Influencer Marketing for Luxury BrandsSeptember 5th, 2022 by Socially Powerful
Influencer marketing has taken the marketing world by storm within recent years – and rightfully so. Offering up new and innovative ways to reach a whole new generation of online consumers, in a way that is purely digital, is becoming far more beneficial for brand success.
When we think of influencer marketing, our minds typically wander towards up and coming brands who are looking to increase their reach on social media platforms. We bet not many of your thoughts immediately jump over to how luxury brands are using influencer marketing to promote their products. Why would they? Everyone already knows the Chanels and Diors of the world. What could be the reason for them needing even more exposure?
Through this blog, we will explore all there is to know about influencer marketing for luxury brands and discover why even the largest brands in the world cannot escape the inevitable take over of the influencer.
Why should Luxury Brands utilise Influencer Marketing?
Apart from it literally dominating almost every corner of the online world, influencer marketing for luxury brands plays host to a whole new level of inclusivity and accessibility.
Stereotypically, there is an air of inaccessibility when it comes to luxury goods, which only the richest and most elite are worthy of and there have even been previous discussions surrounding how luxury brands could “lose their appeal” by simply engaging a more diverse audience. So we understand that stepping into the influencer marketing world has been a little more challenging for them.
However, having acknowledged this, the answer for why luxury brands need to begin utilising influencer marketing is simple. Because modern consumers prefer people to faceless brands. Gen Z in particular would much rather buy a product from a trusted person, especially when it comes to pricier items. This is where influencer marketing for luxury brands could aid their attempt at reaching the average consumer of 2022.
Getting the Ball Rolling
Even though the New Face of Luxury report of 2017 by Econsultancy states that 12% of luxury brands say that they have not yet participated in influencer marketing, and also have no plans to, there are many out there who have already dipped their toe into the campaign water; even though 46% have admitted that their influencer program is a year, or less, old.
Here are some reasons why, slowly but surely, influencer marketing for luxury brands is beginning to take off.
Social media makes luxury accessible
Online shopping allows the modern-day consumer to interact with and experience high-end products on a whole new level. Of course, opening luxury brands up to being promoted by influencers can run the risk of appearing less exclusive, but, with the right balance, a lot of them are learning that operating influencer marketing on channels such as YouTube and Instagram can reflect the lifestyle and interests of the core consumer.
Greater focus on ROI
Luxury brands tend to invest much larger amounts of money into their campaigns than the average company and so it is natural for them to want to measure return. 62% of those who incorporate influencer marketing into their strategies say that revenue generation is an important measure of success; factors that are now much more trackable thanks to new marketing measuring tools.
Mid-tier influencers offer authenticity
As touched upon earlier, the modern-day consumer prefers their purchase recommendations to come from trusted people rather than from a faceless brand. The authenticity a mid-tier influencer with 10k-100k followers can offer a consumer is much more effective nowadays than running a tv ad and expecting people to run out and buy your product the next day. This is because they have obtained an engaged following who are willing to listen to and take on board their recommendations and it is why influencer marketing for luxury brands is becoming an essential part of the future of marketing across all sectors.
Influencer Marketing for Luxury Brands: Case Studies
Chanel successfully stirred up conversation around its Hollywood-inspired Paris fashion show in October 2020 by hosting a live stream of the event and inviting influencers to dress up for it even if they were attending virtually. Influencers posted their glamorous outfits from their bedrooms and living rooms onto their socials with the hashtag #ChanelSpringSummer which generated $876.5k EMV for the luxury retailer in October alone from 76 content creators. We never want to hear anyone say that influencer marketing for luxury brands doesn’t work, again.
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To promote its iconic Peekaboo bag in August of 2020, Fendi invited content creators to its #FendiPeekabooBar pop-up in London. Here, the influencers received unique customisation for their bags. Through this thoughtful initiative, Fendi accrued $8.7M EMV in August alone thanks to the influencer’s social media exposure of it to their followers. Yet more proof as to how influencer marketing for luxury brands can be incredibly successful when done correctly.
The Bottom Line
Social media influencers are driving significant engagement for luxury brands and the brands that invest in influencer marketing are the ones reaping the rewards. It is understandable that, for some, incorporating influencer marketing for luxury brands could run the risk of dismissing an exclusivity that has been built up for decades, however, in a new, digital era, it is important to get with the times so that you do not fall off and become forgotten.
Should luxury brands use influencer marketing?
The power that content creators yield is often underestimated and the sooner luxury brands realise that influencers are an incredibly beneficial addition to their teams, the better.
How do you promote luxury brands on Instagram?
Step 1: Review your audience – what do they like/dislike and what type of content do they consume regularly.
Step 2: Create a shortlist – of all potential influencers.
Step 3: Do your research – research into your chosen influencer to decide how to collaborate with them and what you are going to post on both of your profiles.
Step 4: Create an on-going relationship – by giving them creative freedom. No one knows what their audience responds to more than they do.
Do luxury brands work with influencers?
73% of luxury brands have begun their influencer marketing journey, with 15% looking to start within the next year.
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