Influencer Marketing has become an integral part of many brands’ marketing strategies, and it shows no signs of slowing down. Utilising creator marketing can fuel brand expansion at every stage of the purchasing process.
In 2023, the market for influencer marketing is expected to be worth around $21.1 billion, which is 29% more than the previous year. This means that businesses are spending more money than ever before to take advantage of the benefits of influencer marketing.
Source: Influencer Marketing Hub
Let’s take a look at some of the trends that are shaping the future of influencer marketing in 2023
Nano & Micro Influencers is the new Focus
One of the biggest trends in influencer marketing is the demand for authenticity.In response, brands will focus on Nano & Micro Influencers for Collaborations.
This means that influencers who have built their following on the back of their unique personalities and viewpoints are becoming increasingly valuable. Brands are looking for influencers who can create content that feels organic and authentic, and who are not afraid to speak their minds. Brands are starting to recognize the value of working with nano & micro-influencers, as they can be more cost-effective and can create highly targeted content.
Diversification of Platforms
Instagram has long been the go-to platform for influencer marketing, but as the landscape evolves, brands are looking to diversify their influencer marketing efforts. YouTube, Instagram, twitter, snapchat etc. are becoming popular platforms for influencers to connect with their audiences.
This means that brands need to be aware of the different platforms and the unique audiences they attract.
The top five most popular social media platforms in the world are Facebook, YouTube, WhatsApp, Instagram, and Facebook Messenger.
Source: wordstream
The most famous among these are YouTube, Facebook, and Instagram. By understanding their niche audience and considering their connectivity patterns, Brands can strategically select the most suitable platforms to maximise the reach and impact. So, make thoughtful choices and leverage these social media platforms to establish meaningful connections with your target audience.
Without a doubt, the influencer marketing industry will continue to witness thrilling and innovative trends in the years ahead.
User-Generated Content
Another trend that is set to continue is the use of User-generated content. Brands are recognizing the value of working with influencers to create content that feels authentic and relevant to their audience.
Historically, the term UGC (user-generated content) has been used to describe content that is created by a brand’s followers or consumers in a spontaneous and organic manner. This content is then shared by the brand on its official accounts, showcasing the engagement and contributions of its audience.
By working with influencers to create content, brands can tap into the trust and credibility that influencers have built with their audience.
For example: GoPro is well-known for its effective use of user-generated content (UGC) on Instagram. GoPro encourages its users to share their content on Instagram using specific hashtags, such as #GoPro or #GoProFamily.
GoPro actively engages with its community by featuring selected UGC creators in their stories or posts. This recognition not only rewards and motivates the content creators but also strengthens the sense of community and brand loyalty. This trend is driven by the fact that consumers are increasingly sceptical of traditional advertising. They want to see content that feels genuine and relatable, and that is not simply a sales pitch.
Sponsored Content and Ads
In 2023, sponsored content and ads are trending positively in the creator economy. Initially, there were concerns when Instagram introduced sponsored posts and governments required influencers to disclose if they were being paid to promote a product. People worried that customer behaviour might be affected because influencers couldn’t simply pretend to love a product they were paid to promote.
However, recent studies have shown that even with the clear indication of a ‘sponsored’ or ‘ad’ tag, customers are still willing to trust influencers and value their recommendations. This is in contrast to how most users would typically try to close or skip in-app or YouTube ads.
This ad has a solid CTA(Call to Action) where they offer consumers to sign up with a sign up button click to get exclusive offers. As per InsiderIntelligence Social video advertising is expected to reach $79.28 billion in 2024.
These findings suggest that influencer marketing has the potential to be the future of marketing, as customers are more receptive to influencer content compared to traditional ads.
Source: TheNineHertz
Diversity and Inclusion
Diversity and inclusion are big marketing trends in 2023. Companies are realising the importance of embracing diversity not just morally but also as a smart business move. By genuinely including diversity and promoting inclusivity in their marketing, brands can connect with diverse audiences, create a welcoming environment, and build strong relationships.
Embracing diverse perspectives and experiences brings a lot to the table:
- variety of ideas, insights, and problem-solving approaches
- range of skills, perspectives, and cultural understanding
- better decision-making, increased adaptability, and improved performance
- Better understanding of cultural nuances
- Diversity attracts top talents from diverse backgrounds
By embracing diversity and creating inclusive environments, companies can thrive in an ever-evolving global marketplace in 2023 and beyond.
Long-Term Relationships
In 2023, one of the key trends in influencer marketing will be long-term collaborations. In the past, most influencer-brand relationships were limited to one-time projects or campaigns. However, moving forward, brands and influencers are increasingly focusing on building lasting partnerships that go beyond individual campaigns.
These long-term collaborations allow for deeper brand integration, consistent messaging, and stronger connections with the influencer’s audience. By working together over an extended period, brands and influencers can develop a more authentic and impactful presence in the influencer marketing landscape. Long-term collaborations in influencer marketing are trending for several reasons:
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