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BizReport : Social Marketing : December 14, 2017

Marketers should address strategy in maturing influencer economy

The impact of social media influencers on Millennials is significant, outweighing recommendations from family and friends. But, as the influencer economy matures, so influencer marketing strategies must evolve.

by Helen Leggatt

More than four in 10 (41%) of Millennials rely primarily on fashion influencers and bloggers for fashion recommendations and ideas, found a recent survey. Advice from family and friends followed with 37% while 33% cited a store's website or app as their source of inspiration.

However, while influencer marketing is often seen as a numbers game, consumer perceptions are changing in a maturing influencer economy. Millennials today are less likely to judge influencers on the size of their following (just 7% said they did). Instead, they are looking for a sense of style (61%) and an influencer they can relate to (41%).

"The two main questions to ask for forming a successful relationship would be, 'Does this influencer share my values?' And, 'Are this influencer's readers my target market?'" says Sam Cinquegrani, founder and CEO of digital marketing and services provider, ObjectWave.. "It's not just about the size of the influencer's following."

Influencer marketing is big business. Around 70% of brands use influencers (L2) and influencer marketing is, according to Mediakix, currently estimated to be a $1 billion industry on Instagram alone, the platform on which 59% of Millennials like viewing content from fashion influencers, way more than YouTube (28%) or Facebook (27%).

However, when asked if they trust influencers "more or less these days?" 52% of Millennials said less.

Michael Quoc, founder and CEO of Dealspotr.warns marketers to "be hyper-aware of shifting perceptions and increasing skepticism towards online influencers when crafting an influencer marketing strategy."

Tags: digital marketing, fashion, influencer marketing, social marketing

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