Fifteen Minutes of Fame… and Influence
“Influencer marketing is hot right now. Some are asking if it can last…”
“In the future, everyone in the world will be famous for 15 minutes”. In 1968, when Andy Warhol made his famous prediction, the world wide web was still decades in the future. But he nailed it: with Instagram and YouTube and Facebook, we are all broadcasters now. The internet has democratised fame.
Today, for many, social media has taken over from traditional media as a source of news and from TV advertising as a marketing platform. You could worry that it’s a threat to democracy, you could argue that it’s creating filter bubbles of intellectual isolation and fake news…but you can’t argue that it’s here. And with it has come a whole new breed who are famous for being famous. The influencers.
For Millennials and Generation Z, the influencers they follow on Instagram, YouTube, Twitter or Facebook are more relevant to them, more real, more engaging than ‘traditional’ Hollywood stars or TV celebs. And with some of those influencers having a follower base counted in millions, brands have rushed to sign them up. When Weight Watchers signed up DJ Khaled, with his 9 million Instagram followers, the company’s stock immediately rose 8% on the NY Stock Exchange.
You can find influencers with followers in their millions in all the predictable categories – food, music, fashion, fitness, beauty, travel, gaming – but also in B2B areas like PR and technology. According to Tapinfluence, a provider of cloud-based Influencer marketing software, 73% of marketers say that they have an allocated budget for influencer marketing.
ION, who provide a matchmaking platform for brands and influencers, say that 71% of consumers are more likely to make a purchase based on a social media reference. And YouTube claims that 70% of teenage YouTube subscribers trust influencer opinions over traditional celebrities.