So, why key opinion leader & influencer marketing in the automotive industry?
Most automotive consumers listen to automotive reviewers (publications, content creators, YouTubers), friends, families, relatives when seeking advice on their next automotive purchase, next automotive tune, automotive accessories, etc. Part of the reason could be attributed to the high cost of automobiles and consumers do not want to risk making a wrong purchase. Hence, the strength of influencers in the automotive industry is extremely high and would be able to provide the word of mouth effect that will drive your automotive business brand/sales.
An informal feedback loop channel
By getting the word out of your latest product/service with influencers, it can create an intimate conversation around your brand. Automotive businesses debut new services, features, colors and models year after year. Influencers can be the main resource to bridge the gap between those updates and your audience. They function as an informal platform for those audiences and their responses to your updates. Viewers will respond to them with likes, shares and comments, providing insights and consumer reviews, bringing interactions to your business like never before.
How to run successful KOL & Influencer marketing campaigns in the automotive industry
1. Understanding your customers
Due to the complexities of the automotive industry, understanding your customers require time & effort. To fully capitalise on the targeting capability of KOL / influencer marketing, you must first understand the demographics of your customers/patrons. For each product/service, figure out the following (non-exhaustive list, obtain more if possible):
- Age Group
- Number of existing cars
- Purpose of purchase
- Automotive brand preference(s)
Clearly, the first requirement when selecting a KOL / influencer, get one with a demographic suitable for you (age group & gender). It allows you to gain outreach to consumers with a higher likelihood of purchasing from you, maximising the effectiveness of your campaigns.
2. Content is key
Using the understanding of your customers, structure your content of the post to be aligned with their purpose of purchase, as well as their brand preferences. Take for example, should you find your customers purchasing your product / service because they enjoy speed, you should include speed statistics (or something along those lines) in order to entice your potential customers. As for brand preferences, there are many automotive clubs around and some are grouped based on the automotive make/model. Take advantage of these highly targeted groups to be your KOL / Influencer. Consider diversifying your budget to different groups of KOL / Influencer to get the best ROI.
To aid your understanding, let's have an example. Engaging an instagram influencer with 3m followers and 1% conversion - will bring you 30,000 new customers. Engaging a targeted instagram influencer with 300k and 10% conversion - will bring you 30,000 new customers as well, essentially the same result, but with lower cost. There are several aspects to be taken into consideration for the automotive industry. If need be, engage experts to help you in this aspect as it also will help your business in the long run.
3. Value-based KOL / Influencer Marketing Campaigns
It is worth noting that compared to traditional ads, costs of a failed campaign is significantly higher. Take for example, a facebook ad, it can be stopped at any time, should you decide the ad is not doing well. Unfortunately, for an influencer marketing campaign, you drop money upfront, which cannot be stopped/paused even if campaign results aren't going well. Fortunately, modern technologies have enabled Marzze to create a free-to-use platform that allows you to find KOL / influencers and run hybrid performance based KOL / influencer marketing campaigns. It is the world's first of its kind world's 1st automated campaign management application enabling a multi-tier fee structure that can be customised according to your business needs:
Total Fees = Token Fee + [pay-per-sale / pay-per-lead / pay-per-action / pay-per-engagement]
With this model, it makes more financial sense for you to engage a KOL / influencer. On top of avoiding high upfront costs, you will instead pay based on actual value delivered to you (i.e. % of sales value or no. of leads generated). You are more assured that your marketing budget is being spent on delivering actual results.
Rear wheel drive used to be the default for road-going performance cars. As technology progressed and so did power levels, all-wheel drive is now vital for road-going performance cars. Similarly, Marzze is the all-wheel drive in the KOL / influencer marketing industry - more sophisticated & better performing according to current needs of the industry. Pure fixed price fee structures are like rear wheel drive - still appreciated by traditionalists, but is no longer the better option.
Making the decision
Key opinion leader & influencer marketing is arguably one of the most powerful modern marketing channels right now. There are already many companies who have grown from a small business to a $100million dollar company within a few years, simply by capitalising on KOL / influencer marketing. It is the perfect opportunity for businesses to capitalise on the proven strengths of KOL / influencer marketing. If you're new to KOL / influencer marketing or would like to improve your KOL / influencer marketing strategy, we're specialists who can help you adopt KOL / influencer marketing successfully, together with lifetime access to our platform you can use as a SaaS tool managing and automating all your future fixed price or performance based KOL / influencer campaigns.
While Influencer marketing currently has many issues regarding fraud, high upfront costs and high sunk costs for failed campaigns, Marzze has changed the landscape. You can engage influencers with the value based business structure of Facebook Ads, Google Ads. In other words, you pay for what you get, allowing you to capitalise on the effectiveness of influencer marketing and word of mouth marketing to boost your business while reducing the risks of high losses.