Influencers continue to be one of the leading voices in the beauty industry, according to new data from Launchmetrics. In a webinar hosted Wednesday, the data and research company outlined the leading voices impacting what beauty consumers are buying. Among those voices are traditional media, celebrities, influencers, brand partners and owned media.
Across beauty’s mass, premium and luxury markets, influencers are dominating in terms of media impact value, or MIV, and celebrity endorsements continue to make waves both for traditional media and the brands with which they partner. According to Launchmetrics, Bella Hadid generated $1.2 million in MIV for her own account through three Instagram posts related to her Vogue Japan cover shoot and Dior Beauty. Those posts received $1.1 million in MIV for traditional media, $500,000 in MIV for influencers and $715,000 for Dior in MIV.
Owned media strategies are another way to add value to one’s brand. The industry standard is an average of $5.1 million in monthly owned media MIV, according to Launchmetrics. NYX Cosmetics regularly generates more than three times that metric, with an average of $17.3 million in monthly owned media MIV. The brand has 38 local Instagram accounts, including ones for Arabia, U.S. and Brazil. A single post on NYX’s United Arab Emirates account garners an average of $22,000 in MIV.
“Owned media is the perfect channel for brands to connect with their customer and help what we like to call increase share of wallet,” said Alison Bringé, chief marketing officer at Launchmetrics. “It costs $4 to convert a new customer, $1 to convert an existing customer, and the people who are following your brand are already an engaged audience that you know has some affinity for the products you’re selling and what your brand represents. Building out a bespoke, well-thought owned media program means that brands can speak directly to their customers. This isn’t a channel just to put sales, but to communicate what’s happen[ing] within [a] brand.”
Sephora is one example of how retailers can maximize their owned media simply by regramming content from brand partners. The retailer generates anywhere from $5.1 million to $6.7 million in MIV per month solely through regrammed content. Regrams create product awareness and increase legitimacy with customers, said Bringé.
“Something as simple as a retailer like Sephora regramming different products that they are going to be carrying, it’s beneficial for the retailer [and] is widely important for the brand,” she said. “Brands hire influencers to help them create awareness and legitimacy of their products and their brand. In that same way, that’s what retail partners can provide to brands. It helps create this opportunity for sales that maybe the brand wouldn’t have had previously.”
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