Key Opinion Leader (KOL) & Influencer marketing is here to stay, and is forecasted to grow rapidly over the next decade. But, what is the actual advantage of influencer marketing over traditional digital marketing and social media ads?
Nobody likes to make wrong decisions when purchasing a product/service. Having the advantage of influencer marketing or KOLs endorse your organization instantly adds to the trust level consumers have towards you while providing a word-of-mouth effect for your organization. By having a role model share about your products & services, it increases the value of your product in the potential consumers' eyes, significantly boosting your brand reputation and achieve higher conversions. Putting yourself in a customers' shoes, were you to choose between a product/service experienced by your favourite role model, and a traditional ad on the same product/service you just saw, which would you choose?
2. Does Not Rely on Personal Data Collection
Privacy concerns are increasingly an issue. It is estimated about 30-40% of the population may start moving towards apps / service providers which does not mandate personal data collection. As a result, traditional digital marketing or social media ads will no longer be as effective as it essentially cuts off 30-40% of the population from effective ads targeting.
On the other hand, KOL & Influencer marketing relies purely on a person's interests. By engaging the exact people they follow or websites they visit, there is no requirement to have personal data collection for it to be successful. The people they follow or the websites they visit for information are completely voluntary as they directly derive value & satisfaction from it. The key advantage of influencer marketing & key opinion leaders? If you use one strongly relatable to your organization, there is an extremely high probability their visitors will be take an interest with your organization - all without the need for your potential customers to give up personal data.
3. An Informal Feedback Loop Channel
By getting the word out for your latest product/service with KOL / influencers, it can create an intimate conversation around your brand. As organizations constantly update their products & services, KOLs & Influencer marketing can bridge the gap between new updates and your target audience. Viewers can respond to them with likes, shares and comments, providing insights and consumer reviews, bringing interactions to your business like never before - a vital advantage of influencer marketing & key opinion leaders.
4. Highly Targeted, yet Transparent Advantage of Influencer Marketing & Key Opinion Leaders
There is a large variety of KOLs & influencers around the globe across all languages. Selecting the right KOLs & influencers with the right outreach allows you to target specifically towards your potential customers. It can be done through nano-influencers, micro-influencers, all the way to celebrities. Find one that suits your needs and you get complete transparency with regards to the type of people you are targeting.
5. Setting New Consumer Trends
Many organizations that do it right have made a ton of money using influencer marketing. It was mainly successful because they were able to bring in new consumer trends by using influencers to make their product/service 'fashionable'. Consumer trends that become 'in-fashion' also get a ripple effect from word-of-mouth marketing as people start talking about 'trendy' products / services, and share them to their friends or families. This is a key advantage of influencer marketing as traditional ads would not have been able to achieve the same effect.
Summary - Advantage of Influencer Marketing & Key Opinion Leaders
The advantage of influencer marketing & key opinion leaders are plenty. It has been proven by many brands that it works - when done right. Before embarking on a campaign, always ensure proper research has been carried out as there are also several issues that plague the KOL & Influencer marketing industry. Alternatively, capitalise on modern AI marketing technology to help you - it's easy to start, way more affordable than engaging agencies/consultants and a perfect opportunity to drive technology capabilities within your firm. Successful organizations in the past few years have all used KOL & influencer marketing, and this will be the trend in the next decade. If your organization has not started, it is never too early, nor too late.