By Shiva Bhavani
As a marketer, it’s your job to stay ahead of the curve and anticipate what’s next for your brand. And while you can never predict the future with 100% certainty, you can make informed assumptions based on current trends.
Influencer marketing has become an integral part of many marketing plans and based on estimates, it’s estimated to have a strong future. While the industry is projected to reach $84.89 billion by 2028, many marketers are paying more attention to influencer marketing trends for 2023. With more popularity, demand, and spending power in this area of the marketing world, it’s essential to understand these trends so that your attention is focused on the right areas.
From 2016-2022, the size of influencer marketing taken at a global scale has grown from $1.7 billion to $16.4 billion. The main engine of this growth is TikTok, which is currently the third-largest social media platform and growing. From the rise of Gen Z to the continued reign of TikTok, the below-mentioned are the trends that are sure to shape the influencer landscape in the year ahead. So read on, and get ready to jump on board with the latest and greatest in influencer marketing.
The rise in popularity of video content
With over two billion active users on social media, it can be difficult for brands to cut through the noise and reach their target audience. Recent technological breakthroughs like 5G make it easier for people to consume more video and audio content. The spread of high-speed fibre internet has also helped. As a result, people are consuming more content in these formats today.
In a new report, NeoReach discovered that brands got the best influencer marketing results from video platforms like YouTube and TikTok. 107 million people liked sponsored creator content in video posts over the first quarter of 2022. Short and long-form video content continues to dominate influencer marketing campaigns across industries and influencers of all levels. Instagram is still the most popular social site, but expect to see a shift over the next year towards video or audio content. TikTok and YouTube are on the rise, and podcasts are becoming more popular than ever. Facebook and Twitter now emphasise videos too.
Micro and nano influencers are on the rise
Micro and nano influencers have been a big topic in the last year and a lot of brands tapped into the power of micro and nano-influencers to promote their products. And it’s no wonder why: these smaller influencers typically have engagers-per-follower ratios that dwarf those of even the biggest celebrities.
In 2023, we expect to see even more brands doubling down on micro- and nano-influencer marketing. These smaller influencers are often more relatable to their followers, and as a result, can generate a higher level of engagement.
Live shopping will become an important part of influencer campaigns
One of the most popular types of influencer content is live shopping. This is where an influencer will show their followers how to purchase products and give real-time commentary and reviews. As social media usage continues to grow, so does the impact of influencers. In 2018, 37% of marketers planned to increase their influencer marketing budgets, and this trend is only expected to continue over the years. For instance, Walmart partnered with 10 TikTok creators for the second time in March 2022.
Live shopping is especially effective for fashion and beauty brands as it allows potential customers to see how the products look and perform in real-life situations. With the rise of streaming platforms like Twitch and YouTube Gaming, live shopping is only going to become more popular. Influencers who are able to utilise these platforms effectively will be able to reach larger audiences and generate more sales for their sponsors.
Influencers will become more professional
There are a few major reasons for this trend. Firstly, as the market for influencer-created content becomes more saturated, brands will need to find ways to cut through the noise and reach their target consumers. One way to do this is by working with influencers who have a niche focus and an established following within that niche. Secondly, as social media platforms continue to evolve, influencers will need to adapt their strategies and content in order to stay ahead of the curve and maintain their relevance. This will result in more professional, high-quality content being produced by influencers as they strive to keep up with the ever-changing landscape of social media.
Finally, brands will increasingly look to work with influencers who can provide them with detailed insights into their specific target audiences. By partnering with an influencer who knows their audience intimately, brands will be able to create more targeted, effective campaigns that resonate with consumers on a deeper level.
As Kolsquare, an influencer marketing platform, likes to put it, 2023 will bring about “the end of amateurism” also known as making influencer marketing a professional sphere.
Marketing has always been tough. These past couple of years have been especially difficult because they’ve required out-of-the-box solutions to solve problems you never thought you would ever face. As we look ahead to 2023, influencer marketing trends will be put to the test and seen for what they’re really worth. The future of influencer marketing projects looks bright as industries have more than tripled and quadrupled from $4.6 billion in 2016 to exceed the $16 billion mark in 2022.
Most marketers plan to increase their influencer marketing budgets as they see a rapid rise in popularity. What’s more, it’s important to make sure you’re aware of the latest changes and trends that come with influencer marketing for 2023.
The author is the CEO and founder of Wing Communications