The Power of Instagram: What Digital Marketers Learned From Fyre Festival
For those who haven't followed the fiasco, or seen the recent documentaries released by Netflix and Hulu, Fyre Festival was to be an immersive and luxurious music festival experience, the so-called "Coachella of the Caribbean", and a true-to-form disrupter of the entertainment industry.
In the eyes of digital marketers, the infamous Fyre Festival is an account of just how powerful and widespread social media marketing can be when used without a thoughtful strategy.
Festival organizers strategically harnessed the power of social media to publicize the event, calling upon some of the world's top supermodels and social influencers to simultaneously post a brilliantly-simple, yet powerful orange tile that flooded Instagram news feeds and created a frenzy around the world.
With many questions still lingering about the festival, there are a few things we as digital marketers know for sure about the power of Instagram:
Continuous Exponential Growth
With more than 1 billion active users in its arsenal, Instagram's advertising business has undoubtedly exploded over the last few years, making it one of the largest and far-reaching platforms on the planet. The Facebook-owned platform is projected to exceed a jaw-dropping $14 billion in revenue this upcoming year.
Customers With Intent
According to a recent study, 72% of Instagram users have reported making a purchase decision based on the content they see on the platform. The platform is also reportedly building a new app-- IG Shopping, to marry the art of browsing and buying in one standalone e-commerce app.
Influencer Marketing is Powerful
While there are many lessons to be learned about influencer marketing in the wake of Fyre Festival's failure, like the importance of authenticity, 70% of top brands continue to find success through the use of social media and celebrity influencers. With unprecedented reach and personal brand equity, influencers make up a huge part of Instagram's advertising platform.
Although Fyre Festival turned out to be a complete disaster built on the back of fraudulent and nefarious activity, one thing sings the truth--social media is powerful.
Curious about how you can leverage Instagram and social media marketing to promote your brand or business? Our team creates strategic social media campaigns and creative to build your audience and convert your followers into customers. Ready to get started? Let's set up a free strategy session!