Social media marketing presents business marketers with a unique set of tools and marketing communications platforms to take two familiar concepts to a new level.
Customer lifetime value is an important business metric as it defines the value of your customers over their lifetime of doing business with you. Influencer marketing is the ability to identify and influence the influencers in your particular market. Influencers are those who hold influence over others and help guide and shape brand preferences and purchase decisions. If you can influence the influencers then you can help drive brand preference and purchase preference for your brand.
Think of social media marketing as a way to attract and communicate with the high reach influencers in your space.
If you view social media marketing as a way to attract and influence the influencers in your market, then you should also look for ways to measure their value to your business.
By calculating a High Reach Influencer Value (HRIV) then you can start defining a value for those top influencers who may fall outside the customer lifetime value calculation. Indeed, HRI's may include both customers and non-customers. Defining their value to you is important when creating your social media marketing strategy and budget as it will help guide you in your social media marketing (SMM) investment decisions.
Once you know the value of these HRI's then you can decide how much to invest to attract them online.
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