Understanding Influencer Marketing

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What exactly defines an influencer in the marketing space? Do you need Oprah in order to sell your product? These days the term influencer is used so much as the concept spreads to become more of a “scope of influence” rather than just a celebrity endorsement. There are all kinds of influencers and within any industry, there are influential people out there, it is just a matter of finding them. When it comes to buying and selling a business, a company can add value to their business by diversifying their sources of traffic. The more diversity in traffic, the more the risk goes down for the buyer and the value goes up for the seller.

Today’s guest, Shane Barker, teaches the “Personal Branding – How To Be An Influencer” course at UCLA. He’s a seasoned marketing consultant, who for the past several years has become an expert in using influencer marketing to boost sales for brands. Shane believes that nowadays companies have got to run an influencer campaign just like any other facet of the funnel in order to maximize their brand’s reach.

Episode Highlights:

  • What exactly is influencer marketing?
  • Finding that niche person for the product.
  • Identifying real vs. fake followers and how feedback needs to be weeded.
  • Measuring real engagement over just follower numbers.
  • What is a good engagement rate to look out for.
  • The influencer marketing software tools that are out there and how to use them.
  • Aligning the influencer with the product.
  • What is the typical cost per influencer?
  • How can you track the influencer’s impact?
  • Why Influencer marketing works well.
  • Tips and tricks on how to find influencers in your sphere.
  • Cheaper alternatives to hiring a consultant to help with your IM campaign.

Transcription:

Mark: So this past weekend I was at Rhodium Weekend and we’ve talked a lot about Rhodium here on the podcast. It was out in Las Vegas and somebody that we know, somebody who’s been on the podcast Shakil Prasla, a good friend of Quiet Light Brokerage happened to run into another Shakil; Shaquille O’Neal. And he has a great photo of himself on Facebook with Shaquille O’Neal and he told me and he said that Bobby Brobine called his attention and so Shakil just shouted out and said hey we share the same name and sure enough that called his attention and then resulted in Shakil our friend having a picture with Shaq; really really cool. It’s always fun to be able to reach out to people who are well known and have some influence and obviously, this is something we can definitely use in business as well as in we are in a whole are of this in business and marketing called influencer market something I haven’t done a lot of. Joe, have you done much influencer marketing?

Joe: You do it all the time Mark. We do … you just did it. You just did it for Rhodium Weekend. How many people that have signed up for Rhodium Weekend have gone to Chris’s centurica.com website for due diligence because you’re an influencer and you talked about it?

Mark: But I’m not on the same level of Shaq so you know.

Joe: Oh I don’t know. I don’t know.

Mark: I’m definitely not as big as Shaq in more ways than other knows because the guy’s a big dude. I’ve seen companies use influential marketing before and it’s crazy; the impact that you have on your business when you find the right mix.

Joe: Well you know a lot of folks think influencer marketing is … I’ve had a couple of listings where Dr. Oz mentioned the product or the ingredient and the revenue went … sort of skyrocketed. I sold one earlier this year where the product was named one of Opra

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