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Influencers are changing the face of commerce for good

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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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

4

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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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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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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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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Wellness
Wellness

Wellness has been popularly understood as an extension of self-help, a category that is all about personal optimization and productivity.

More recently, wellness has been m...

Self-care

Self-care is characterized as a market for purchasable experiences like massages, manicures, and "me time."

The origins are in secular rituals meant to calm the nervous system. It is focused on doing anything that might make someone feel good.

Self-help

Self-help is far removed from self-care. Self-help is about fixing something while self-care thinks you're already great.

The trendy self-help is linked with business management and entrepreneurialism. Self-help seeks to categorize and instruct.

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Enterprization of The Consumer

Today's technology-enabled world offers many ways to capitalize on creativity: creators are now earning individually, monetizing their unique skills. People are turning their passion, the things th...

Evolution of The Passion Economy
  • On-demand marketplaces established, in the last 10 years, new ways for people to make money - workers could easily monetize their time in specific, narrow services (food delivery, parking, or transportation). 
  • These marketplaces automated the matching of supply and demand, as well as pricing and used platforms that were convenient for both the user and the provider.
  • Specific platforms provided a path to self-employment for millions of people and they also homogenized the variety between service workers, prioritizing consistency and efficiency. 
The Passion Economy

New digital platforms are enabling the 'passion economy', where individuals with certain creative skill sets can earn a livelihood while doing the very thing they are good at. These platforms provide:

  • Greater ability to build customer relations. 
  • Increased support for expanding their business. 
  • Better tools for standing apart from the competition.

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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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Smart generosity concept applied inside the companies

Because of the current pandemic, companies have had to re-evaluate their purpose. This is to say that smart companies apply the smart generosity concept, according to which employees and stakeholde...

Companies' response to the pandemic

While facing the difficulties that the new virus is making companies all over the world fight against, there are several employers out there who seem to really know what they are doing. Companies of all types are helping researchers, suppliers and not only to help slow down the spread of the virus.

Cooperation in the time of Pandemic

Companies all over the world are currently collaborating with each other, NGO and governmental entities in order to hep improve the overall current situation. Their cooperation goes from providing food to the ones in need to developing vaccines.

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