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MARK SCHAEFER

Background information:

Marc worked for Corporate America for 27 years. About 10 years ago, he started his own business, which centers on consulting and teaching. He is currently a teacher at Rutgers, focusing solely on digital trends and marketing in the social media world. He has written six books. His first book, which he wrote in 2011 but was published in 2012, primarily discussed his definition of “influence marketing,” since it was not even a term back then. He wrote about how, two years from when he finished his first book, that he envisioned a “shift” that would happen through natural evolution, a “shift” that would take the power from the hands of advertising agencies/newspapers, and place that power straight into the hands of PEOPLE. He predicted that people would create their own content by voicing their own opinions. Sure enough, he was right. Today, opportunities to advertise are going away, and influencers are “regular” people, who are taking the place of advertising agencies. Finally, he said that there is no faster trend than mainstream marketing, but Facebook ads do come close.

Biggest Outtakes:

  1. How does “influence marketing” work?

-Influence marketing is on everyone’s minds. Some trends we see nowadays are that people DO NOT trust companies anymore, but instead, they trust other individuals.

*PEOPLE TRUST PEOPLE, FRIENDS, REVIEWS, AND EXPERTS IN THEIR FIELD*

-We all avoid advertisements, which is why we do not see as many anymore. They have decreased greatly as the years have gone by.

-Influence marketing has been around since about 1910àit was first done by the Barnum and Bailey Circus. Some popular influencers back then were: Charlie Chaplin and Babe Ruth (Ruth made more money off of sponsorships than baseball)

-If you want to be a top influencer, there is NO NEED to be a celebrity or a well-known athlete anymore. Instead, you simply need to have an engaged audience that TRUSTS you.

-You have to find these “people” and befriend them so you can collaborate together.

  1. Would Instagram be the best platform?

Answer: depends on what you are selling! 

Ex. If you are selling software or consulting services, you need to establish thought leadership by blogging or video 

Ex. If you have a product where you have to show people how to use it, then videos are the way to go

Ex. Thought leadership where you need to talk to people? Might be through podcasts then

-Visual aspects are powerful on platforms like Pinterest, Snapchat, and Instagram

Where is your market? Who is consuming that market, and what are they listening to? What kind of metrics should they be asking for? 

MAIN QUESTION TO ASK: “How do you measure this stuff?”

-Use Traackr—>software company in social media influencer space; lots of platforms available to measure influencer engagement, but this one is low-cost and really powerful

-There are statistics that found a lot of people, even big companies, struggle with knowing how to measure this engagement and how to connect it with their salesà difficult to connect to specific financial ROY

-Look at other measures for engagement: qualitative measures/ benefits (more difficult to count) vs. quantitative benefits (money)

-Cincinnati-based company developed a new app where they measure engagement by this strategy:

People take screenshots that an influencer posts about, usually of a certain productà already shows that one has enough interest to take a screenshotàthis technology allows for those who take the screenshot to even purchase that product

-Influencers are starting to become more savvy and creativeàthis will lead to progress in the future

3 BIG ADVICE TIPS FROM MARK:

*You cannot expect an influencer to be a “sales person” for you. You want them on your side and to get good press from them. Eventually, friends help friends, and you should build/develop a true, mutual respect and admirable relationship with this influencer, one where this influencer will go out of his or her way to help you or your company*

If you are an influencer…

-If someone approaches you because you are influencer, you have to be careful with fake followers. People and certain companies are getting caught for creating fake followers and influencers (do photo shoots of a random person or with fake brands, and then they try to appear as a “real profile” on social media platforms)àsome brands have been embarrassed with the influencers they have worked with

To avoid fake followers…

  1. Look at engagement rateà if on Instagram or Facebook, look at how many followers this person has, and how many people connect to them

* If engagement rate is under one percent, they are most likely a fake profile and have fake followers

*1-5 percent is a good engagement rate, and most likely is a real profile with real followers

-It is not just about REACH, but also about VALUESàdo the influencer’s values align with you and your company? You have to watch these people and get to know them!

BIG QUESTION TO ASK ONESELF:

“Is this influencer the type of person I want as a friend or around my family? Is the comfort level between us high enough that we could be a good “fit” for each other?”

-Keep up with the influencer’s trends/ the current trends and digital marketing àwhat is the future on social media and with these new trends?

  1. Every Monday, Scott Mondi creates a newsletter that summarizes news of the week centered around Facebook, Instagram, and digital marketing (talks about tactics for business as it relates to social media, as well as the prominent social media conference in San Diego every year; he also puts out blog posts every day with helpful tips)
  2. Read Mark’s blog: businessesgrow.com

On his blog…

-His book that is coming out soon

-Has podcasts

-Resources to help your company grow; he examines trends and issues, social media that influences marketing and branding, as well as human impact and ethical considerations

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