SOCIAL MEDIA SPOTLIGHT: 7 Influencer Marketing Trends for Luxury Brands
As we gear up for 2018 strategies for clients, I’ve started to delve into more research about influencer marketing. Brands are investing more time and budget for influencer programming more than ever before. In fact, in 2016, marketers spent between $26,500 and $53,000 per influencer marketing program, which is said to have doubled in 2017 to $53,000 and $106,000. Overall budgets are set to grow as well, with 48% of marketers planning to increase their influencer marketing spend next year.
Instead of just researching general influencer trends, I prefer to delve into very specific verticals and categories. Take influencer marketing for luxury brands – it’s a very different approach than hospitality or travel brands.
The Fashion/Beauty Monitor recently unveiled their list of 7 influencer marketing trends for luxury brands, which I found to be incredibly helpful:
- BUDGETS ON THE RISE: 66% of luxury brands are expecting their influencer marketing budget to increase over the next year
- ANALYZING AUDIENCE INSIGHTS: Influencer audience data such as demographics, social listening, brand affinities will be key in differentiation a big-budgeted influencer marketing campaign, from a successful one.
- MANAGING INFLUENCER RELATIONSHIPS: 46% plan to commit more resources for influencer partnerships
- MICRO-INFLUENCERS STILL MATTER: 20% of luxury brands expect to work more with micro-influencers
- EXPERIMENTAL FORMATS: 18% plan to begin working with influencers in new ways
- CREATIVE CONTROL: Influencers will drive contract negotiations leading with artistic direction
- VIDEO CONTENT: Video content will rise in importance. 11% of luxury brands plan to create more video content over the next 12 months.
Download the entire report here. How is your brand planning to work with influencers in 2018? What are the new ways that you will collaborate with them?