather forecasting, traffic modelling or the evolution of populations: this is chaos theory.
So, could chaos theory explain patterns of influence on social media and resolve one of the biggest social media marketing enigmas for brands?
In this post I will explain how influencers are critical to any structured advocacy program by helping brands manage the two most important moments of their customer journey: the POME and the ZMOT.
Brand advocacy programs are becoming an increasingly important element of marketing strategies for big B2C brands: Nestle for example has inscribed “advocacy” as one of their nine brand pillars.
The BCG published a very insightful article on that topic last year demonstrating how advocacy needs to be at the center of marketing strategies. Advocacy spans across reputation, customer feedback and influence.
In part one of this two part post, I explained how the tides are shifting in digital marketing tools spend and the brave brands are focusing their attention away from general social media efforts towards social influencers who have the power to make a much larger impact.
In this part, I’ll talk about the four toughest challenges marketers face in the Gold Rush to influencer marketing and how to overcome them to win.
In this two part post, I’ll cover the rise of influencer marketing as a promising practice for social businesses and how to win the race to seize its benefits.
This first post will detail why influence marketing will enjoy very strong increases in marketing investment from brands in the coming years as they will realize it is a key element of their digital communication strategy.