We joined Vogue Business’s Kati Chitrakorn and leading influencer agent, Jennifer Powell, for a discussion on:
– To what extent has the coronavirus impacted the influencer marketing industry?
– Major retailers’ affiliate marketing programmes are first to have been paused. Could the coronavirus kill influencer culture?
– What opportunities are there for fashion brands to work without traditional influencers? Looking ahead, what sustainable solutions or opportunities can be explored?
We’ve put together a summary of what they explored and discussed during the Q&A…
- Marcomm’s is the most likely sector to be effected by the current pandemic – Digital is less likely to be impacted and effected by the pandemic. Influencers sit right in the middle of these two sectors.
- 55% of UK are now delaying service launches and Marketing budget is largely under review.
- A high percentage of big branded moments have been put on pause.
- It is important and essential to figure out what is responsible and what brand tone should be established, whilst being sensitive to our current state.
- It is imperative to acknowledge what is going on as a brand but pivoting from focussing on selling product – Who are their followers? What do they need at the moment?
- Is micro or macro better at the moment? Macro influencers have proven to convert substantially more than mirco.
- A wealth of advertising assets have been created with Avatars – they are a great alternative as there is no human contact and it is a sustainable way to create brand assets.
- Authenticity MUST and HAS to be at the core of collaborations.
- There has to be a familiar narrative that people can relate to.
- With models being grounded at home, digital technology provides a welcome solution to product photography.
- We’ve seen an abundance of excess travel, business transactions, without a moment, or a breath to understand why we are doing things. We are experiencing a natural reset of intention, our need to connect with each other and the importance of it.
- We should focus on meaningful requirements of brand and influencer relationships – a reassessment of who you want to align your brands with.
- There is an increase in media consumption and a decrease in advertising spend. Spending money here is going to push and drive businesses forward during this time.
- There is a newfound social responsibility – a hub of resources, inspiration, entertainment and charitable aspects that are giving back to society and create goodwill.