Are We Influencing the Influencers?

“People exercise an unconscious selection in being influenced.” – T.S. Eliot

As a communications agency our goal is to reach as many of our client’s “influencers” as possible in order to broaden brand visibility, develop brand affinity and increase sales.  But the question is, with all of our efforts, are we reaching the right people? Are we aiming for quality over quantity? Are we really influencing the influencers?

My colleague Molly Holtman and I, at the invitation of Barbara French, recently attended a marketing workshop at the Commonwealth Club in hopes of learning more about these so called “influencers” that have such an impact on our client’s sales. The workshop, titled, “Marketing Is Broken, Influencers Can Fix It,” was led by Nick Hayes, head of a company called Influencer50, an influencer identification and endorsement management firm.

Influencers are considered third-party individuals who significantly shape the customer’s purchasing decision, but are not necessarily accountable for it. Individuals make decisions by using other people to inform and steer them, therefore these influencers are not companies or associations or firms, but rather just people.

As an agency that focuses on an audience-centric, channel-neutral approach, this concept is not new to Bite. Most comms people are aware that social media and the expansion of online resources has changed the way people make decisions about what to buy, but often they struggle with exactly what to do about that. Many tech companies’ communications strategies default to an emphasis on traditional press and analysts.

Certainly, a Gartner analyst recommending that a client include your company on a short list, the Wall Street Journal running a story about your company on the front page, or a post on a premier blog like TechCrunch about a new service still hold power. Press and analysts remain influential, but it’s important to remember that they are not the only ones with the power to influence executive buying decisions. Industry analysts are still looked to as advisors when it comes to large enterprise technology purchases. However, not all of our clients offer a product in which the buyer would consult an analyst before a purchasing decision is made. For example, when making the decision to purchase a new cell phone, most everyday consumers wouldn’t consider reading an analyst report discussing the Palm Pre vs the iPhone. They would survey friends, family members or look to celebrity idols about the product they use. Turns out it’s not so different with business purchases. Peers have always ranked at the top of reported influencers on what people buy.

So whether it be friends, family, celebrities, professors, politicos, or philanthropists we must adjust our thinking to influence these new audiences. And by realizing that the most influential people out there are not necessarily press or analysts, this allows us to think outside the box and focus our efforts on reaching those that hold the greatest influence.  Of course, it easier said than done. As Nick Hayes pointed out, influencers don’t identify themselves as such; they don’t have a business card with a title that says “analyst” or “reporter.”

Here are a few interesting stats Influencer50 recommends considering when targeting audiences:
• Eighty percent of sales for >$20k are impacted by five or more influencers
• Less than 40 percent of influencers today are journalists or analysts. The other 60 percent are probably unknown to you.
• You’re likely spending too much of your marketing budget on the 40 percent, and next to nothing on the 60 percent.
• Just nine percent of companies specifically target these other influencers. Achieve significant advantage by forging 1-to-1 relationships with them.

One issue I wish we’d had time to explore further during the session is the interrelation between all of these influencers. Those five influencers on the CIO’s decision are probably reading trade publications, talking with Gartner, and maybe following well known bloggers on Twitter. Your friend who recommends a cell phone has probably read reviews online. Where do we draw the line between direct influence and a trickle-down effect of traditional comms?

Tagged as: Analyst Relations, Commonwealth Club, Influencer Relations, Public Relations