Are you wondering what Key Opinion Leader/KOL is? Probably yes, it refers to an expert whose opinion is valued in a specific industry. KOL is listened to by many since they are trusted and respected for their knowledge. The digital age has realized a change in marketing with the emergence of KOL. They are now more critical and relevant than the other mass media since they connect with the audience authentically and intimately. Recent research shows that KOLs work double duty since they connect with the audience and have a specific target demographic.
The Importance of KOL in Business
Key Opinion Leader has helped many business people achieve their goals. Below are the merits of involving KOL in the running of the business.
- Aid in advertising a business hence creating awareness
- It helps you reach the targeted audience in the industry.
- Increases the chances of earning credibility through word of mouth on a large scale
- Kol marketing is a fast and cheaper way of increasing sales than the old school methods.
Tools Used by KOL to Turn Data into Actionable Insights
The number of data sources is improving every day. Some businesspeople may enjoy the growth of data, while some might not. Digital marketers see data growth as a source of challenges to their businesses. One of the questions you need to ask yourself is how you can use data and analytic in your business as an added advantage. The role of the Key Opinion Leader is to devise an attractive report with tons of data. In simple terms, it is output. The insights provided by KOL are more critical than goals. There are many KOL-related tools provided by companies that businesses can use to turn data into insights. These devices are listed below.
1. Ranking Tools
The tools consider the profile data for a Key Opinion Leader list and rank them depending on their performance. They have also ranked based on customizable factors. The primary function of the Ranking KOLs is to help the business identify the one that can help them achieve their goals.
2. Mapping Tools
They are used when displaying the networks and connections of a specific Key Opinion Leader. These tools also aid in assisting the business search for their suitable KOLS.
3. Screening Tools
The tools provide the business with the relevant information on a violation that the KOL could have committed. In addition to that, the use of the screening tools makes it easy to assess a specific KOL’s reputation. Therefore you will be able to make a wise decision on the Kol to work.
NetBase Quid refers to a consumer and market intelligence platform that offers social media analytic services. Such services ensure that a business identifies and monitors the Key Opinion Leader who can drive engagement.
How to Turn Data into Actionable InsightsM
Many companies can collect that but making it useful is challenging. Some strategies will guide KOL on turning data into actionable insights.
1. Measuring the Right Things
It is hard to optimize what you don’t measure. KOL treats all businesses differently since there are not equal. Think in advance about your business. Therefore you will know what to measure and what to avoid measuring.
2. Asking Influencers the Right Questions
Kol should answer all of the stakeholders questions, tapping into the influencer’s interest and challenges. It ensures clear business questions before starting data analyses. Therefore limiting the wastage of time and later coming up with insights that are already known.
3. Use of Segmentation to Drive Action
KOLs use segmentation when taking action for data. First, group visitors who have got common attributes. The study segment is determined by the nature of the business and the kind of question KOL is trying to answer. In a case where KOL identifies the segment, it enhances the ability to understand the customer’s behavior.