With a single tweet, Kylie Jenner was able to make Snapchat’s stock drop this past Thursday by 6% wiping about $1.3 billion off of their market value. I mean sheesh, really? I knew Kylie had influence, but to affect a company in a way that they lose that much of their market value speaks to the power of ‘the influencer’.
Influence has always been a thing that companies used to appeal to the public and create a following for their brands that people just can’t seem to get enough. We can see this with Nike and of course Apple, to name a few. But recently bloggers and reality star celebrities who are known for just sharing their lifestyles are the new go to brand. So, it is of no surprise that Kylie was able to create such a loss for a company by just a single tweet.
Of course, this makes me want to continue to up my influence level in the brand and blogger space. This is especially true for me as a budding fashion entrepreneur with an up and coming brand; I’m certainly taking notes when it comes to how I continue to build the foundation of my brand. Influencer marketing is amazing and I’ve been fortunate to have worked with many companies as an influencer and I’ve reached out to influencers to help market my brand, but with this recent Kylie Jenner and Snapchat incident, it can’t be your end all be all.
Snapchat has historically relied on celebrities to make up it’s foundation. The functionality and how it exists certainly caters to celebrities and we see from this recent incident that it’s not sustainable. Knowing your customer base is one thing but isolating your customer base is another. Other social media platforms like Instagram, Twitter, and Facebook have built their foundation on creating a community where any user no matter what their interests are can use the tool to share their lives and interact with others easily; celebrities only enhance their business models. And because of that we can see the effects of these business models with these platforms being around for the long haul, beyond the trend and celebrity endorsement of them.
- Never underestimate the power of your influence; learn how to leverage it.
- Build your brand’s foundation around your customer base and not trends of the moment.
- Don’t isolate the majority for a flaky minority and listen to your customer.