If you are involved in digital marketing, you’ve probably heard his name before. CEO and Co-Founder of TopRank Marketing, online marketing strategist, author, keynote speaker, Lee Odden has been on the forefront of digital marketing innovation for years.
I really wanted to secure him as the keynote speaker for our inaugural Influencer Marketing Days conference, but due to prior arrangements he isn’t able to do it this time.
Having said this, he kindly agreed to answer a few of my questions. I am glad to report that the interview turned out to become a good in-depth look into what influencer marketing currently represents and where it is headed. Today I am honored to bring you this interview here.
Question: While the concept is centuries old, influencer marketing became the “buzz word” only a couple of years ago, and advertisers’ interest in it is only getting stronger. What do you think about influencer marketing?
Lee: Public Relations departments have managed influencer relationships (influencer relations) for brands for a very long time. It is the popularity of content and social media that has drawn so much attention to what is now commonly known as influencer marketing.
Creators active on social networks are free to attract niche audiences and possess a great degree of influence over their communities. In some cases, these influential individuals are attracting audiences greater than major publishers.
Advertisers looking at the decline in publishing reach and engagement are very interested in buying their way into these broad and niche communities alike.
At the same time, the role of content has grown in importance, especially in B2B marketing where buyers are increasingly self-directed and pulling themselves through 60-90% of the sales cycle before contacting sales.
Collaboration with B2B influencers to co-create content helps brand content stand out, it increases credibility and the implied endorsement of participating contributors.
I think influencer marketing in its current form is still very early and represents a substantial opportunity for brands and creators alike to democratize how marketing is done.
Question: What’s the biggest misconception you’ve seen brands have about influencer marketing?
Lee: Brands that treat working with influencers the same as advertising channels. Companies that treat working with influencers purely a a transaction often waste money with little to show in return. Far more can be gained by creating mutual value, through collaborating and developing a a long term relationship based on shared values.
Question: What top 3 mistakes should advertisers be aware of as they look into getting their feet wet in/with influencer marketing?
Lee: First, avoid sourcing influencers simply by relying network size and popularity. I’m a big fan of Traackr’s approach to qualifying social influencers through a combination of topical relevance, resonance with the influencer’s community through engagement and finally reach.
Second, assuming you have to pay for all influencer involvement is a big mistake. Finding common ground and shared interests can be a great framework for collaboration. There’s nothing wrong with paying influencers, but once you start down that path without defined guidelines, it will always be expected.
Third, approaching influencers with a focus on what the brand wants. The best way to get influencer’s attention and buy-in is to find a way to create value for that influencer. Understand what they’re not geting and find a way to give it to them in a way that leads to brand and community benefit.
Question: What is the biggest overlooked influencer marketing opportunity, in your opinion?
Content is the most valuable currency brands can create with influencers. It builds relationships and the resulting content gives both the brand and influencer exposure. That same content can also be leveraged by the brand for marketing programs. Any influencer engagement that does not yield some kind of content is a lost opportunity.
Another missed opportunity is that brands do not pay enough attention to identifying who is already advocating for the brand and influencing communities at all levels – not just the famous. Activating advoctes at every level should be a part of every brand’s influencer and community management effort.
Question: With 2017 just around the corner, what would you recommend for advertisers to consider implementing as soon as Q4 is over (a New Year’s influencer marketing resolution of sorts)?
Lee: Companies approaching influencer marketing purely as an adverting channel in 2016 should use the start of 2017 as the opportunity to approach inluencer marketing more strategically. That starts by being crystal clear about what the brand wants to be influential about relative to the solutions provided to customers.
Developing a strategy that incorporates collaborating with influencers, growing more influential as a brand and helping others to become influential will be far more powerful when implemented than simply shopping for YouTubers and Instagrammers to make social media content at $5,000 a pop.
Question: What do you believe to be the biggest challenge that advertisers face in terms of influencer marketing, and what steps can they take to overcome it?
Lee: Influencer marketing is more than advertising and for companies that engage paid and organic influencer marketing, there are three big challenges I see:
- How to find and develop relationships with the “right” influencers
- How to decide when to pay influencers and when to collaborate for mutual benefit
- How to comprehensively measure inluencer marketing ROI
Question: If you were to leave brands with one piece of influencer marketing advice, what would it be?
Lee: Give to get. Always lead influencer engagement with what the brand can do for the influencer. An empathetic view of influencer collaboration will inspire far more effective outcomes than the more a transactional approach alone. See working with influencers from a long term perspective, not just as advertising campaigns.
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