Influencer marketing had quickly become one of the most important and cost-effective online marketing channels for businesses in the womenswear retail industry. A study by IZEA Canada found that 75 per cent of Canadian fashion businesses had dedicated budgets for influencer marketing, with 20 per cent having budgets between $1 million and $3 million.19 Another study found that 89 per cent of marketers said that Instagram was critical to their influencer marketing strategy. Thirty five per cent of Canadians between the ages of 18 and 36 had purchased an item because of an influencer's endorsement.21 More specifically, 86 per cent of women used social media for purchasing advice. The average return on influencer marketing was $6.50 for every dollar spent. Businesses could choose from a variety of influencer marketing strategies. One of the most popular strategies was sponsored social media content, whereby the influencer received a set of guidelines around the type of content that the business expected to be created and promoted. The influencer then created and posted content that complied with those guidelines and was rewarded in the form of either monetary compensation or discounted products.

1.Calculate and analyze Thursday's Breakeven for the influencer marketing strategy.