We have regularly talked about influencer marketing in our blog articles. Regarding influencer marketing, companies partner with influencers to assist in promoting new products. In addition, there is also a similar marketing strategy where brands partner with specific people to help promote new products and boost brand presence. This includes employees and customers promotion.
Key Opinion Leaders (KOL) are another specific form of influencer that brands like to partner with, and we have seen KOL marketing trending in recent years.
What’s KOL Marketing?
KOL marketing is when brands work with influencers or industry experts who have substantial knowledge that pertains to the targeted products. Most KOL marketing often takes place on social media, in which most of them have established a considerable fan base.
It is vital to note it is different between KOL marketing and influencer or celebrity marketing. Suppose Nike partners with a football athlete to promote a new line of jerseys. That is celebrity or influencer marketing. However, if Nike partners with that football star to announce a unique football workshop, then that is KOL marketing. It is not considered KOL marketing unless the person promoting it has expert knowledge about the product.
KOL marketing is not just about being an expert in the product or industry; it also includes influencing the targeted community or their established fan base. While KOL marketing is essentially an untainted type of influencer marketing, not every influencer have the necessary knowledge on the industry or product to be considered KOLs – they are good at communicating.
KOL Marketing’s Benefits
KOLs garner a lot of respect and trust from the community. Their posts easily influence their fans since they are considered knowledgeable in their niches. Depending on the brands they decide to work with, this can create a substantial flow-on effect.
As long as a KOL positively posts about your brand, their fans will see it as an encouraging endorsement and actively try your product. Partnering with KOLs can boost your brand’s presence in a short period. Often, this process is accelerated even further when KOLs utilise creative marketing ideas like a giveaway challenge.
KOL marketing, like influencer marketing, can also increase your Return Of Investment (ROI) when compared to traditional marketing campaigns. However, the main difference is that you might get more targeted sales since most KOLs has a niche fanbase. Deciding to go with KOL marketing and selecting the most suitable KOL gives you the added benefit of reaching the right audience.
You can best select your KOL by looking through some of their past posts and deciding if the products they have promoted is in a similar industry. This will give your brand a better understanding of the KOL’s niche. You ideally want their fanbase to match your target market.
Factors To Note When Choosing Your KOL
1. The relevancy of the KOL: Work with KOLs whose niche matches your brand’s industry.
2. The KOL’s reach: You can reach a larger target audience if the KOL has a more extensive fan base. While not the most important, it gives you a better gauge of the number of prospective sales.
3. The engagement rate of the KOL: This is one of the most critical factors. It gives you a better understanding of the fan’s involvement in the post. Many KOLs, because of the niche area they are promoting in, may have a smaller reach than other influencers. Still, they make up for the lack of followers with a higher engagement rate.
Communication with KOLs is important
KOLs are the experts among the targeted audience. They understand what the audience likes and dislikes and will be able to provide you with as much information as possible, such as the method of pitch and necessary improvement to products.
Choosing the KOL your brand wishes to partner with correctly is important. Selecting the right KOL can make or break your marketing campaign. This is why it is so important to plan your KOL marketing strategy well.