As many as 71% of consumers are more likely to purchase a product based on an online reference from social media. At the same time, 63% of generation Z – who are starting to increase their earning and buying power – prefers marketing from real people over traditional celebrities. This is where KOL Marketing comes into play.
KOL Marketing has been proven to be up to 11 times more effective than traditional digital marketing solutions. Key Opinion Leaders (KOL) influence massive amounts of followers without the artificial ‘celebrity’ title. Pay attention that not all influencer count as KOLs.
Your business could use the help of KOL Marketing if the current social media ads you’re doing are not meeting KPIs. When you start seeing competitors thrive with their social media marketing, that’s another sign you need to get on board with KOL. Especially when you’ve had your fair share of social media prominence before, but are currently experiencing a plateau.
KOL Marketing helps businesses in many ways, from increasing brand awareness to facilitating customer retention. With just one mid-tier YouTube KOL, a retail fragrance company made 100 pure sales in just two days. An FMCG company utilized 30 parenting KOLs to garner 700 posts that reached 6 million people through social media.
The extensive benefits of KOL go beyond just impacting business results and achieving KPIs. They can also manifest themselves in the form of sign-ups. These sign-ups can be added into your customer database for future promotions. In addition, KOL Marketing is also capable of creating an organic domino’s effect among influencers themselves. Challenges in implementing KOL Marketing usually revolve around ROI tracking and choosing the perfect KOLs for your audience. Reach us here to discuss what the right KOL Marketing strategy would be for your business.