Instagram has become more than just a feed of friends’ goings-on. Affluent consumers are now referring to Instagram to get the latest news, find inspiration, discover the latest fashion and travel trends… sometimes before browsing through a brand’s website. This consumer shift to social media content as one of the first brand interaction touch points means that brands that are not leveraging this powerful platform are missing out on something big.
With 1 billion active users, Instagram is indeed becoming one of the most important social platforms for lifestyle and luxury brands to engage with their affluent consumers.
Research group L2 found that there was a 53% growth in 2017 alone for the luxury fashion sector on Instagram.
72 percent of consumers’ purchase decisions are influenced by what they see on Instagram. It has thus become a strategic priority for businesses to optimise their Instagram profile for more awareness, sales and brand growth.
Fact: Instagrammers are shoppers. So “Followers” are potential customers.
Social commerce is on the rise and Instagram is now a serious marketing and sales channel for lifestyle and luxury brands. A recent report by digital luxury knowledge platform Luxe Digital shows indeed that Instagram is the new place to target affluent women shoppers.
With the backdrop of Facebook announcing earlier this year new changes to its News Feed algorithm to favour friends’ content, other social media platforms, Instagram in particular, have emerged as worthy alternatives for brands seeking engagement online.
Instagram’s ad revenues are estimated to reach $11 billion by 2019. It is thus time for modern businesses to adopt the platform if they want to appeal to their younger consumer base.
Instagram influences each stage of the consumer journey
The social media helps brands engage with their audience at three important stages of their consumer journey:
1. Discovery:
Instagram acts as the new window shopping experience. Consumers browse for inspiration. These days, more and more consumers are turning to Instagram instead of Google to search for a brand or business, and your Instagram profile is quickly becoming your new home page. Instagram has become a modern, millennial search engine, where the search results are beautiful photos and your follower count acts as a seal of approval.
2. Conversion:
Shopping abilities are some of the hottest 2018 trends on the fast-growing social media channel. Luxury e-commerce continues to grow and Instagram now has features for brands to sell directly on the platform.
3. Nurturing:
Instagram helps brands maintain an ongoing relationship with their consumers. 49 percent say that they are more closely connected with the brand that they follow.
Bottom line: The place where brands now make a first impression is the brand’s real home now, no matter the touchpoint. Instagram is as important as your website, for different reasons perhaps, but it is a strategic investment nonetheless. So allocate your resources accordingly. Need some help managing your Instagram presence? Reach out to us.