Can Marketing Influence Consumers Decisions
Key NOTES
● Yes, marketing can influence consumers’ thoughts, decisions and purchases in how the company makes the consumer aware of their product or service(Gendusa, n.d.). As we have learned marketing is about being creative personally, impersonally, directly and indirectly. According to our text marketing is an art form in that each business has to tailor its efforts to those surrounding the businesses (McCubbrey, 2011). There are no two markets that are the same, therefore; one product in demand may not be in demand in another environment.
● Marketers have long known the commercial value of influence. For just about as long as there have been celebrities, there have been celebrity product endorsements. Whether or not the celebrity actually used or appreciated the product was secondary to the recognition they brought to a company and its brand. Seeing a famous figure wearing or using a product could mean potentially millions of dollars worth of sales. The downside was that these sales came at a steep price. Recently, with the popularity of social networks, the bar for endorsements has been lowered, essentially making it accessible to anyone with enough of a following.
● “Influence marketing is going to be huge - and will become an essential part of the marketing mix over the coming years. In essence, influence
marketing recognises that buyers trust other buyers, their friends and experts they know. “
● “It's a process companies have known well - it is why fashionistas get invited to fashion shows (and not me)- because they are seen as tastemakers. But we are all tastemakers, in different ways and to different people. The nice thing about influence marketing is the fact that my social bond and reputation matters. I don't want to shill my friends for a freebie - my real connections are too valuable. However, treated to product early or some kind of experience, I am better placed to talk about a company or a product that I already care about and would talk about that before.”
● He hits at the core of the problem. The reason why social media works as a marketing tool is because of its appearance as a casual medium. A major concern is what happens once your friends and social contacts realize that they are being marketed to. It’s a fine line that companies like PeerIndex and the brands who hope to tap into this new found segment need to adjust for.
● People Should respect Your opinion on those things And You want to Understand The Value of that respect. Companies used to managing by NPS (Net Promoter Score) and CLV (Customer Lifetime Value) will increasingly work with us to understand who is a NPS with friends (i.e. someone who is a promoter of my products but who also has a social network that listens to them) and CNLV (Customer Network Lifetime Value - what is the lifetime value of the additional sales I can bring to a company because of my influence).”
● Whether you believe in social media as a marketing channel or not, the reality is that we are in the midst of a turning point. No longer can you
passively market products and services to an anonymous customer base. With the rise of influence marketing, your customer is marketing.
● Our purchase decisions are influenced by any number of people or groups. We often look to opinion leaders for help in our consumer decisions. Opinion leaders are usually people who are more knowledgeable about a certain product or service than the average consumer.
● Marketers have long known the commercial value of influence. For just about as long as there have been celebrities, there have been celebrity product endorsements. Whether or not the celebrity actually used or appreciated the product was secondary to the recognition they brought to a company and its brand. Seeing a famous figure wearing or using a product could mean potentially millions of dollars worth of sales. The downside was that these sales came at a steep price. Recently, with the popularity of social networks, the bar for endorsements has been lowered, essentially making it accessible to anyone with enough of a following.
● “Influence marketing is going to be huge - and will become an essential part of the marketing mix over the coming years. In essence, influence
marketing recognises that buyers trust other buyers, their friends and experts they know. “
● “It's a process companies have known well - it is why fashionistas get invited to fashion shows (and not me)- because they are seen as tastemakers. But we are all tastemakers, in different ways and to different people. The nice thing about influence marketing is the fact that my social bond and reputation matters. I don't want to shill my friends for a freebie - my real connections are too valuable. However, treated to product early or some kind of experience, I am better placed to talk about a company or a product that I already care about and would talk about that before.”
● He hits at the core of the problem. The reason why social media works as a marketing tool is because of its appearance as a casual medium. A major concern is what happens once your friends and social contacts realize that they are being marketed to. It’s a fine line that companies like PeerIndex and the brands who hope to tap into this new found segment need to adjust for.
● People Should respect Your opinion on those things And You want to Understand The Value of that respect. Companies used to managing by NPS (Net Promoter Score) and CLV (Customer Lifetime Value) will increasingly work with us to understand who is a NPS with friends (i.e. someone who is a promoter of my products but who also has a social network that listens to them) and CNLV (Customer Network Lifetime Value - what is the lifetime value of the additional sales I can bring to a company because of my influence).”
● Whether you believe in social media as a marketing channel or not, the reality is that we are in the midst of a turning point. No longer can you
passively market products and services to an anonymous customer base. With the rise of influence marketing, your customer is marketing.
● Our purchase decisions are influenced by any number of people or groups. We often look to opinion leaders for help in our consumer decisions. Opinion leaders are usually people who are more knowledgeable about a certain product or service than the average consumer.
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