With an estimated 2023 market size of $21.2 billion, influencer marketing has never been hotter or more confusing to navigate.
To help give order to some of the chaos, our Influencer Team, which successfully crafts and executes programs for clients like Philips and Capital One, shares several key trends and offers a few tips on harnessing the potential of influence marketing to achieve accurate, measurable results across verticals.
General Influencer Industry Trends:
- Micro-influencers as the future of influencer marketing: Micro-influencers (Under 150K followers) are experts in a specific niche reaching a particular target audience. Working with micro-influencers offers benefits such as authenticity, cost-effectiveness, niche audience targeting, and higher engagement and conversion rates. Because the cost per engagement is often lower and engagement rates are higher, micro-influencer campaigns provide a higher return on investment (ROI).
- Diversity is key: One significant influencer marketing trend is the importance of diversity and inclusion. For an influencer campaign to succeed, brands must find influencers representing a broad spectrum of people, including body and racial diversity, but also different ages and occupations. By featuring influencers from diverse backgrounds in their campaigns, brands can connect with audiences who may have less brand exposure or awareness. Brands that embrace diversity and inclusion are well-positioned to build meaningful and lasting relationships with their audience.
Consumer Influencer Industry Trends:
- The TikTok generation: With TikTok continuing to grow as the darling of Gen Z, brands must learn to embrace the platform and the short-form video it brings. These short and engaging videos have born the often used #TikTokMadeMeBuyIt hashtag, where users show the products that users on the platform influenced them to purchase. Standing apart from traditional influencer ads that tell followers they “have to have” any one effect, the top performing TikTok’s feel organic and show the benefits of the product.
- “Deinfluencing” is another form of influencer marketing: Traditional influencer marketing methods are becoming less effective as Gen Z consumers seek authenticity. Brands need to adjust their influencer marketing strategies accordingly. One approach that has emerged in response is “deinfluencing,” where influencers tell their followers why they should not buy a product. Brands can use this trend to their advantage by partnering with influencers who only recommend products they love and use organically. This approach helps content to feel honest and relatable, helping to establish credibility and drive engagement. This trend shows the importance of carefully sourcing partners by evaluating their engagement and the quality of their content.
As part of what we call ‘Thinking in Surround Sound,’ our influencer programs, which have resulted in increased engagement rates, elevated diversity and inclusion awareness, and millions of dollars in Earned Media Value (EMV), are a core component to this #AccessWay.
For more information about our Influencer programs, please contact: Kayla Fortin, VP, Creator Partnerships.
