The power of influencers – Kylie Jenner wipes $1.3 billion off of Snapchat’s market value
For once I have something in common with Kylie Jenner. I’ve stopped using Snapchat.
The difference is that when she tweeted about it her post it caused mass panic with investors and stock market analysts which knocked $1.3 billion off of the market value.
When I posted about not using Snapchat anymore the only person that liked the tweet was my Mum. 😂😂😂Hi Mum! 👋👋👋
“sooo does anyone else not open Snapchat anymore? Or is it just me…ugh this is so sad.” – Kylie Jenner’s tweet
That’s a lot of power from one person and one tweet.
When people say they can’t understand the power of an influencer this will have to be my go to example in future. Kylie’s opinion has devalued the app in one short tweet.
It just shows that brands and companies should be taking influencers seriously. Top tier influencers can make, break or seriously damage a reputation and affect the ability for that company or brand to make money.
For all those business people that weren’t taking influencers seriously, this is your wake up call.
A wake up call that every businessman can understand – the bottom line. Finance. Profit. The return on investment.
It might not be possible to accurately measure Kylie’s benefits for brands and apps like Snapchat but this is a very clear indication of the negative impact and it runs into the billions of dollars.
About 10 minutes after the tweet, she posted another tweet to try and get out of the situation she created.
‘still love you tho snap…my first love’ – Kylie Jenner’s follow up tweet
I can just imagine her PR team going into panic mode trying to realise how they were going to deal with her previous statement.
She must have realised or been advised that a good proportion of her audience will still be using Snapchat to engage with celebrities like Kylie. So by devaluing the app, deeming it irrelevant and not current, she’s effectively doing the same to her fans and audience.
Plus she gets a lot of money to advertise products on the platform, so sponsors and brands that endorse her would also not be pleased with this declaration.
Equally, she couldn’t delete the tweet after she’s posted it. Her huge following means that every tweet is documented and deleting it would have caused an even bigger problem.
Influencers walk a fine line. One post declaring an opinion can cause a lot of problems for all parties involved.
In essence I think she should have known better. This is an honest opinion that’s not done any of the parties any good. Kylie’s reputation and fan base is so strong that this hasn’t effected her popularity at all, Snapchat on the other hand has felt a massive blow. This is how powerful influencers have become.
I don’t have the stats obviously but, I feel her opinion is actually a fairly accurate one. It was re-tweeted over 67 thousand times and liked over 336 thousand times. I feel she represents a lot of people who have recently moved away from the app, and maybe that’s part of the why it’s had such an impact.
I’m now using Instagram stories so much more and I much prefer the format and style. Lots of people I know have migrated over to Instagram too. So perhaps this is indication of a much wider change in app usage?
Snapchat has already been struggling recently in the media due to the new format of the app not being popular with users. Over a million people have now signed the petition that asks chief executive Evan Spiegel to change the app back to the previous format.
Are you still using Snapchat? Or has your use of the app changed?
If not, what are you using instead or do you use a mix? Would you use Snapchat more if they changed it back to the old format? Let me know in the comments section.