Exclusivity has been the primary calling card for most luxury brands.
Because of that, celebrities and luxury brand endorsements are almost synonymous.
Influencer marketing is what is getting the job done in our current world.
Some luxury brands have noticed this and taken the correct measures to adjust to the situation.
Others haven’t and instead took the backseat.
It’s not as easy as just adopting the strategy and going to town.
The following tips will prove to be beneficial to luxury brands that want to utilize influencer marketing as part of their marketing strategy.
How to Conduct Influencer Marketing for Luxury Brands
1. Choosing the right platform
Regarding influencer marketing, this means a social media platform.
While YouTube and Facebook are what comes first to mind when you think about social media, Instagram is the undeniable star in influencing potential.
With an estimated 700 million plus users and growing, Instagram is the fastest growing social media site.
The platform generates over a billion dollars in influencer marketing every year, and this amount is expected to hit $2 billion by 2019, more than any other social media platform.
The real reason behind Instagram’s success is the perceived authenticity that stems out of the influencers.
The current generation abhors anything that closely relates to advertisements and is, therefore, more likely to trust a digital influencer’s opinion over that of a celebrity endorsement.
It is, therefore, vital for luxury brands to understand Instagram’s potential in influencer marketing plus the additional benefits it will give the organization such as authenticity and increased brand engagement.
2. Finding the right influencers for your brand
Just because a social influencer has over 1000000 followers does not necessarily mean that they will have a significant impact on your brand.
This is because relevancy is more important than the number of people you can reach.
Most consumers can spot a paid sponsorship a mile away, and this might prove to be counterintuitive.
A good example would be a luxury toothpaste brand giving a famed boxer their products to promote; consumers just won’t have any of it.
It’s for this reason that luxury brands must employ their resources in looking for the perfect fit for their organization.
When looking for the right fit, luxury brands should consider the value of mid-tier and micro influencers over top-tier influencers.
Micro and mid-tier influencers typically have a following of between 15,000 and 1,000,000 followers while top-tier have an audience of over a million.
While no one denies the positive impact top social influencers may have, for the most part, they have no personal connection with the brand.
Mid-tier influencers, on the other hand, have built their following out of a specific niche.
If they have expertise on your brand, they will make more efficient partners since their audience follows them for their opinion.
Additionally, top-tier influencers can be quite costly with some being known to charge $5000 per post.
It makes more sense, therefore, to have ten mid-tier influencers with 100,000 followers each over one top-tier with a million followers.
3. Connect with the influencers
After making contact with the influencer, how the brand engages with them regarding content creation is very important.
It is understandable that they would want creative control over the content being produced but exerting this clause could prove to be counter-intuitive.
This is because the unique way in which influencers create their posts is what made them amass followers in the first place.
Though a hard pill to swallow, allowing the influencer to promote your products in their own way is more likely to yield success.
Luxury brands should not view their relationships with influencers as sponsorships, rather as partnerships.
4. Track Results
The beautiful thing about technology is that you can use powerful online tools to track performance metrics.
As such, you can be able to see the number of times the post was read and the impressions it got.
Additionally, these tools can tell you the geo-location of the audience, and even the device used to browse your content.
These data points can be effectively employed by luxury brands to determine the kind of influence that an influencer has on the brand’s marketing scheme.
Although it’s still a relatively fresh concept, influencer marketing is proving its worth with surprising ease and speed, and this is why luxury marketers need to adopt this new strategy.