Word of mouth advertising happens to be the oldest yet the most effective tool for marketing. Currently, over 90% of consumers are more likely to trust personal recommendations over ads. This statistic gives us a snippet of the power of a key opinion leader (KOL). Over the years, KOLs have driven charismatic purchases in various brands. Additionally, your most loyal customers can also sell your business via their networks. Even though loyal customers can bring in sufficient numbers, KOLs have proven to be more effective. They help you to access your targeted audience and enhance your brand’s visibility.
What is a KOL?
A key opinion leader is a respectable member of the society whose advice and views are perceived as influential. KOLs, are commonly termed as the authority on a specific niche. They tend to command a massive following from the targeted audience who buy into their theoretics. Often, this is due to their professional achievements and acquired knowledge. Most brands prefer using KOLs since they can reach out to more people and gain credibility in their target market.
How can you Choose the Right KOL?
Selecting the right key opinion leader does not have to be a daunting task. Finding the right KOL will ensure your target audience notice and react to your content.
First, the company needs to determine the KOL partnership goals and define the prepositions to be measured. A company should also strive to cement the partnership on its core values.
You should select a KOL based on their niche of influence and not based on the number of followers. Depending on the company’s target audience, you can limit the message’s spread if the KOL’s followers are precisely who the company intended to reach.
As a company, you need to consider the cost of the cooperation. In most cases, the price of the cooperation rises depending on your KOL’s popularity.
How Do Businesses Utilize KOLs in Marketing?
Over the years marketing through a key opinion leader is considered more honest and genuine. More people tend to purchase the product based on KOL’s product narration. These KOLs use their well-known personas to convince customers to buy the product. Moreover, KOLs can work as brand ambassadors for a company.
What KOL Tools can a Company Use to Transform Data into Actionable Insights?
There is no better way to reach and satisfy your target audience than transforming data into actionable insights. As a company, you can use the following tools to achieve this transformation.
- Mapping Tools:These tools help a company determine a KOL’s network and connections for a specific project.
- Screening Tools:With these tools, a company can assess a KOL’s reputation and public standing.
- Ranking Tools: Companies use these tools to rank a list of KOLs based on their performance, market understanding, and fame. From this list, a company can pick the ideal KOL for a particular project.
NetBase Quid is a next-generation consumer and marketing intelligence platform. It delivers contextual insights worthy of revealing business trends. Also, it links you with buyers and provides you with vital insights on your competitors and the market. The platform uses the following metrics to track the success of your KOL program.
- Direct response metrics: They are tied to specific purchase intent and actions. These actions include clicks, conversions, sales, subscribers, and downloads.
- Brand awareness metrics: They measure the extent of audience awareness of your service or product. The focus is on likes, comments, traffic, mentions, and impressions.
You cannot ignore the role of KOLs in marketing. Companies can view them from two perspectives based on their marketing goals. Some companies view KOLs as a one-media channel, while others view them as a viable strategic tool.
In the latter case, companies must be careful when scouting for the ideal KOL. They should share similar values. Keep in mind that the actions of KOLs and companies are constantly monitored by different groups of society.