Influencer Marketing Trends: Emerging Dynamics to Monitor
by gardenpatch Insights on Oct 23, 2023 9:50:09 AM
When it comes to marketing, I often get asked whether or not influencer marketing should be a key focus.
A successful marketing strategy should include a mix of different digital marketing channels, all chosen with a specific goal in mind.
Influencer and social media marketing can be powerful if you aim to increase brand awareness.
Influencers have built-in audiences of engaged followers who trust their opinions and are likelier to take action based on their recommendations. By partnering with influencers, you can tap into this audience and reach new potential customers.
However, it's important to remember that consumers are becoming increasingly skeptical of traditional marketing tactics. To be effective, your marketing strategy needs to be authentic and transparent. This means being clear about your brand's value and using influencers who genuinely believe in your product or service.
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Here are a few key points to keep in mind when using influencer marketing:
- Choose influencers who align with your brand values and target audience
- Be transparent about any partnerships or sponsored content
- Use influencer marketing as part of a larger, holistic marketing strategy
- Track your results and adjust your approach as needed
As a growth agency, we often work with clients struggling to increase social media engagement and reach their target audience. That's where influencer marketing comes in. By partnering with influencers, brands can tap into the influencer's established audience and gain credibility and visibility for their products or services.
That is why we always recommend adding influencer marketing campaigns in the digital marketing mix for their social media because it's a great way to reach potential clients in a more targeted and effective way.
What Is Influencer Marketing?
When a company partners with a popular, influential individual on social media to promote its products or services, that’s influencer marketing. Social media and influencer marketing go hand in hand. Influencer marketing was designed to boost social media community engagement with brands.
Influencer marketing has become crucial to a brand's marketing strategy in today's digital world. With the rise of social media, consumers are becoming more and more resistant to traditional forms of advertising, making it difficult for brands to reach their target audience effectively.
How Does Influencer Marketing Work?
Influencer marketing aims to leverage the influencer's large following and reputation to reach a wider audience and engage with potential customers. By partnering with an influencer, a brand can also benefit from the trust and credibility that the influencer has built with its audience.
Tons of individuals are experts in a specific niche or industry. They have a community of engaged followers who recognize and trust their expertise. They are called social media influencers.
Identifying influential individuals who are experts in your business niche is a crucial step in successful influencer marketing.
Unlike celebrity endorsements, influencer marketing is not just about attaching a celebrity to a brand. Instead, the focus is finding relevant influencers for the brand and its target audience.
For example, in the case of a yoga mat business, it may not be effective to use a celebrity like Chef Gordon Ramsey as an influencer.
On the other hand, a food and beverage brand partnering with a food blogger to create a recipe using their products makes more sense. When the blogger shares the recipe on their social media channels and tags the brand, this can help to increase brand awareness and engagement.
Why is Influencer Marketing so effective?
With 4.74 billion daily active users on social media per day, it's clear that social platforms have become a major part of our daily lives.
Social media has created online communities and given rise to social influencers. These individuals can reach specific audiences in a targeted and relevant way.
In many ways, influencer marketing is similar to inbound marketing. Both strategies are focused on reaching a specific audience that is receptive to targeted messages. However, influencer marketing takes this concept one step further by leveraging the influence and credibility of social media personalities. By aligning with these influencers, businesses can gain access to their dedicated followers and promote their brand in a way that feels organic and authentic.
According to forecasts, companies will spend $6.16 billion on influencer marketing in 2023. But we can also expect to see a lot of changes in the way brands harness the power of influencer marketing.
Influencer Marketing Trends: What's Shaping the Landscape
1. Brands will prioritize micro and nano-influencers
Alison Bringé, Launchmetrics CMO, says, “The days of celebrity endorsements are behind us, as micro and nano influencers evolve into key opinion customers.”
One reason for the rise of micro-influencers is their authenticity and relatability. Unlike some larger influencers, which may be perceived as out of touch or inauthentic, micro-influencers are seen as genuine and relatable. This makes them more credible in the eyes of their followers and more effective at influencing their purchasing decisions. And, because their audience is smaller, they can often offer more personalized content and engage more directly with their followers.
The rise of micro-influencers has led to a new type of influencer known as nano-influencers. These influencers typically have a following of between 1,000 and 10,000 followers, and their small, niche audience is highly engaged. This allows brands to reach even more targeted audiences than ever before.
The rise of micro-influencers is a trend that is likely to continue, and it presents a great opportunity for brands looking to reach specific, targeted audiences. If you're considering working with an influencer, consider partnering with a micro-influencer who aligns with your brand values and goals.
2. Authenticity will reign supreme in 2023
In the coming year, authenticity will be more important than ever for businesses. One way to achieve this is by shining a spotlight on your customers.
By encouraging them to share their experiences and content on social media, you can leverage the power of user-generated content (UGC) to boost your brand and drive customer engagement.
Studies show that 84% of millennials say that UGC on a company's website influences purchasing decisions. This makes UGC a valuable asset for businesses looking to create engaging content that resonates with their audience. Plus, since customers create UGC, it offers authenticity that is hard to achieve with traditional marketing methods.
Consider implementing a UGC campaign on social media to take advantage of this trend. You can encourage your customers to share their experiences with your brand by offering incentives such as discounts or giveaways. You can also make sharing their content easy by providing branded hashtags and other tools.
User-generated content is a powerful and scalable solution for businesses looking to boost their brand and drive customer engagement in 2023. By encouraging customers to share their content and experiences, you can leverage the power of authenticity to drive business success.
3. Brands will turn to creator marketplaces to find influencers
Creator marketplaces connect businesses and brands with content creators, such as influencers, bloggers, and social media personalities. These marketplaces make it easier for businesses to find and work with the right content creators for their marketing campaigns. Many businesses are turning to creator marketplaces to reach their target audience and increase their brand awareness. Some popular creator marketplaces include Heepsy, Upfluence, and AspireIQ.
These platforms typically offer a range of tools and services to help businesses find the right content creators for their campaigns. For example, they may provide data and analytics on the content creators' reach and engagement, as well as tools for managing and tracking the performance of campaigns.
The rise of creator marketplaces has been driven in part by the increasing popularity of influencer marketing. While working with influencers can be time-consuming and complex, creator marketplaces simplify the process by providing businesses with various tools and services to help them find the right influencers and manage their campaigns. They also provide transparency and accountability that can help businesses build trust with their audience.
4. Brands will continue to invest in video-based content
Videos can showcase products and services in a way that is easy for consumers to understand. That is why brands are investing heavily in video-based content. It is an effective and engaging way to communicate with consumers.
Instagram has historically been a popular platform for influencer marketing due to the visual nature of the platform and the large number of users it has. However, the social video app TikTok continues to capture a large share of spending on influencer marketing.
As a result, marketers have increasingly invested in short-form videos, making them the number one content format for lead generation and engagement.
If you want to succeed in influencer marketing, it's essential to incorporate video into your strategy. But which platform should you use? Options like TikTok, Instagram Reels, YouTube Shorts, Google, LinkedIn, and Pinterest offer unique advantages, so choosing the one that will best reach your target audience is important.
Regarding the length of your videos, the optimal range is between 31 and 60 seconds. This falls within the broader category of short-form videos, defined as any video under 60 seconds. While longer videos can be effective, shorter ones are more engaging and easily digestible for viewers.
5. Brands will invest in long-term influencer partnerships
“It takes time to acquire new customers. A month-long campaign can be beneficial but won’t produce as dramatic results as a year-long (or longer) campaign. Make sure you partner with someone who has staying power. You want your influencer relationship to go the distance.” This is according to Melanie Edwards, Senior eCommerce and Digital Product Manager at OLIPOP.
Influencer marketing is becoming increasingly popular, and one trend that is on the rise in the idea of ongoing partnerships. Instead of one-off deals, many companies are opting for longer-term campaigns that can produce more dramatic results. Edwards also recommends having a contract outlining both parties' expectations, goals, and deliverables.
Both brands and influencers stand to benefit from longer, consistent partnerships. For brands, this means conveying a consistent message and building trust with consumers. Influencers, on the other hand, can grow their audience alongside the brand.
But how do you go about finding the right influencers for your brand? Los Angeles influencer marketing consultant Michelle Merino suggests looking for those who will bring the most value to your efforts. This might mean considering their engagement rates, niche, and overall fit with your brand.
Once you've found the right influencers, nurturing the relationship is important. This means providing them with the support they need to create high-quality content and being responsive to their feedback and concerns.
6. Why Brands are Going Virtual: The Rise of the Influencer Avatar
Brands are increasingly turning to virtual influencers to engage with their customers. Using computer-generated imagery, these avatars can partake in the same day-to-day activities and post Instagram-worthy content as human influencers, reaching similar audiences.
One major benefit of collaborating with virtual influencers is that brands can maintain complete control over the messaging and creative process. This allows marketers to innovate in ways that were never possible before.
In addition to the control and flexibility they offer, virtual influencers can also provide a more consistent brand image. Unlike human influencers, who may have their brand and values, virtual influencers can be specifically designed to align with a brand's image and messaging.
Also, by removing the need for language barriers and cultural differences, virtual influencers can connect with people worldwide in an authentic and relatable way.
Overall, using virtual influencers presents a unique opportunity for brands to connect with their customers in new and innovative ways.
Influencer marketing has been on the rise for some time now, but like everything else in the world of marketing and digital, it's constantly evolving. As a digital agency, we know how important it is to stay on top of current trends and apply them to our client's marketing efforts.
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