Grant Cardone is an international sales expert, New York Times best-selling author, and radio show host of The Cardone Zone. He has founded three companies: Cardone Enterprises, Cardone Real Estate Holdings, and the Cardone Group. In this video Grant is talking with Bill Cardomy on the topic of how to use influencer marketing. Bill Cardomy is the founder and CEO of Trepoint and a 22-year digital marketing veteran who started back in 1994.
Bill Cardomy points out in this video that for years digital marketers have been figuring out cost vs effectiveness to cater to their clients. Banner ads use to work in the 90s, they had a 44% conversion rate. Facebook was great a few years but because Facebook keeps changing their algorithm so often the cost of marketing is going up. This again makes the marketer ask the same question about cost vs effectiveness. This is where influencer marketing comes in. With the interconnectedness of the web and with social expanding. We now have niche players who have a super engaged audience compared to brands who
This is where influencer marketing comes in. With the interconnectedness of the web and with social expanding. We now have niche players who have a super engaged audience compared to brands who don’t. So it’s only common sense to reach out to niche audiences which align with your product/brand.
If you optimize for fame, you don’t get fortune. – Bill Cardomy
But the opposite is true. If you do optimize for fortune, you will get fame. The key is to find influencers who have an audience which is a square on match for the product you want to sell. So its all comes down to demographics in the end. If you map your demographics right and the influencer has high engagement, it would be silly for a brand to not invest in such a person.
The truth is authenticity trumps promotion. Influencers now have to make public that they are being paid for putting out a content piece. But the fact that the audience trusts the influencer on the certain topic, the influencer has already won.
A lot of CPGs (Consumer Packaged Goods) companies were early pioneers in the space as they have to innovate the most to get traction and convert efforts into sales. The research and data from CPG companies has made inroads for other industries to give it a serious thought.