The F&B industry is extremely competitive and has an extensive category of cuisines, price ranges and target audiences. How can you stand out from the rest? How do you reach out to your target audiences effectively? In this current era, key opinion leader (KOL) / influencer marketing is arguably the most powerful marketing channel. Some may say despite its effectiveness, a failed campaign is extremely costly and accurate selection of key opinion leaders or influencers is difficult due to difficulty in predicting results. But, what if there's an alternate way to run your F&B influencer marketing campaigns addressing these issues?
So, why Influencer Marketing?
Success in the F&B industry is highly reliant on word-of-mouth and KOL / influencer marketing provides this exact capability. By writing a post or sharing your F&B to their outreach, there is a level of trust & credibility automatically transferred to you. In comparison to traditional ads, this trust & credibility is missing. Hence, it is the reason why KOL / influencer marketing is able to achieve significantly higher conversions as well as boost your brand reputation. Putting yourself in a customers' shoes, were you to choose between a product recommended by a friend, and a product ad you just saw, which would you choose?
Another strength of KOL / influencer marketing is the capability for targeting. There are many F&B influencers and KOLs out there. Each of them has a unique set of demographics in their outreach. By using different types of KOLs and influencers, you are able to selectively target your potential consumers. Most importantly, you have transparency and control over the type of consumers you'd like to attract to your establishment. In other words, you can strategically choose to place your marketing budgets into demographics & interests which has the highest potential to be a patron of yours - ultimately increasing your F&B influencer marketing campaign's ROI.
How to run successful KOL & Influencer marketing campaigns in the F&B industry
1. Understanding your customers
To fully capitalise on the targeting capability of KOL / influencer marketing, you must first understand the demographics of your patrons. If you do not have advanced analytics tools, that's not an issue. Simply take regular glances at your patrons, and take note of these few details (non-exhaustive list, please feel free to take in more details if you can):
- Age group
- Seating sizes (i.e. mostly couples? mostly families? mostly big parties?)
- Time (i.e. lunch crowd? dinner crowd?)
- Day (i.e. weekdays? weekends?)
Using these few details, it should be sufficient to understand your consumers. When you select a KOL / influencer, get one with a demographic suitable for you. Take for example, mostly big parties, lunch crowd on weekdays, would indicate a tendency for corporate firms to patronise your establishment for their get-together lunches or any other occasion. In this case, you should engage a KOL / influencer who has an outreach to corporate workers. This way, it allows you to gain outreach to consumers with a higher likelihood of paying you a visit, as compared to a KOL / influencer with an outreach to teenagers, for instance.
2. Diversify & strategize your campaign portfolio
Many businesses think higher followers/web traffic equate to higher conversion. Generally speaking, that is not wrong. However, depending on the nature of your business, it may not be the most efficient use of marketing budgets as it may not achieve the best ROI for you. The cost of hiring a KOL / influencer with high followers/web traffic is certainly higher. If you were to do proper targeting and selection, you can achieve the same results with a KOL / influencer with lower followers/web traffic. With the same budget, you can engage 2 others with similar profiles to further increase your results.
To aid your understanding, let's have an example. Engaging an instagram influencer with 3m followers and 1% conversion - will bring you 30,000 new customers. Engaging a targeted instagram influencer with 300k and 10% conversion - will bring you 30,000 new customers as well, essentially the same result, but with lower cost. Hence, it is highly recommended to diversify your F&B influencer marketing campaign portfolio by engaging multiple KOL / influencers instead of blowing your entire budget on 1 single big influencer.
3. Value-based KOL / Influencer Marketing Campaigns
It is worth noting that compared to traditional ads, costs of a failed campaign is significantly higher. Take for example, a facebook ad, it can be stopped at any time, should you decide the ad is not doing well. Unfortunately, for an influencer marketing campaign, you drop money upfront, which cannot be stopped/paused even if campaign results aren't going well. Fortunately, modern technologies have enabled Marzze to create a free-to-use platform that allows you to find KOL / influencers and run hybrid performance based KOL / influencer marketing campaigns. It is the world's first of its kind world's 1st automated campaign management application enabling a multi-tier fee structure that can be customised according to your business needs:
Total Fees = Token Fee + [pay-per-sale / pay-per-lead / pay-per-action / pay-per-engagement]
With this model, it makes more financial sense for you to engage a KOL / influencer. On top of avoiding high upfront costs, you will instead pay based on actual value delivered to you (i.e. % of sales value or no. of leads generated). You are more assured that your marketing budget is being spent on delivering actual results
Making a decision
Key opinion leader & influencer marketing is arguably one of the most powerful modern marketing channels right now. There are already many companies who have grown from a small business to a $100million dollar company within a few years, simply by capitalising on KOL / influencer marketing. It is the perfect opportunity for businesses to capitalise on the proven strengths of KOL / influencer marketing. If you're new to KOL / influencer marketing or would like to improve your KOL / influencer marketing strategy, we're specialists who can help you adopt KOL / influencer marketing successfully, together with lifetime access to our platform you can use as a SaaS tool managing and automating all your future value-based KOL / influencer campaigns.