Influencer Marketing Is Here To
Stay
According
to an article written on Forbes, influence marketing spend rose significantly
in 2019 and shows no signs of slowing down in 2020. Two industries that are increasing their spend
in this category are fashion and beauty companies, which comes as no surprise. Instagram
is the “preferred platform” for these brands, but Tik-Tok is up on the rise. It
will be interesting to see if Tik-Tok does indeed take away some of Instagram’s
market share.
According
to e-Marketer’s 2019 Influencer Marketing
Report, “Hootsuite surveyed their clients in 2018 and 48% said they either
used or planned to use influencer marketing with well-known celebrities, while
45% used or planned to use micro influencers who have smaller, highly engaged
audiences.” Just recently, Coach partnered with JLo to introduce their new 2020
Spring Collection, and smaller brands such as Thursday Boot Company have
reached out to micro influencers such as Blake Scott, an influencer that has
over 596,000 followers, to spread brand awareness and increase sales. I
continue to see smaller brands partner with these micro influencers to help
spread awareness and in many cases (through conversations with brand owners at
trade shows) has helped to increase sales.
It is
interesting to note that although this extremely prevalent in the fashion industry,
Hermes, a high-end luxury brand does not actively participate in this and they
continue to be a strong brand showing positive sales growth. I guess they are
the only exception to this since they have been around for over 100 years and are
known for their quality and consistency in their products. I do, however, recognize
the importance of these influencers and their impact on smaller brands and will
consider utilizing this type of marketing to spread my brand's awareness.
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