Influencers and how to become one yourself

Influencers: The Stakeholders who own you and the Stakeholders you can lead

 

When living our lives no matter whether as individuals or as a part of organizations and the business we often make choices or have opinions which do not represent who we truly are. Sometimes we “catch” ourselves making those unnatural steps but most of the time we become unknowingly who our choices make us. The reason is that we are not born free. We are limited in so many ways by laws, culture, education, religion, etc. that we have grown up used to the idea that we must obey the rules.

Rules are indeed very important, if not the very core of society in all its forms. However, growing so obedient we have become slaves to many more rules than it is necessary in reality. Examples can be fashion, music, group rituals, diets, exercise, lifestyle in general, etc.

You will probably ask why we buy certain clothes or go to a certain club? You will not be the only one. Every business no matter how big or small wants to know that.

We do so because we are “told” so. Among us who obey there are also the so called influencers. Those are individuals who are a part of the groups to which we belong and who do not always stay ahead and behave as leaders. Those are simple people who speak the language of the crowd and understand its mechanisms. Of course, influencers are also often also public figures who beforehand have groups of followers.

Influencers are important for business from two points of view – as possible promoters/anti-brand activists and as trend creators. In the first case we talk about marketing efforts or restoring brand communication. Needless to say, this may mean the success or the failure of a brand. In the second case we talk about researching and detecting future trends predicted by behavior of influencers. Using this method can help channel the business efforts in the right direction.

This is also the reason why companies try to attract influencers as their employees or as their loyal consumers. But they fail to understand that being an influencer by “buying” an influencer’s voice is not the best practice. The reason is both that public figures are overused as corporate faces and “private” influencers are often individuals who succeed as such thanks to their strong, honest voice rooted in SOME principles. That is to say that there are no universal influencers. Somebody who is known as knowledgeable in nutrition will without a doubt be as useless to McDonald’s as they would be to Siemens if they start promoting hamburgers after swearing off all fast food throughout all their lives.

There are of course many “sneaky” ways to include an influencer’s voice in the corporate marketing but one should always beware that if an influencer is used in an attempt to manipulate the public and this information is leaked out of the organization great damage might be expected brand-wise.

The truth is that the times of manipulation are over. The only winning strategy for a company is to answer the demand, be honest and responsible. Getting the attention of influencers depends on a company’s ability to predict trends and act on them, cooperate with the public and always be a step ahead of competition.

This is the only way a company can become an influencer itself. However, besides being a market leader one way or another, the company should understand what makes one an influencer – a strong honest voice, rooted in clear principles. Companies need to understand that if they have a stand there will be somebody who will want to listen. And follow.

Social and fast - no other way to do business

Social Media Marketing and Trends

Doing some research on use of Social media as a communication tool I stumbled upon an article from 2008. The article was called Enhancing Promotional Strategies Within Social Marketing Programs: Use of Web 2.0 Social Media, written by Rosemary Thackeray, Brad L. Neiger, Carl L. Hanson and James F. McKenzie. I have to admit that I was more than surprised. At first I thought that the authors somehow had misused the term social media. Or misunderstood its uses and importance. Then I realized that the key to that mystery had all the time been right next to the title: year of publication 2008.

I was reading with amazement because I realized how much and how fast our world had changed. Back in 2008 only a small percentage of all internet users were users of some kind of social media, predominated by teenagers and young adults (up to 24 year olds). Today social media is not any more a media in the classic sense of the word. It is a part of our lives; it is a part of who we are and how we communicate.

After reading a lot of literature I still think that research is having troubles catching up with the social media reality. Because it has changed our world in a way so that everything happens ever faster and with ever more consumer involvement. And let’s face it – only the time needed to write and publish an article – around 2-3 years for academic articles - will be enough to make it obsolete.

Companies on the other hand cannot allow themselves the luxury of falling behind. That is why advice as  this the authors of the mentioned article give – be cautious and research the possibilities of incorporation of new media channels in the communication strategy – is not one to be followed. As Kotler points out in his Marketing bible, it is not any more a world where the strongest survives, it is a world where the fastest survives.

Following trends seems to be a relatively good strategy, however you position yourself willingly as number 2 or number 1000. Instead you need to create your communicative environment. It is already established that corporate communications, marketing and any business activity will be done in close cooperation with consumers – or the company will not exist for long. In practice this means that you need to stop following trends only because the others are doing it. Instead, focus on your consumers, on any other stakeholders you deem important. Research THEM, cooperate with them and facilitate communication channels approved by them. That will be your guarantee for success. On top of the fact that you will establish communication that is maximally beneficial for both sides, you will gain the appreciation of your stakeholders.

An example about why you do not need to worry about upcoming digital miracles or trends is a simple request as the one a Danish fitness chain received on their Facebook page – consumers were asking whether an iPhone app was being planned.

As long as you offer a good product and good service and you manage to engage your consumers they will always turn to you to solve whatever matter there is – from a communication issue to product specifications. Is it really necessary to explain why this is very important?

That is why you need to learn the rules of the game – be perceptive and reactive. Be proactive and helpful. Engage and be engaged. And maybe the most important of rules: whatever you do, do it fast. We are not any more living in times where waiting 4 to 6 weeks for TV shop delivery is OK, is the norm. Waiting is not acceptable. And here come tools as social media giving us the new timeframe for successful communication: now, that minute. Forgetting that risks us our costumers forgetting about us.

We don’t know what will come in the future. And that is okay. The future will most certainly not come without us. Keeping up with today’s pace is all we really can do. It is only a few who are brave enough to dare the future. Some succeed big, most fail. It is up to you which path you choose but being fast is still the rule.

 

DIDI

Stakeholder management: Relationship expiration date

Relationships and Stakeholders

 

As all things relationships also come with an expiration date. Even though it might not be a 3-day expiration date stamped on a package it does not mean that it will not come. Relationships are basically also just a product – a product of invested time and effort. And here comes the question – when do they expire?

Drama and tears might be reserved for personal relationships but the end of a business relationship should be just as dramatic. Business today is run through leaning on a vast number of relationships and cannot be run without them. We talk about our customers, our suppliers, our partners, our broader network, our governmental links, our international relations and so on. Every business has a number of critically important relationships and an enormous number of less important ones.

Those relationships are different from a management point of view and require different policies. However, what is common for them all is that they should be a primary concern of management as developing relationships is an investment in the future of the company. They are a time and resource craving process and that is another reason why relationships should be valued high – building new relationships – when possible – costs much more than maintaining established ones and sometimes costs the company’s position on the market.

So when do relationships expire?

Relationships – no matter whether it is a B2C or B2B – characterize with mutuality. That means that they have been established because both parts believe in the benefits from the relationship. They develop in time if the benefit lives up to expectations. And they cease to exist when such benefit lapses.

In practice this means that maintaining a relationship includes not only establishing it and working on the agreed terms but actively looking for development opportunities. If we look from a B2B point of view this translates as the need to be better than competitors, to offer more revenue, both in terms of cash and image enhancement. You are not unique as a company as there are hundreds of similar companies out there trying to do better than you. That is why what you should do when working on developing B2B relationships is to focus on answering the main questions: What are the benefits of this relationship? How can we make them more salient? Is there place for development? Is there something we could add? How can we gain more from the relationship? Are there companies who can offer something better than us? How important is this relationship for our business? Can we trust each other? What will keep us together? Can we work better together?

Those questions should be answered both by management and in cooperation with your partner. Business relationships are much like personal ones. They require discussion and agreement. The difference here is that even though some of them are driven almost completely on personal basis, they are still benefit-based. If you want your business to succeed you maintain only relationships that are beneficial to you. That is why focus on value creation is more than necessary.

If we take the B2C perspective, things are generally the same. However, it happens only rarely that a company has enough contact with its customers to be able to discuss mutual benefits. That is why maintaining the relationship with your consumers requires the employment of different tools. Some of those include market research, consumer research, bench marketing, and innovation. One should of course also consider market niche, positioning, and market segment. From a positioning point of view the product should deliver what it promises – quality, low prices, high prices and prestige, etc.

However, satisfying the expectations of your consumers is not enough. Once again you should make sure that your offer is better than the offer of competition. And there are many ways you could differentiate yourself. In the last decade or so though, a certain method has shown quite good results. You should listen to your customers, understand their concerns and help them solve their problems. That means you could support the local football team or buy medicines for the nearby hospital. Doing that will add value to your product and buying will not be a random choice but a meaningful decision.

A bit of a warning here though – such an involvement can bring you great benefits and image enhancement when being an honest act but it can also destroy you if dishonesty is found by your stakeholders.

Another tool you could use to maintain your consumer segment are the very popular discount or loyalty programs. Most of the time they have proved to be quite efficient. The only downside is that they will not ensure you loyal consumers in the long run.

That you could achieve by involving them. Be transparent. Be responsible. Give them a look inside. Give them the word and let them be part of the company’s policy. No one can tell you better what your consumers want then your consumers. Listen to them and empower them. This way they will stay with the company as they will be part of it.

It is true that it is not always such tactics could be used but the ones described here are only a small part of all possibilities. Different businesses and different countries present with different challenges and very specific solutions to very specific problems. When talking about relationships generalizing is almost impossible or at least incorrect as relationships are unique and defined by a long list of factors. They should be treated as unique. Time and resources should be invested into continuous research and relationship development programs. As relationships do expire. They expire in that moment when you think that there is nothing more that should be done.

Will it be worth it to realize it the moment after?

 

DIDI

Telemarketing

We all know that there is nothing more annoying than telemarketing. And the reasons for that are many – telemarketers are intrusive, persistent, and almost never give up on selling us something we do not need at all. However, in Denmark right now there is a real boom of telemarketing. I would suppose that it is the crisis to blame. Or maybe the fact that the relative stability of the economy has made companies believe that marketing is not necessary and now when it actually is necessary companies make the biggest mistake – go for the quick kill, find customers right now and sell to them in that minute. Kind of shortsighted, is it not?

But I guess it is a valid point that you do it because it is your last recourse. I do agree that an unknown company needs to reach out – first to survive and then, if things go well, to grow. Telemarketing though presents more of a danger than a survival tool and its popularity only points to lack of market experience. It is dangerous because in many cases it damages the image of the company. Nobody wants to become a customer of an annoying company intruding their lives as nobody can predict how annoying that company might become in the future. It is a question of image, trust, and expectations.

When it comes to B2B telemarketing, the situation is slightly different. There, if done according to careful planning and in accordance with a strategy, telemarketing can create awareness and relations and boost the business. However, unfortunately this is rarely the case. If done correctly, telemarketing will not be called telemarketing. It will be just a part of a stakeholder management strategy. If done wrong, you risk once again your company’s standing, your network and your prospective customers or partners.

I would not at all comment on end-consumer-focused telemarketing as I find it not suitable for any decent company. It is indeed not in accordance with any set of business ethics rules. If we concentrate on the B2B telemarketing, my comment would be that it is something you do on your own risk and it will most likely do more damage than good to your company but at least from an ethical point of view you are in your full right to do so.

Let’s assume you are not convinced that telemarketing is a bad idea. Here I will present to you a list of the most common mistakes that will ensure you a ruined company image. Avoiding them does not guarantee you success as telemarketing is much about personal skills and abilities and grasping the situation as it comes and develops. But it might help you minimize the damage you otherwise will cause. Remember: no matter what branch you are in there is only a limited number of potential partners/consumers. Do not waist opportunities!

Most common mistakes with telemarketing:
1. Inability to speak short and precise;

2. Inability to present a valid reason for contacting the other side;

3. Inability to comprehensively (in short!) present the main features of your product/service;

4. Inability to present a unique feature/competence as grounds for the customer to choose you;

5. Inability to engage the other side;

6. Inability to answer all questions with confidence;

7. Inability to listen and understand the position/need of the consumer;

8. Inability to provide a flexible product/service fitting the consumer’s needs;

9. Inability to take a no and finish the conversation in a positive manner leaving open doors;

10. Inability to demonstrate knowledge and interest in the business of the other side and present an offer that is tailored specially for that consumer/partner in that very moment;

11. Inability to innovate and develop the product/service in time;

12. Inability to see one’s mistakes and adjust the strategy due to lack of strategic insight and control.

Once again, my advice is just to not do it at all or to do it only in very serious situations where the company is facing bankruptcy if no customers are found that very minute. If you, though, have made up your mind and do not see other solutions to your business dilemma, then try to plan the whole process very carefully.

First, you need to decide on a product/service/market niche and make a list of possible contacts. Research them thoroughly including financial data, market segments, image, vision, mission, network, recent activity, planned activity. Try to prioritize and make the list again including only those companies which you mean are suitable for your goals.

Then you should consider the different ways you may contact those companies – you can call, send an e-mail, regular mail, visit. You could always research your network and try to find referents who can help you to come in contact with those you need to reach.

If you are not sure what is the best way to present your company or service/product, that is, if you never before had done something similar and you have never received feedback on it, it is recommended to make a trial. Choose a few companies from the list who are of least priority and try out a few different methods of contact. It is a good idea to use the same method on at least 4-5 companies to be able to make some sort of a reliable conclusion. If you though operate in a sector with not so many prospective customers/partners you might want to consider additional advisory before doing anything as every company contacted in a wrong way is a loss for you.

Last but not least, you have to consider implementing effectiveness control. Without it you risk to lose track of what is happening and end up with no results at all. You are advised to undertake a small-scale bench marketing to estimate average success rate for the branch. Then you can use it to evaluate your own results. Results that do not meet the average success rate mean that your strategy is not working and revision is necessary. No matter how many times you change strategy, remember to always implement result control.

My advice is, however, do not do telemarketing. Working on a proper stakeholder management strategy will not take much more effort but it will guarantee you long term results and image enhancement. Saving the business today is not a long-term plan and if you want also to have your business up and running tomorrow you will need a bit more than just a momentary financial injection.

It is simple – think strategically!

 

DIDI