Maximize Your Return on Relationship (ROR) in 3 Key Steps
Written by: Jasmine Chen
Last week, we outlined why financial services brands should start thinking about influencers; seasoned journalists, industry leaders, finance bloggers, self-directed investors and satisfied customers. We’ve also recognised that influencers play a vital role in fuelling digital word-of-mouth networks.
Indeed, the latest paper by TopRank Marketing and Traackr reveals that an overwhelming 71% of participants regard influencer marketing as strategic or highly strategic.
However, despite the growing recognition of the importance of influencer strategies, it is still clearly underused and – for all but the most advanced marketers – has yet to progress beyond mere “tactical” utilisation.
So how best to tackle influencer strategies?
First of all, strong personal relationship-building is essential in order to nurture a long-term engagement that is mutually beneficial. This in turn means making sure that what you have to offer is of value in order to gain something of value. After all, influencers are by their nature very well-known and established within their specific industries, and what they have to say about your brand can have a profound impact on your business.
Executive Director at Schaefer Marketing Solutions, Mark Scaefer agrees: “The true power of influence marketing is coming from: network connections of the individual; long-term collaboration that results in authentic understanding and advocacy; quality, trusted content that is seen and shared by a relevant audience; and face-to-face and word of mouth advocacy”
We’re used to meeting the demands of maximising ROI in financial services marketing, but now it’s time to think about your Return on Relationship (ROR).
To complicate things, often there is no single “owner” of these relationships with target influencers; such relationships needs to be sought and maintained by all departments through all channels.
While it would be easy to be put off by the complexity of nurturing influencer relationships, there are three key steps that anyone can take to create and implement a successful influencer strategy.
1. Revisit your business objectives
Whether it’s increasing brand awareness or launching a new product, service or program, there needs to be a clear alignment between your commercial goals and what you want to achieve by engaging with influencers. Your desired business outcomes will also need to suit the needs and expectations of target influencers and – most importantly – your ideal customer.
As a first step, this requires doing a deep dive into the psyche of your ideal customer and identifying effective and ineffective touchpoints. What are their motivators, pains and triggers? Who or what are their sources of information? And what channels do they use?
Armed with this information, you'll immediately be in a better position to establish meaningful engagement between your business, target influencers and ideal customers.
Take another look at TopRank Marketing and Traackr's top ten goals of influencer marketing; revealing that most aims are (and should be) customer-centric, and focus on raising a brand’s profile to in order to extend their reach to new audiences.
2. Understanding your target influencers
Secondly, invest a considerable amount of time in researching your target influencers, including an in-depth study of their past work, published content and communications behaviour – before you reach out to them. Tools such as BuzzSumo are a great starting point for identifying the top few individuals with the greatest authority and reach in your specific industry. To increase the likelihood of forming any brand partnerships, it’s crucial to also understand why and how influencers have earned their communities - from your customers' point of view, what makes these influencers interesting? From here you can begin to consider what a mutually beneficial relationship might look like.
Bear in mind that your customers' influencers may not be who you'd expect. So rather than grouping potential influencers into broad categories such as bloggers, journalists or industry bodies, try taking a more holistic persona-driven approach. Influencers come in many shapes and forms, and it takes time to find one with the right audience and motivation.
3. Measure for engagement, impact and growth
As with everything we do, clear KPIs should be established at the outset, so you can measure for engagement, impact and growth.
This can be done by identifying the outcomes that matters most to your business, influencers and – most importantly – your customers. This could be as specific as tying influencer KPIs to each stage of the customer journey (i.e. awareness, sales, support and loyalty), or making sure these KPIs complement existing metrics (i.e. reach, acquisition, conversion and retention). And last but not least, your metrics should also measure influencer engagement, performance and fulfilment.
With these building blocks in place, you should be ready to nurture new contacts and ultimately build a strong lasting relationship – with a partner who is happy, satisfied and brings out the best in you and your brand.
Most Read IRIS Articles of the Week (February 20-24)
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, February 20-24, 2017
Click the headline to read the full article.
Becoming cyborgs is the way to go for financial advisers…blending robotics and humans into one organism. You see, I am convinced that robo-advice models will succeed and prosper. — Tony Vidler
With the global economy warming up, but political uncertainty remaining a constant, it’s more important than ever for investors to position their global portfolios to navigate long-term market volatility. That’s where the power of diversification comes in ... — Yazann Romahi
The financial world is noisy and it’s easy to become distracted from your most important long-term goals. One way to cut through the noise is to focus on just the two factors that ultimately determine your approach to everything else in your financial life; namely, Market Risk and Shortfall Risk. — James E. Wilson
It’s important to admit the truth behind our actions in order to rectify past and future mistakes or regrets. Living in denial only perpetuates making decisions that could potentially lead to financial disaster. — Michael Kay
There's one key approach that makes you invaluable to your clients so they want to stay with you for the long-term. You have to genuinely be interested in people. — Paul Kingsman
When you start dating, you usually start off sharing stories. Tales of your childhood, your previous relationships and your college days. Those stories help explain to your partner who you are and how you act. — Mary Beth Storjohann
It runs counter-intuitive to what we have been led to believe business is all about: make more money and everybody wins, surely? Talk about revenue so that everyone knows what’s important. What’s the problem? — Barry Chandler
In the wake of President Donald Trump’s stunning upset victory, however, muni investors were forced to readjust their expectations of fiscal policy going forward. Because Trump had campaigned on deep cuts to corporate and personal income taxes, equities soared while munis sold off, ending a near-record 54 weeks of net inflows. — Frank Holmes
What does it mean to be a customer-centric company? That seems to be the question of the week. It started off with one of our subscribers emailing in the question, followed by two reporters wanting my take on this now-popular phrase for their interviews. — Paul Laughlin
Everywhere I look I see organizations and people investing heavily in new initiatives, transformation, and change programs. And in almost every case the goals will never be met. One of the most crucial causes of the failure? The right questions were never asked at the outset. — Paul Taylor
Why should we think the head of a private equity company could effectively “fix” US Intelligence? It is not apparent that this individual is even remotely qualified to fix the US intelligence apparatus. — Kathleen McBride
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