When American fashion designer Rebecca Minkoff announced last week that she was setting up an OnlyFans account to promote her collection ahead of New York Fashion Week (NYFW), even the most liberal in the fashion industry raised an eyebrow. The subscription-based social media platform is primarily used to share explicit content, and for many creators, whether celebrities or those from the adult entertainment industry, it can offer a lucrative source of income.Minkoff, however, is proving that it is much more versatile. Since joining the platform, she has been busy sharing behind-the-scenes footage to a small but captive audience. The designer, probably best known for her leather handbags, is using the platform to connect with consumers in a way that she hasn’t done before on other social media platforms. She’s sharing tips and tricks to make it in the fashion industry, her favourite styles from the Spring 2021 collection, advice on accessorising and wardrobe must-haves, and a “first look” of her show before it hit the runway for NYFW.Some of the videos have been shot on mobile, but much of the content is highly produced. And while most content creators on OnlyFans charge for the honour of accessing exclusive material, Minkoff is sharings hers for free. For the most part, Minkoff has been praised for being ahead of the curve on an up-and-coming social media platform, others have declared it an elaborate publicity stunt. Either way, people are talking. Fear of missing outAccording to Talia Datt, founder and director of digital marketing agency The Social Cliq, brands and retailers would be foolish to dismiss the opportunity OnlyFans presents.“OnlyFans is powerful in that it is a creator-based empire,” Datt told Inside Retail. “While similar to Facebook and Instagram in that it is led by content creators, its difference lies in its direct monetisation of FOMO (fear of missing out), which encourages audiences to pay for exclusive content. “This provides a real opportunity for brands and retailers as the audiences are genuine – real people willing to pay real money – as opposed to the bots or fake accounts that often drive up an Instagram creator’s following.”With the pandemic has forced brands to rethink how they connect with consumers, Datt says OnlyFans is uniquely positioned in its ability to create personalised, digital experiences to maintain and strengthen those relationships.Changing perceptionsOnlyFans’ reputation for sharing highly sexualised content is likely to be a deterrent for some brands at this time, unless the brand’s audience can be found there, that is. Given the current nature of the platform and attitudes towards it, Datt believes that sex and pleasure-related products are likely to be the most successful categories on OnlyFans for the timebeing.“If you are a sex toy brand, this would be your ideal space in which to promote your products,” she said. The freedom provided by OnlyFans also allows creators to post without fear of being blocked or censored.Datt believes that brands and retailers with niche audiences could also find success on the platform. “I do believe that, in a world where people are hungry for content, there lies a huge opportunity to monetise this content creation,” she said. “OnlyFans is also a fantastic place to target a range of niche and hyperniche audiences through multiple types of content, so this is a factor to consider as well.”While not every brand or CEO will be willing to take the plunge as a content creator on OnlyFans, Datt said the site does present “significant, if currently underrated, opportunities” for advertising and social commerce. “This potential can be realised through influencers and promotional discounts that can be offered exclusively on the platform. However, I suggest taking the time to consider whether OnlyFans is the right platform for your brand. Will your audience be found on this platform? If so, great! If not, it might be time and money that can be spent elsewhere,” she said.Early bird As is often the case with emerging social media platforms, those that get in early, reap the benefits. And polarising as it may be, Datt believes OnlyFans holds much “untapped potential”. As the site develops, she expects it will continue to tailor its offerings as trends shift.“I’m confident its success will be due to targeting niches and creators establishing strong relationships to their specific audiences through the platform,” she said. “Its eventual shedding of its X-rated reputation will open the door to more mainstream brands making the most of what it can offer.”