Influence Marketing – The 4 M’s
Moments after the recent release of the iPhone 5C by Apple, Nokia tweeted a cutting remark aimed at undermining Apple’s design philosophy. It has so far been heralded as one of the most successful brand tweets of all time.
But let’s take a step back. Nokia’s success on paper is debatable, as the company struggles to regain popularity with the general consumer market. Apple on the other hand are sky high in profits and revenue, and own a respectable chunk of an ever increasing global market.
Is this type of marketing ‘really influence, or simply ‘hit and hope’?’
The 4 M’s of marketing are a simple way to understand advertising in the modern world, as a popular tweet might not cut it as we aim to move potential customers from research to awareness to purchase.
- Make (Influencers): many companies rely on awkward celebrity endorsements, (Blackberry and Alicia Keys, Microsoft and Jessica Alba), but in today’s world we make decisions based on a larger number of factors. Making influencers is about connecting directly with the customer strategically, by knowing which stage they are at. Are they researching? Are they aware of the product? Have they already purchased it? Each stage requires a different approach.
- Manage: this is about managing the influencers we have created in stage 1. Are they moving customers forwards or backwards in the purchase journey? Are they creating a positive or negative view on the product? Did it disrupt or enhance the brand? All these questions will show whether we are using appropriate influencers in our marketing.
- Monitor: Monitoring the situational factors in a costumer’s life can help create a move forward in the purchase journey. For example, some may be concerned with cost, younger people may be interested in the accessories and covers, business customers may be more interested in security and how it integrates into their work IT system.
These factors can make or break a purchase and should be monitored and in turn reflects the type of influencers we should be making.
- Measure: it’s all about evaluation. How was the brand and campaign perceived by the target audience? Which messages work and which didn’t? More importantly, did it create significant return on investment, or was it just a popular tweet which will be forgotten about the next day?
The way in which we shop and buy has changed dramatically, and we are more informed of our purchases. Therefore, our marketing techniques need to change. No longer based on a single influencer popularising a single message, but a dynamic, tailored experience which meets customers where they are- before and after making a commercial decision.
Content Assistant – Josh Hunt