How luxury brands can generate a successful Influencer Marketing Campaign
Who are ‘ Millennials ‘
- Millennials ( Generation Y ) are the demographic that follows Generation X
- 15–35 years old with a range of birth from 1980’s to the early part of the 2000’s
- 83 million Millennials in the U.S.
- Millennials are the most ethnically and racially diverse generation so far with 19% Hispanic, 14% African-American and 7% Asian
- One out of every three adult americans will be Millennials by the year 2020
- 75% of the workforce by 2025 in the U.S. will be Millennials
They are usually Labeled as being lazy, narcissistic and entitled. The truth is that they are actually: Brand Loyal, Engaged, Entrepreneurial and mindful.
Why is this important?
- By 2017, Millennials will be outspending baby boomers with an annual buying power of $223 billion.
- The expenses of Millennials by the year 2020 will be in an excess of $1.6 trillion and are estimated to spend $12 trillion over their life time
What are the challenges that companies are having with marketing to Millennials in the Luxury Sector:
- Compulsive Multi-tasking
- Always Connected
- Shorter Attentions spans — about 11 seconds
- Globally Diverse
The Answer is Quality Content. Howdo we do this?
- Content has to be relevant to the Millennial Generation
- Tailor the content for the specific platform. this means to not ever do a one size fits all content.
- Influencers are highly underrated and there is a ton of upside to aligning your brand with them because they have the attention of your audience and are the best brand advocates. by doing this you can find the right community. These influencers specialize in Niche’s. So if you are in politics, food, fashion, music the best way to optimize your brand is to identify the proper community and Influencers have done a great job at creating that community.
- Create perception of exclusivity.
- Incentives & Giveaways. Doing this gets Millennials to post on your behalf and are more than happy to take on the role of brand advocate by sharing it with their followers
- Collaboration. Four seasons does this by allowing a user of their choosing to add to their Snapchat story by allowing an influencer staying at one of their hotels to log in so Four Season followers get a unique experience, but also they gain access to the influencers audience as well.
- Content must be Informational and Entertaining at the same time
So what is the impact or ROI of leveraging Influencers?
According to a poll conducted by Tomoson Marketing Professionals for every $1 spent on Influencers, businesses make $6.50. Their research also demonstrates that there is:
- A 50% increase in sales and leads.
- 43% increase in brand awareness
- 51% increase in the quality of customer
- Blogs are still in the lead at 37% was being the top platform for Influencer marketing
- 25% coming from Facebook
- YouTube, Instagram and Twitter coming in at 6% which will grow in the next 18- 24 months
What the data doesn’t show is Snapchat. From our Estimates at Hiiro Media we are seeing results of 9% ROI for our clients using influencers on the platform with that number expected to grow to 13% in the next 18 months.
Music has been and still has a vast impact on consumers. Marry that with video in a creative way that is unique to your brand and you have a powerful campaign. Especially when it comes to influencers. This is why right now and in the next 24 months musical.ly has tremendous opportunity for brands to make money as well as influencers to amplify their audience.
What are the big benefits to all this…
Hyper brand awareness
Ability to access influencer audience
Original and authentic content
Best way to promote giveaways — Mathew Santoro
Luxury has changed in is changing. Understanding these demographics and how to market in 2017 and beyond will allow you to significantly increase revenue and flourish in the years to come.
So that’s it for now be sure to check out my personal website www.JoshuaSexton.net and subscribe for more business content. Be sure to check out my new podcast called luxury geek. It is available on iTunes, Google play and sound cloud. Join in on my conversations and engage with me on social media such as: Twitter, Instagram, Anchor and Snapchat at Luxury_Geek and on Facebook.com/luxurygeek