Influencer marketing is upending established customer-facing businesses.
May 22, 2024
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Creators aren’t just changing marketing. They’re transforming product development, too. Creators can drive demand for specialized products, accelerating product life cycles and even changing what customers actually value. Companies that recognize the power of creators can choose from four strategies, including partnering with creators or acting as suppliers.
Forget what you knew about creators, or influencers like Mr. Beast and Charli D’Amelio who make content for YouTube, Instagram, and TikTok. Content creators are silently rewriting the innovation and strategy rule book for a multitude of established companies, particularly in the consumer goods and services industries. By changing how consumers search for and use products, creators are: 1) driving demand for increasingly specialized products and services; 2) accelerating product life cycles; and 3) changing what customers actually value.
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Rebecca Karp is an Assistant Professor in the Strategy Unit at Harvard Business School. Her research examines how firms execute on their strategies and grow. In particular, she focuses on the role innovation plays in supporting strategy execution, fostering change in organizational work practices and in shaping the way firms grow.
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Carolyn Fu is an assistant professor of business administration in the Strategy Unit of Harvard Business School.
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Simon Friis is a Research Scientist at the blackbox Lab at Harvard Business School, where he focuses on understanding the social and economic implications of artificial intelligence. He received his Ph.D. in Economic Sociology from the MIT Sloan School of Management and previously worked at Meta as a research scientist.
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Copyright for syndicated content belongs to the linked Source : Harvard Business – https://hbr.org/2024/05/how-your-business-should-tap-into-the-creator-economy