You might have heard by now that every successful global fashion brand has an influencer marketing budget. In fact, top fashion brands are investing more and more into influencer marketing strategies every year. But why are fashion brands increasing their influencer marketing budgets? And why is influencer marketing such an important tool for fashion brands in particular?
We know that these days, every marketer generally knows influencers are vital components to a successful digital marketing campaign. In our social media-obsessed age, it’s no secret that influencer marketing works. And that’s why influencer marketing strategies are typically becoming more commonplace within the marketing industry. It’s also why we’re seeing big brands from Apple to KFC turning to us to run successful influencer marketing campaigns.
You can see a powerful example (click here) of how an English exclusive clothing brand called, Drare Clothing, made a huge return on their investment by opting for influencer marketing.
I’m sure it comes as no surprise that the global fashion brands doing the best have a solid influencer marketing budget in place. In black and white, here are the stats showing that link. If you’re not yet convinced, these top 8 statistics might just prove to you why every global fashion brand needs an influencer marketing budget.
8 Influencer Marketing Budget Stats Every Global Fashion Brand Needs to Know
- 59% of marketers increased their influencer marketing budget last year.
- 75% of global fashion brands now actively use social influencers in their marketing strategy.
- More than a third of marketers claim to find influencer marketing more successful than traditional forms of advertising in 2017.
- And 21% of fashion brands planned to increase their influencer marketing strategy in 2017.
- 71% of marketers believe that ongoing partnerships are the most effective form of influencer marketing, meaning a solid influencer marketing budget will become a necessity.
- 22% of customers are now acquired directly through influencer marketing. This is likely because the majority of consumers look online before, during or after a visit to a retailer.
- Moreover, 74% of people look to social networks for specific guidance on purchase decisions, for items such as clothing.
- And 88% of customers trust online reviews by strangers as much as they would recommendations from friends.
So, the stats don’t lie. They tell a story about the relationship between fashion brands and the effect of an influencer marketing budget that cannot be ignored. But why do fashion brands, in particular, find influencer marketing so useful?
Why influencer marketing and fashion brands go hand in hand
Fashion is Visual!
Well, first of all, consider this: fashion is a visual medium. By some, it’s even considered a form of art! And pretty much every consumer will want to see an item of clothing first hand before they buy it. So, fashion and images truly go hand in hand.
And do you know what else is a visual medium? A number of social media platforms – including Instagram, YouTube, Snapchat and image-friendly blogs. That means that these popular social media sites make the ideal place to host a campaign for a global fashion brand. Top influencers can produce images and videos that showcase a fashion brand’s products, in a visual and appealing way. And, as these influencers have such huge followings, the content exposes the brand to hundreds of thousands of potential customers.
With fashion and much of social media relying so heavily on visuals, there’s really no question. Fashion brands should definitely be investing in social media and influencer marketing and upping their influencer marketing budget.
Fashion is Online!
In addition to that detail, consider this. Just like social influencer content, fashion can be experienced online. In recent years, online clothes shopping has become a worldwide retail phenomenon. (We’ll hear more of that later in this article, when we look at the success stories from top online retailers like ASOS and Revolve.) Moreover, fashion brands and couture designers alike are increasingly turning to social media to showcase their work. The proof of fashion’s presence on social media is in the stats. New York Fashion Week Autumn/Winter 2016 brought about 427,000 Instagram posts – and over 100 million engagements!
Clearly, fashion fans and creators alike are heavy users of the Internet and social media. That probably explains why a whopping 96% of marketers have found that the social media strategy influencer marketing increases brand awareness among consumers. Clearly, social media speaks to fashion fans. So quite simply, influencer marketing is the answer to every fashion brand’s advertising strategy. And that’s exactly why every 21st century global fashion brand needs an influencer marketing budget.
For further proof of the link between a dedicated influencer marketing budget and a successful fashion campaign, let’s look to some of the top global fashion brands. As these case studies show, these brands have all set aside a significant influencer marketing budget over the past few years, in order to produce these high profile influencer marketing campaigns. And their influencer marketing strategies have led to some incredible success – let’s take a look…
Influencer Marketing Budget Case Study 1
We can’t really discuss the link between the success of a global fashion brand and an influencer marketing budget without mentioning Daniel Wellington. And why is that? Well, Daniel Wellington were one of the first global fashion brands to truly understand the importance of having an influencer marketing budget. Check out their story…
Swedish watchmakers Daniel Wellington are one global fashion brand that relies entirely on influencer marketing to promote their products. In fact, they have zero traditional marketing strategies – like television spots, for example. Instead, to get ahead in the fashion market, Daniel Wellington rely exclusively on their hefty influencer marketing budget.
Most notably, the global fashion brand uses Instagrammers to endorse their products. In the past, the brand has worked with popular influencers like Nick Bateman and Tanya Burr. These influencers share images of DW watches with their millions of followers. This creates a buzz around the products on social media. And in turn, that introduces the brand to potential customers.
Their influencer marketing strategy has certainly worked wonders for Daniel Wellington. The brand was only established in 2011, but is now recognised as a top global fashion brand. The brand has also become a billion dollar business. That makes Daniel Wellington one of Europe’s fastest growing global fashion brands. Not bad for a startup company relying on their influencer marketing budget, right? Daniel Wellington’s success story just shows what can happen when a global fashion brand understands the importance of having an influencer marketing budget – and nails their influencer marketing strategies.
Influencer Marketing Budget Case Study 2
Online Store ASOS
Many other fashion brands look up to ASOS. In fact, they are often seen as the most successful global fashion brand, thanks to their incredible growth and profits. But you should also be envious of their incredibly successful influencer marketing strategies. Why? Because ASOS are another brand that knows how to harness an influencer marketing budget.
For evidence of this, just check out the brand’s ASOS Insiders campaign. The ASOS Insiders are a group of stylish millennials and essentially act as brand ambassadors. On their individual Instagram accounts (ASOS_Lotte, ASOS_Dennis), they post OOTDs featuring the latest ASOS fashion drops. Links then prompt consumers to purchase products.
In theory, these posts work much like regular Instagram product placements – but they go one step further. ASOS Insiders is a long-term influencer marketing campaign. It draws in consumers because it encourages the influencers to produce a constant stream of sponsored content, with a more organic feel.
And ultimately, the ASOS Insiders campaign has proved a huge success. The Insiders have hundreds of thousands of followers between them. As a result, they provide thousands of social media engagements for ASOS every day.
Consequently, as a fashion powerhouse, ASOS is continuing to grow. The global fashion brand has now amassed over 80,000 products and sales are constantly on the rise. So, we think ASOS provide sufficient proof that an influencer marketing budget really can make a global fashion brand into a success story.
Influencer Marketing Budget Case Study 3
Fashion retailer Zara
Global fashion brand Zara has also been harnessing their influencer marketing budget… And achieving great success! In 2016, Zara launched their ‘I am Denim’ campaign. With this collection, Zara aimed to target ‘real people’, and present themselves as an accessible global fashion brand.
To get this message across, Zara worked with popular social influencers – including Instagrammer Lina Hoss. The influencers produced creative social media content for the global fashion brand. All in all, this content received incredible engagement levels. The Instagram videos alone earned several hundred thousand likes. Ultimately, consumers responded well to the global fashion brand relinquishing creative power from the campaign. This successfully presented Zara as an accessible, everyday fashion retailer. Consumers also enjoyed the influencer-produced content more, which ultimately made the campaign more successful.
The proof of this is in the profits. In 2016, sales soared for the global fashion brand. All in all, this influencer marketing campaign was a clearly a huge success for Zara – and just further proof why every global fashion brand worth their salt has an influencer marketing budget.
Influencer Marketing Budget Case Study 4
Fashion Brand Revolve
Revolve is another global fashion brand that knows the importance of having an influencer marketing budget – and how to harness it, too. For evidence of this, just check out their Revolve in the Hamptons campaign…
Revolve is an up-and-coming high-end fashion retailer – and they target the millennial market. So, naturally, influencers play a huge role in the brand’s marketing strategies. That’s why they run regular destination trips for social influencers – like the annual Revolve in the Hamptons event.
A number of A-list celebrities attend this brand event, as well as top social influencers, like In The Frow and Camila Coelho. During the trip, these influencers produce Instagram content for Revolve, which exposes the brand to their millions of followers. The content also helps to boosts sales. The images showcase the brand’s latest clothing and encourage direct purchases through shoppable links.
All in all, Revolve in the Hamptons is a great example of how fashion brands can get the most out of their influencer marketing budget. An annual brand event with influencers provides the perfect opportunity for influencers to produce social content with a great ROI. And this is evident in the brand’s success to date… Revolve is already a multimillion-dollar business, and it’s set to grow by a further 50% this year. Clearly, Revolve’s influencer marketing budget is leading to great things!
Influencer Marketing Budget Case Study 5
Global fashion company Lyst
Luxury global fashion brand Lyst also makes use of a hefty influencer marketing budget. Over the years, the brand has achieved great success by working with influencers on marketing campaigns.
In particular, Lyst regularly works with YouTube stars. The brand provides top style vloggers – such as Sunbeamsjess – with their latest clothing pieces. In return, the YouTubers produce try-on haul videos, giving the items a review.
Ultimately, these videos help to promote Lyst to hundreds of thousands of potential consumers. And the videos regularly lead directly to sales. After all, research shows that millennial consumers honestly consult YouTuber reviews before making purchases. And as a top style vlogger like Sunbeamsjess can easily command almost 100,000 views from a Lyst haul – that translates into a lot of purchases!
Your Fashion Budget Needs Influencer Marketing
As these case studies demonstrate, many of the top global fashion brands are relying increasingly on influencer marketing to boost sales and grow as a brand. It’s so clear to see that now – more than ever – it’s essential for every fashion brand to have an established influencer marketing budget. Working with influencers really is the key to keeping up with the global fashion market.
Having said that, influencer marketing strategies are not always as straightforward as they may seem on the surface. In fact, in 2016, 73% of global fashion brands surveyed claimed they found finding the right influencers for a campaign a challenge. But this is where we at PMYB come in. We pride ourselves on our ability to locate the top social influencers for a whole range of industries. In fact every influencer we select for our clients go through vigorous checks – we rate them against 46 data points (called Chromo-Factors) that contribute to sales. Click here to find out more about our services, or get in touch with us today.