Breaking from tradition: The four M's of Influence Marketing
As we know changes are part of life. Changes do happen in industrial fields. Anyone who studied marketing is familiar with the 4 P’s of traditional marketing which is - Product, Price, Place, and Promotion. These 4 P’s are still relevant and form the basis of marketing even today because they signify what product we sell, where we sell, at what price we sell, and finally how we promote and create awareness about our products.
But in today's fast-paced world where people are using digital technologies to purchase a product, to order food all in just a swipe on their smartphones. The need for making more influence on people about our products has become an important factor.
This is where the 4 M’s of Influence Marketing comes into the play to change the outdated 4 P’s of traditional marketing. To succeed in today's marketplace, we suggest the 4 M’s which are Make, Manage, Monitor and Measure.
The Need for Four M’s of Influence Marketing
Marketing is done mostly through digital channels these days and social media platforms have a major impact on influence marketing. Influencers are not from marketing circles. The real influencers are your customers, after all, it's the customers who have the power to make or break a brand.
Identify your customer
Know their product purchase cycle
Learn who or what influences them to make a purchase
What all factors are present to either make a decision or to destroy a decision.
From the above image, we can say how effective Influence Marketing is also the noticeable difference between traditional marketing where words spread only to a certain extent whereas in Influence Marketing the word of Mouth is carried out effortlessly in Social Medias.
Lets Break Through 4 M’s of Influence Marketing
The term Make does not refer to the making of products, it completely focuses on connecting brand influencers and potential customers. As we are well aware “our customers are important influencers” so we should identify and keep track of the customer journey. To have clarity ask these questions!!
How they identified or came to know about a product(awareness)?
Did someone influence them to buy a product?
What research did they do to find the product?
Did they have any touchpoints on their journey to this product?
Once they purchase the product it will make a conversion of being a customer. Sometimes customers get stuck at one stage so connect with influencers who will move customers towards the next stage to make purchase decision.when above questions are applied you will get the impact and strategies to consider in influence marketing.
Now that you have found “Your influencers” it’s time to consider the impact which influencers actions are producing on your brand and the view of your customers. It's important to know whether influencers are creating Good vibes or is leading to a bad impression on your brand. Using text analytics and linguistic mapping you can identify the phrases, their style and language used by your influencers to know the impact on targeted customers.
Here are two important questions to be answered while managing Influence Marketing
Did influencers' effort make the customer move to the next stage in the purchase decision?
Is the influencer's effort upsetting or improving the brand name?
Social media monitoring is primary to know your customer and influencer interactions. Monitoring helps you to acknowledge positive and negative feedback of target customers, their immediate circle of influencers, their current need and conversations to identify customer environments.
There are N number of customer types for the same product based on influence,need and knowledge about a product. Also, there are external factors which will affect the purchase decision of a customer even when the product has quality specifications and talented influencer. Monitoring helps you analyze and overcome such problems.
Measuring is essential to determine the best ROMI(Return of Marketing Investment). For a Performance Marketer result or outcome matters so they need to keep track of metrics and information to measure target influence, engagement and feedback to improve the outcome of campaigns.
Here are a list of questions to be answered in order to measure the success of business and ROMI
How effective were our tactics to target?
Did the campaigns reach the potential customer?
Did we reach the goal?
How many messages were sent to move customers to the next stage?
Which influencers created a great impact among target customers?
By now we know how much impact Influence Marketing has created into our marketplace. Always connect the 4 M’s to have a clear picture of what and who influences your customers to the next stage towards purchase.