Influencer marketing budgets set to increase for nearly 60% of the fashion and beauty industry
Influencer marketing is well-established in fashion and beauty with the majority intending to increase investments in this space, yet identifying the right influencer remains the biggest challenge, finds the Fashion and Beauty Monitor and Econsultancy report.
Fashion and Beauty Monitor, the leading digital provider of media, PR and brand contacts, today released ‘The Rise of Influencers’ research report, conducted in association with Econsultancy. The report examines the rise of influencer marketing and the impact it has had on the fashion and beauty industry.
Findings from the report underscore the changing landscape of the fashion and beauty sector brought about by digital technology – with influencers leading this dialogue of change.
Key findings from the report include:
57% of survey respondents say they have an Influencer Marketing strategy in place; an additional 21% are planning to invest in it over the next 12 months. Currently a quarter are allocating between 30% and 75% of their marketing budget to Influencer Marketing.
84% of influencer research is carried out manually searching social media platforms and forums; 73% state identifying the right influencer is the greatest challenge.
59% of respondents say engaging with influencers is a challenge
39% of respondents are held back by budget constraints. The perception that influencers are expensive for brands with budget constraints is shared by 63% of survey respondents.
Almost three-quarters (72%) of respondents think that relevancy in relation to subject area is more important than influencer reach.
The majority, 85% of respondents, said email was the most effective channel to reach influencers as it allows the influencer time to review the brand opportunity and decide whether or not to respond.
Budgets for Influencer Marketing are set to increase for 59% of respondents in 2016.
“The emergence and rapid uptake of social platforms has undoubtedly created an increased appetite for word-of-mouth marketing led by digital influencers. Yet, the report confirms there remains a disparity in the way influencer marketing is currently practiced and the massive potential there is still to leverage,” said Sarah Penny, Editor, Fashion and Beauty Monitor. “Marketers must evolve their approach towards influencers they choose to work with. In this practice – context is king.”
The report marks the next phase in Fashion and Beauty Monitor’s commitment in providing all the intelligence and insights that drive the fashion and beauty industry forward.
‘The Rise of Influencers’ report informs on the current state of influencer marketing, the opportunities and challenges of working with influencers, the trends and spends for the year ahead and influencer marketing best practices specific for the fashion and beauty sector.
The full report and infographic can be read here: hello.fashionmonitor.com/influencers/.