influencer marketing

(noun)

a form of marketing in which focus is placed on influencers—individuals that have influence over potential buyers—rather than the target market as a whole

Related Terms

Examples of influencer marketing in the following topics:

  • Introduction to Pure Competition

    • Purely competitive markets are used as the benchmark to evaluate market performance.
    • It is generally believed that market structure influences the behavior and performance of agents with in the market.
    • Structure influences conduct which, in turn affects performance.

  • Social Influences and Purchasing

    • It identifies the individuals that have influence over potential buyers, and orients marketing activities around these influencers.
    • Marketing to influencers, to increase awareness of the firm within the influencer community.
    • Marketing through influencers, or using influencers to increase market awareness of the firm amongst target markets.
    • Market research techniques can be used to identify influencers, using pre-defined criteria to determine the extent and type of influence.
    • Compare and contrast informational social influence and normative social influence and how companies take advantage of them through marketing

  • Characteristics of Pure Competition

    • The idealized purely competitive market insures that no buyer or seller has any market power or ability to influence the price.
    • The sellers in a purely competitive market are price takers.
    • Large number of sellers (and buyers), no one of which can influence the market.
    • Sellers cannot charge a price above the market price because sellers see all other goods in the market as perfect substitutes.
    • They can buy those goods at the market price.

  • Market Supply

    • Market supply is the summation of the individual supply curves within a specific market where the market is characterized as being perfectly competitive.
    • Market supply is the summation of the individual supply curves within a specific market.
    • In combination with market demand, the market supply curve is requisite for determining the market equilibrium price and quantity.
    • By its very nature, conceptualizing a supply curve requires the firm to be a perfect competitor, namely requires the firm to have no influence over the market price.
    • " If a firm has market power, its decision of how much output to provide to the market influences the market price, then the firm is not "faced with" any price, and the question is meaningless.

  • Market Share

    • Market share is key metric that helps firms evaluate demand in their market and can be influenced by PR and marketing campaigns.
    • Market share is a key indicator of market competitiveness—that is, how well a firm is doing against its competitors.
    • Firms with market shares below a certain level may not be viable.
    • Competitors often try to gain market share by reducing their prices.
    • Discuss how companies use market share as a key indicator and tool to increase market competitiveness

  • Service Marketing Management and Metrics

    • Service marketing management oversees the implementation of marketing programs, while metrics measure their effectiveness and performance.
    • Marketing management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities.
    • Part of a service marketing manager's job is analyzing external influences and current marketing conditions that are directly or indirectly impacting the business.
    • Overseeing the successful development and execution of the marketing plan falls under service marketing management roles.
    • It is the responsibility of marketing managers--in the marketing department or elsewhere--to ensure that the execution of marketing programs achieves the desired objectives in a cost-efficient manner.

  • B2B vs. Consumer Marketing: Similarities and Differences

    • Consumer marketing, or business-to-consumer (B2C) marketing, sales are made to individuals who are the final decision makers, though they may be influenced by family members or friends.
    • A business marketing, or business-to-business (B2B) marketing, sale is made to a business or firm.
    • Sales representatives and marketers are often assigned to market to individuals who act as influencers or decision-makers in the customer organization.
    • Marketing to a business and marketing to an individual are similar in terms of the fundamental principles of marketing.
    • Both B2C and B2B marketing objectives reflect the fundamental principles of the marketing mix, and in both situations, the marketer must always:

  • Market Share

    • Market share is an indicator of how well a firm is doing against its competitors and can often be influenced through pricing.
    • For a very basic example, let's look at the market for baubles.
    • Market share is the percentage of a market (defined in terms of either units or revenue) accounted for by a specific entity.
    • Market share is a key indicator of market competitiveness—that is, how well a firm is doing in terms of its competition.
    • However, increasing market share may be dangerous for makers of fungible hazardous products, particularly products sold into the United States market, where they may be subject to market share liability.

  • Calculating Market Share

    • Unit market share (%) = 100 * Unit sales(#) / Total Market Unit Sales(#)
    • Unit sales (#) = Unit market share (%) * Total Market Unit Sales (#) / 100
    • Total Market Unit Sales (#) = 100 * Unit sales (#) / Unit market share (%)
    • However, market share is not a perfect proxy of market dominance.
    • The influences of customers, suppliers, competitors in related industries, and government regulations must be taken into account.

  • Methods for Evaluating Marketing Performance

    • KPIs, ROMI, and Accountable Marketing are all metrics that are used to track marketing performance.
    • Marketing Performance Measurement, Marketing Performance Management, Marketing Return on Investment (ROI), Return on Marketing Investment (ROMI), and Accountable Marketing are all metrics that companies use to connect marketing performance to the financial performance of the organization.
    • Marketing materials can be designed to inform, portray products and services attractively, and influence purchasing behavior.
    • Since marketing campaigns are typically integrated across all channels (e.g., print, email, and social media), these channels are measured together to understand the overall effect on target markets.
    • Companies using formalized methodologies continually gather and monitor marketing data to understand where the marketing plan is strong and where it needs improvement.