There is little doubt that influencers and opinion leaders are being regarded as increasingly valuable within the social media landscape.
But here's an interesting and controversial question: should influencers be paid by companies to recommend or promote products or services? In other words, should companies have to reward people who have the ability to significantly impact the behaviour of consumers?
If this concept strikes you as bizarre consider the source: In a panel discussion earlier this week, Foursquare founder Dennis Crowley suggested that the idea of rewarding influencers could be on the near horizon. He said, for example, that someone who recommends a movie to 200,000 Twitter followers should get "some kind of "referrer's fee" or "kickbacks". (Hat tip to Forbes' Mixed Media blog).
While Crowley's idea may at first blush sound bizarre or untenable, it is really not that out there. Look at the large amounts of money that celebrities and athletes receive for endorsing products and services. The fact that William Shatner touts the value of Priceline.com could have a lot of influence on consumers looking for better deals on hotels, cars, cruises, flights and vacation packages makes it easy for Priceline to pay Shatner for his services.
Within the social media world, there are lots of high-profile or A-lister people who have more than enough influence, clout and a captivated audience to demand "referral fees" for endorsing products and services. Given the transparent nature of social media, this activity would have to be disclosed but it may not get a lot of pushback if the product or services is aligned to the interests of the target audience.
The idea of pay-to-play has been a controversial topic within social media in the wake of concepts such as sponsored blog posts and tweets. But maybe the market is evolving, and the economic realities are starting to emerge as a part of social meda.
What do you think? Do referral fees make sense, or are they a non-starter.
(Note: Mark Evans is director of communications for Sysomos Inc.)