Can brands benefit much from KOL Marketing? Can it be helpful and effective?



The vast rising number of “influencers” is called by many as a booming phenomenon. These influencers are a part of KOL or Key Opinion Leaders. Meaning someone who has a significant power to persuade a targeted audience because of their trusted opinion in a certain field. However, this concept is not entirely new. Pharmaceutical companies have implemented KOL way before the age of influencers with doctors & experts in health in accordance with their credibility. Opinion leaders is a broader term that extends to experts in science, athletes in sports, and commentators in an industry. Whether it is the typical social media influencers or experts, a question on the effectiveness of KOL for marketing brands is often brought up.

With a key characteristic of influencers which is promoting a brand or service through social media - whether it is endorsed or non-endorsed review, it has definitely changed the dynamics of digital marketing and how people are being persuaded. According to SmartInsights, 80% of marketers find KOL marketing as effective. The reason behind is because they provide you with a review that matters to them personally. Here, ‘personal’ and ‘human’ is the main keyword that can help a lot in purchasing decision. Moreover, influencers have the ability to communicate their opinions in an entertaining way that shows off their unique personalities. A very important aspect is because people are getting more empowered in terms of seeking out information and sorting them out. They are no longer blinded by one message with millions of reviews. Thus, that makes key opinion leaders trustable.

In contrary, a big issue with KOL marketing is fraud. Moneywatch has reported that KOL marketing fraud will cost brands $1.3 billion in 2019, which is 15% of their spending on influencers. These frauds are a result of fake numbers in an influencer’s social accounts by buying a certain number of followers, likes, views, or subscribers. However, true engagement is still very low when compared to such KPI’s.

KOL marketing fails does not merely focus on the influencer side, but also the brand side. Choosing a KOL that is niche in the industry is very important, and brands often forget about it.
Even so, I think the benefits of KOL marketing outweigh the drawbacks. If brands can choose the KOL’s wisely, have the right message, know when and how to communicate, then it can be very effective for the brand in terms of drawing awareness, building a certain image, increasing engagement, to converting into a purchase.

Cut Miranda Amara Daud
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References
Picture: www. Marketingtochina.com 

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