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Influencers are changing the face of commerce for good

The influencer

The influencer

The term "influencer" may not produce thoughts of profound social or economic disruption, but it has changed the way we measure success as societies.

An influencer selling us stuff is a powerful driving force of change and presents a new opportunity for entrepreneurial success.

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IDEA EXTRACTED FROM:

Influencers are changing the face of commerce for good

Influencers are changing the face of commerce for good

https://qz.com/1708956/the-benefits-of-the-influencer-economy/

qz.com

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Key Ideas

The influencer

The term "influencer" may not produce thoughts of profound social or economic disruption, but it has changed the way we measure success as societies.

An influencer selling us stuff is a powerful driving force of change and presents a new opportunity for entrepreneurial success.

Democratizing fame (and fortune)

The market used to be primarily controlled by a handful of entities - agents, entertainment studios, managers, and advertisers.

This is no longer the case. The power has been handed back to consumers who are redefining fame and adding diversity to fields that have been too narrow.

Valorizing “real”

The influencer model gave consumers the power to support people they actually believe in and turn regular folks into icons. The key to success is the ability to authentically connect with fans.

Today's influencer-entrepreneurs have tools available to handle marketing, sales, and fulfillment almost on their own. The consumers hand their dollars for a product and a person they actually believe in.

Raising the bar

A benefit of the influencer model is that it helps to replace the market of VIP-backed junk products. Fans can now provide feedback directly to the products they support.

Putting a celebrity endorsement on a product is no longer enough - a successful influencer brand has value and quality.

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Influencer industry

The influencer industry has operated in boom times. As more Americans have taken their cues from social media about where and what to buy, brands started to use their marketing budget on influencer...

Reason for the negative impact
  • There is less money to go around. Since March, about a third of influencers were already seeing fewer collaborations.
  • This is also an awkward time to advertise, while so many are unemployed or facing a life-threatening illness. Brands don't want to alienate their market.
  • Some retailers are doing better, while other online retailers may not last. Categories like fashion, beauty, and luxury will likely suffer first and hardest.
Broad branding campaign

If a recession brings shopping to a standstill, marketers may not return to the type of broad branding campaign currently used in the influencer world.

Marketers are still in demand, but brands may demand evidence that the influencers give them sales, not just exposure.

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Fitness vloggers
Fitness vloggers

There are more than 30 million fitness videos on YouTube alone and many more on other social media platforms.

Upcoming fitness instructors can publish and gain a following without a sta...

Vloggers and brands

Fitness vloggers are able to attract a mass audience and use their influence to introduce products to their viewers. They are picky about the products they introduce and want only to promote something they would use themselves.

A study by a marketing platform found that 92% of people preferred hearing about brands from influencers, rather than through paid adverts.

The shift from traditional

The goal of the traditional workout video was weight loss and fitness. More recently, there has been a switch in fitness videos.

It is now more focused on an intimate and interactive experience with your favorite fitness vlogger.

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An old concept

Beauty supplements aren’t a new concept. We've been able to buy hair and nail formulas for decades at the drugstore.

The supplements, from vitamin ingredients like biotin, zinc, folic ac...

The beauty supplement market

Although beauty supplements were a small part of the beauty industry previously, they are now becoming increasingly popular. The global beauty supplement market is growing rapidly and is expected to reach $6.8 billion by the end of 2024.

A survey of buyers revealed that supplement brands, not skin care or makeup brands, are most likely to be picked up by retailers, as

beauty supplements have become hope in a bottle.

Marketing supplements

The concept may not be new, but the techniques used to market supplements are.

In 2013, companies realized they could make use of social media to promote their supplements as youthful and fun.

One of the attractive qualities for supplements is a strong engagement on social media, with packaging designed to be super-shareable.

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A Crisis of "Belonging"

In previous eras, people used to gather around a faith group, neighborhood association, or trade union.

However, the crisis of social isolation has created a vacuum that commercial, for-prof...

Connected But Alone

Social isolation may be the leading problem of our era.

  • 89% of people used a cell phone during their last social interaction. 82% felt it degraded the conversation.
  • 40% of Americans identify as lonely; up from 1 in 10 in the 1970s.
  • One in four Americans have no trusted confidante; up from 1 in 10 in 1985.
  • Less than half of American kids live in a traditional family home.
  • There’s been a 40% decline in standard measures of empathy since the 1990s.
  • There’s been a 24% rise in suicides between 1999 and 2014.
  • Only about half of Americans trust their neighbors.

Tribal Connections

Technology is part of the problem of disconnection, as we're replacing deep, emotion-driving in-person relationships with superficial online relationships.

Another cause is the decline of participation in organized religions that were traditionally responsible for weaving social fabric. Reweaving the social fabric is vital to the individual as well as collectively.

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Homo Narrativus
Homo Narrativus

We, humans, seek stories.

We are essentially ‘story finders’ looking for meaning, narrative and shape in everything around us. We tend to not believe in improbable...

Bias Towards The Individual

Stories built around individuals provide relatability and a sense of being in the shoes of the people involved, living in the narrative.

Our tendency to give a ‘face’ and a story to a group or collection of people made us invent a dominant leader of the group, like the President, or the Team Captain, or the Monarch.

How Fame Alters Our Perceptions
  • The popularity or fame of an individual or a piece of art (like a painting, song or a movie) alters how we perceive it.
  • The characteristics and behaviour of the people among whom fame spreads matters more than the actual merit or quality.
  • A study showed that more people liked the songs that were topping the charts, copying the behaviour of other listeners, and if the same songs were arranged randomly, they were not chosen or liked that much.

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TikTok

TikTok is a breakthrough social media platform with millions of mostly young users worldwide, who share short videos and funny clips with matching music. 


Lately, its populari...

Gen Z

The appeal of TikTok is mostly among Gen Z, who love music, weird behaviour, humour and fashion. They love the blend of a social media network which is focused on consuming and creating viral content, along with catchy music.

Worth Billions

TikTok, whose Chinese owners are worth billions now, wasn’t the first-of-its-kind app but became a runaway success due to its unique format. Music biggies became early adopters of the TikTok format, using creative techniques to magnetically lure viewers and ensure it goes viral.

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#Slime

Slime, a Do-It-Yourself Gooey toy, is taking social media by storm. Instagram has around 5 million posts tagged with #slime, while certain influencers like Karina Garcia (considered the pioneer in ...

Gooey Money Maker

Slime lovers are also selling their versions of slime online on platforms like Etsy. Viral Instagram videos serve as a marketing tool for small slime businesses. YouTubers doing slime videos make thousands of dollars in sponsorships deals.

ASMR

Autonomous Sensory Meridian Response (ASMR) refers to a sensation which is like a combination of a tingling sensation, pleasure and relaxation. It is a relaxed trance-like state which has been associated with the crackling, popping and squishing sounds of slime videos, providing an insight into why these videos are popular.

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Have a focus

Don't try to be everything to everyone. Decide what your key message is and stick to it.

Keeping your message focused for your target demographic will make it that much easier to ...

Be authentic

It's the easy way to have an original personal brand. Pople can see right through a dishonest act and will call you out for it.

It will also make it much easier to manage your personal brand on a daily basis.

Tell a story

If your personal brand isn’t telling a story, you’ve already lost half of your potential audience.

The most effective personal branding strategy these days is to build a true narrative, a story around your brand that your audience can engage with.

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Anti-Social Social Media

Studies show that the younger demographic wants restricted, private, secure and exclusive networks which cannot be thronged by unwanted people, like their parents.
These exclusive online social ...

Private Messaging Campfire

Private messaging services like Facebook Messenger and Whatsapp are where private interactions happen and people are comfortable sharing details in private group messaging.
There are new applications like Tex-Rex, The Infatuation, or Community which are helping brands penetrate this private space.

Micro-Communities Campfire

Micro-communities are platforms where people gather around shared interests, beliefs or passions. Some examples are Facebook Pages and Groups, Instagram Stories, Slack and Youtube.

Brands can tap into this by partnering with influencers who have the kind of demographic they are targeting.

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