Customer-centric strategies will be the foundation of our new normal and relatable influencers are the key
Launchmetrics releases its 6th annual State of Influencer Marketing 2020 report, shedding light on the trends and predictions which will play a crucial role in reviving Fashion, Luxury and Beauty industries through digital engagements and content creation.
New York, April 29th, 2020 – In the midst of an uncertain time, with the future outlook of the industry raising many questions, Launchmetrics launches its sixth annual State of Influencer Marketing Report 2020. In addition to the data and insights, this year’s report provides a special section entitled Covid: a new industry climate and predictions for the future of influencer marketing.
In the 6 years since the launch of our inaugural report, 2020 started off with influencer marketing having stabilized after continuous evolution, and in a matter of weeks, the industry has witnessed a significant change. Covid-19 has caused not only the largest health crisis of the 21st century but it has delivered a heavy blow to the fashion, luxury and beauty industries whose futures remain uncertain.
Prior to and leading up to the pandemic, Launchmetrics surveyed a total of 600 professionals in marketing, communications and PR from the fashion, luxury and beauty industries, as well as 300 Key Opinion Leaders in both, Europe and the United States. They found that:
- 94% of professionals believe influencer activations drive sales; which is up 18% from last year.
- Investments in influencer marketing programs in 2020 grew by 10% – 30%.
- 56% of brands say that they use their consumers as influencers and ‘User Generated Content’ (UGC) is positioned at the forefront of many strategies now.
- Millennials remained the number one target group (67%) for brands, while Generation Z has grown by 9% as a target for brands in their aspiration to reach the consumer of tomorrow.
- TikTok has conclusively established itself as a key platform; this social network, (with 46% of users between 16 and 24 years old), is already a new channel to exploit in their actions with influencers for 42% of brands within the industry.
- In continuation with the previous year, micro-influencers with a niche following remain to be the most effective for brands whose main objective is greater proximity with their audiences.
“While these figures will continue to evolve, what will remain critical is creating a closer connection with the consumer. In fact, 56% of brands say they leverage their consumers as influencers”, said Michael Jais, CEO of Launchmetrics. “Moving forward, brands will need to find relatable ways to fit into the lives of their consumer, and we believe that activating the right Voices will play a crucial role.”
At the moment, brands are evolving from a product-focused communication line to reinforcing the intangible values of their brand with a decline in sponsored content being a strong indicator of this shift. Now more than ever, the key to having a successful influencer marketing strategy is relatability. Once again, consumers are asking themselves why they follow certain influencers and are seeking to understand what are they really getting out of this relationship. This year’s report highlights the answers to these questions, in order to help brands pave a new direction to take post Covid-19 recovery.
Lastly, Covid-19 has forced the industry to embrace digital with arms wide open in order to reach their global communities and mitigate the impacts. As a result, the landscape will come to be less regional, and digital will connect brands with consumers better than ever before. This is why creating a digital-led engagement strategy is key. Whilst it is hard to tell what globalization will look like, it is clear that digital has become a ‘must’ in just one month, and with less opportunity for in-person events, brands will need to become their own content creators. With no option for live events, brands have to fuel their own content engine with the right Voices to amplify their message and continue to build brand momentum through unique, digital strategies whilst increasing brand performance.
This year marks the release of our 6th annual State of Influencer Marketing Report, which provides insights from brands, agencies and influencers to illustrate a benchmark of influencer marketing in fashion, luxury and beauty. Alongside brand stories, Launchmetrics gathered creator contributions from the likes of Leonie Hanne, virtual influencer Shudu, Mariale Marrero and more, to explore how influencer marketing will change for brands and creators for the foreseeable future.
To read more about the State of Influencer Marketing 2020 and how it compares to previous years, download the full report here.
Corporate Communications Director
Launchmetrics is the leading Brand Performance Cloud used by Fashion, Luxury and Beauty (FLB) executives to connect with the modern consumer in a constantly changing landscape. With over a decade of industry expertise, Launchmetrics helps more than 1,000 customers create inspiring, impactful and measurable experiences.
Its Brand Performance Cloud provides companies with the tools and intelligence they need to optimize the use of their creative assets, execute powerful brand amplification programs and measure their brand performance. The company’s AI-driven and proprietary Media Impact ValueTM gives customers the ability to benchmark their performance against 2,000 competitors worldwide. Launchmetrics’ intelligence empowers these companies to grow their businesses and streamline their processes, bringing a sharp focus to profitability, accountability, and efficiency while enabling the type of quick decision making required for agility.
Founded in New York and with operating headquarters in Paris, Launchmetrics has employees in eight markets worldwide and offers support in five languages. Launchmetrics has been the trusted brand performance technology to brands worldwide such as Dior, Fendi, TopShop, Shiseido, NET-A-PORTER and Adidas as well as partners like IMG, the Council of Fashion Designers of America, the British Fashion Council, and Camera Nazionale Della Moda Italiana.