Social media has revolutionized how brands market their products and services. According to recent studies, most consumers have indicated that they trust personal endorsements over advertisements. The studies further show that traditional advertising does not work for millennials because they are most likely to be influenced by word of mouth.
These studies also indicate that you are likely to experience an increase in sales if your loyal customers tell their friends and family about your business. Brands are currently using key opinion leaders (KOLs) to reach more potential customers through word of mouth.
What You Should Know About KOLs
A key opinion leader is sometimes referred to as an influencer. Community members and other people highly respect the opinions of KOLs. Brands work with the KOLs whenever they want to reach a broader target market, and when they want to use word of mouth to gain credibility.
Unlike influencers, a key opinion leader usually has a day job in their field of expertise. They do not rely on influence to make a living. Brands and customers trust them because of their professional knowledge, and not their number of followers.
The opinion leaders can be:
- Professional advisors
If your brand is in the healthcare, medical devices, or life sciences industries, using a key opinion leader can improve your business’s success because consumers value expert endorsements.
Should Your Brand Use Influencers or KOLs?
Unlike influencers, KOLs are certified professionals in their various fields. Their experience and expertise make them credible and authentic when promoting a brand’s goods or services. Social media influencers mainly focus on fashion, beauty, fitness, and travel.
Most of the time, influencers depend on KOLs expert opinions because they are valuable professionals. While your brand can work with an influencer to gain access to their followers, it is also essential to partner with a key opinion leader because customers trust their opinions and credibility.
What Are the Advantages of KOL Marketing?
KOL marketing allows your brand to earn more credibility because KOLs are respected professionals. Additionally, using a KOL helps your business to have access to high-impact recommendations. A high-impact recommendation refers to an endorsement from a trustworthy person like a close friend or a well-respected expert. Such a recommendation is most likely to prompt a potential customer to buy a good or service. KOL marketing also helps give your marketing a personal touch, unlike advertisements in the paid media.
How Can You Measure the Success Rate of KOL Marketing?
The brand awareness metrics and direct response metrics can help you track the success rates of KOL marketing. Brand awareness metrics measure whether there was an increased awareness of your business by looking at the number of likes, mentions, impressions, comments, and traffic.
Direct response metrics indicate purchase intent. When using this metric, you can use the number of sales, clicks, conversions, downloads, and leads to measure KOL marketing’s success.
The best way of assessing whether KOL marketing has an impact on your brand is by using these metrics. Additionally, the metrics help you determine whether there is a positive relationship between KOL marketing and your investment return.
How Can NetBase Quid Help?
Your brand cannot overlook the importance of a key opinion leader. NetBase Quid is a renowned social media analytics platform that can help you understand customer insights. It can also assist you in conducting surveys to establish the KOLs in your industry that influencers and consumers look up to. This is to ensure that you get the right KOL for your brand.
NetBase Quid can also help your brand measure KOL marketing’s success rate by critically analyzing customer engagement metrics.