The digital age has had a great impact on the world and, more specifically, on the luxury personal goods industry’s business model. It has led to the rise of digital marketing, branding, and influencer marketing. Luxury brands have had to renounce their traditional ways and become more interactive with their consumers. New luxury brands are competing directly with heritage luxury brands and have made it impossible for some brands to stay relevant if they do not evolve. The consumers have also evolved and want to connect directly with the brands. Influencer marketing has played an important role in bridging this gap between the brand and the consumer. Sprout Social has described an influencer as “someone in your niche or industry with sway over your target audience.” Influencers can be broadly categorised as micro- or established influencers. In this chapter, we research how effective influencer marketing can be based on the opinion of the consumers, industry specialists, and the brand.
Cite as: Hasan, Rajibul; Billa, Malvika (2021) ‘Influencers’ Impact on Business Model Innovation in the Luxury Personal Goods Industry’ In: Business Model Innovation. United Kingdom: Routledge.