The influencer culture, which has become a formidable marketing tool in the fashion and beauty industries, is steadily making waves in the jewellery sector.In popular media parlance, influencers are defined as a group of Internet-savvy individuals who have amassed millions of social media followers through digital platforms where they post content and plug various brands.In the business world, influencer marketing is a phenomenal, direct-to-consumer approach that uses social media tools and tactics to promote and sell goods. The method has proven to be extremely effective.It essentially involves a company indirectly obtaining access to an influencer’s audience through his or her online channels.A relatively new term in the influencer community is the so-called key opinion influencer (KOI) – a cross between a key opinion leader (KOL) and an influencer.

KOLs are known experts in their fields who don't necessarily operate in the social media realm but are influential just the same. He or she has a particular audience and usually covers a specific niche. Examples of KOLs are educators, politicians or journalists, to name a few.A number of KOLs are already, or have yet to become, social media influencers. Influencers, on the one hand, specialise in a variety of topics and often cover a larger audience.They are not an entirely new phenomenon though. Their presence has spanned many decades – from aristocrats to movie stars, singers and supermodels.

The 2000s ushered in the bloggers’ era and the exponential rise of social media influencers.The fashion and beauty industries have benefitted from influencer marketing in an unprecedented way but the jewellery sector has yet to fully tap this business potential. One reason is that fine jewellery does not sell as quickly as the latest lipstick or skincare product. Trust and authority are critical in marketing and communications in the jewellery world.Perhaps it was a step in the right direction to wait for the market to become more mature before influencers could enter the picture.

Why work with a KOI

A KOI can help companies target their ideal audience faster since she or he has done all the work: Content creation and building a client base around a specific interest, according to US software product developer and marketer HubSpot.

With 82 per cent of consumers saying they follow influencers’ recommendations, impact on the bottom line is potentially huge, it added.

In principle, influencers can help increase a brand’s reach by co-creating a series of content with them. They would then spread the word through their social platforms. Influencers normally produce unique content and sometimes permanent backlinks.

On average (non-jewellery specific), the return on investment (ROI) is US$6.50 on every dollar spent, HubSpot revealed.

Perez noted that jewellery companies should consider a number of things before hiring an influencer. She said, “Designers and brands should work with someone like me only when they are ready for promotion. They should examine their jewellery, website and social media channels, and ask themselves: Would influencers be interested in what they see?”

Working with a KOI is a collaboration, but brands should not rely solely on a blogger or influencer to advertise their products. A brand’s offerings should be attractive enough to potential clients that they would want to buy the jewellery.

According to jewellery editor and journalist Rachael Taylor, influencers are “all about presenting a view of the world from their perspective, so brands should use their creativity to push boundaries and take their jewellery collections to new places and audiences.” She posts jewellery-related content on her Instagram account @rachaeltaylorgram.

De Luca meanwhile said jewellers should educate themselves on how to team up with an influencer. “Over the past months, we have seen a growing transformation to digital. The mix between the physical and the digital experience, or the so-called ‘phygital’ world, is here and we need to embrace it. It is only now and due to the Covid-19 crisis that we are starting to understand the role a good KOL can fulfil in the jewellery sector,” she noted.

B2B collaborations

When British actress Sophie Turner wore a dress from clothing brand Choosy to a red-carpet event, the company’s sales rose 10 per cent in less than a week.

But working with a KOI is not always ROI-oriented. Sometimes it is about gaining buyers’ trust and building credibility. Studies showed that 86 per cent of fashion companies utilise influencer marketing despite dwindling engagement rates. Data from McKinsey’s State of Fashion report showed that the engagement rate for sponsored posts on Instagram dropped from 4 per cent in the first quarter of 2016 to 2.4 per cent in Q1 2019. The rate was 0.37 per cent on Facebook and 0.05 per cent on Twitter.

In terms of fees, celebrity influencers can charge up to US$1 million per post. It’s a different story for the jewellery KOI sector.

Perez said there is no price benchmark since these depend on each KOI. “As a rule, before working with a brand, I discuss their goals to understand what they want to achieve. I do not have a fit-for-all price list. My fees are very fair, and they are based on my running costs, not the size of the company I work with,” she explained.

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