According to MediaKix, 89% of companies that have operated influencer marketing claim this solution is more effective than other marketing channels. However, many businesses today have not yet caught up with the trend of the times because of false beliefs and misconceptions regarding this potential advertising method. Is your business among them? Let’s take a deeper look at it through more objective perspectives in the article below.
Orientation on target customers
Myth: Influencer Marketing is not suitable for B2B customers
Reality: Millennials Generation (born 1980-1994) account for more than half of B2B customers – According to Google and Millward Brown Digital survey
Many marketers believe that: B2B customers are mostly middle-aged or older with different needs and behaviour with young people. Not only that, but the typical B2B marketing strategies in the past have always targeted managers, directors,… who are supposed to have the power to make decisions, even to influence to make higher-value contracts. Due to these myths, many marketers ignore influencer marketing because they think that this method is difficult to reach and gain the trust of the elderly, demanding customer group.
According to a survey by Google and Millward Brown Digital, up to 36% of the people signing the contract are not managers or directors. The departments below have up to 81% influence in corporate decision-making. In the multidimensional world of information and specialization which is highly valued in every enterprise, it is the departments and individuals that directly manage employees that are the ones influencing the decision-making.
However, the change in the labour structure of the industry has had a great impact on the change in demand, supplier searching behaviour as well as the decision-making method of B2B customers. They have become more active, influenced by greater digital information, less bound within the framework of business relationships as before. Thus, influencer marketing can be completely effective if choosing the right influencer.
Myth: To be effective, Influencer Marketing must use celebrities with a huge fan base
Reality: Campaigns using Micro-influencers with only 2000 fans bring 60% higher engagement rates and 4.7 times more effective than using celebrities – According to Markerly
By all account, Micro-influencer has a higher engagement rate than Maga and Macro influencer as well as better audience targeting. As reported by MediaKix, the interaction rate, calculated by the number of interactions per total fan, of Micro-influencer is about 8%, while that of celebrity is only 2%. Based on statistics on the Influencer Discovery app with over 40.000 influencers in Vietnam, in which, Micro-influencers have an average engagement rate of about 3-5%, twice as high as compared to other influencer groups; the weekly brand conversation is also 22 times higher than usual.
As a matter of fact, a social media account will have a peak engagement rate when it reaches 1.000 followers, which will plunge when the account exceeds 100.000 followers. This comes from the following fact: people feel confident and easy to interact with people who make them feel closer to them. Although the number of followers is less than other groups, the intimacy that Micro-influencer brings has become the key to strongly influence the buying decisions of fans. The reality shows that: the goal is not about the number of people promoted to, but who are truly interested in your product.
Cost and revenue
Myth: product evaluation marketing requires a large investment but generates unsustainable sales
Reality: businesses are 5.2 times more profitable than product evaluation marketing costs – According to Influencer Marketing Hub
The costs for cooperating with KOLs and celebrities are often pricey. If these celebrities have unintended scandals or get a post with negative feedback during the campaign, it will lead to heavy losses. Micro-influencers, in contrast, are much more affordable. You also can work with dozens of even hundreds of Micro-influencers at the same time. Even if some articles get adverse feedback, there won’t be any media crisis happening to your brand and you can simply solve the problem that arises.
Revenue from influencer marketing is successful sales orders based on customers’ trust in influencers. Not distant stars with a huge fan base, but Micro-influencer themselves, who are like friends and relatives of customers, who sincerely and genuinely share and suggest them. As a result, trust is replicated and brings in great outcome in sales.
Measure the performance
Myth: Influencer Marketing can only measure performance by interaction (like, share, comment,…)
Reality: Influencer Marketing now measures effectiveness based on actual result bu number of successful orders.
Gone are the stages of evaluating the performance of influencer marketing strategies by interaction, the numbers are vague and easy to buy virtual. But there is no appropriate control tool. Even if it’s possible to guarantee the authenticity of these interactions, it is certainly not the real effect your customers expect to achieve. The ultimate goal of any campaign is to be efficient in terms of sales and revenue, which are the blood nurturing your business.
At present, there is a tool that guarantees such an effective measure of the actual number of orders. That is the Social Selling Platform from Ecomobi.
Meeting the essential needs of businesses with the ability to effectively measure by actual sales, Ecomobi’s multitasking system not only evaluates but also synthesizes, analyzes, reports in detail data, creates sources for business activities. This powerful method is assessed as the trend of the future, removing the limitations of the times and optimizing costs and revenue for businesses. From now on, you can stop pouring money down the drain, lift the curtain to eliminate myths and focus on taking the most advantage of influencer marketing.