Influencer Marketing: Major Trends To Look For In 2023
Influencer marketing was a USD13 billion industry in 2021. Almost 67.9 per cent of all marketers chose to participate in influencer marketing in 2021. This number is expected to grow to 72.5 per cent in 2022 and it is expected that the influencer marketing platform market size will reach USD 85 billion by 2028. Just like 2021 and 2022, 2023 looks to be a bumper year for the influencer marketing industry. As more and more marketing budgets are assigned towards influencer marketing, it is important for marketers and influencers to keep a close eye on the influencer marketing trends for 2023.
1. Rise of the Underdogs
The influencers with small yet dedicated communities sometimes have a lot more power to influence others than some of the biggest influencers out there. Often their brand and product recommendations seem like they are coming from a close friend and seem much more genuine. They might have smaller followings but they often outshine the bigger influencers in terms of engagement rate and swaying power. We will definitely see a lot of marketers choose Nano and Micro-influencers for campaigns to reach out to their engaged followers.
2. Reel it all in!
Video content has become the mainstay of the overall marketing space. Brands are no longer satisfied with static posts and insist on reels or video stories to properly engage with the followers of the influencer. While platforms like Youtube and Tiktok have always been about videos, Facebook & Instagram have also started putting a heavy emphasis on video content and therefore it guarantees more visibility as well for the brand. Expect to see a lot more brand partnership reels in 2023.
3. Live Shopping!
Live shopping became popular in 2021 and grew in 2022 and you can expect it to make further inroads in 2023. Smaller brands are already setting up spaces to host their live shopping videos as both live and VOD content. Myntra Studio, the live shopping section of Myntra has been an instant hit. The idea of bringing together Social Commerce with the right selection of Influencers is a masterstroke that more and more brands are playing. Influencers and other key thought leaders promote products to their communities on their favourite social platforms, using live video and interactive content. Projections suggest projected sales through live streaming are likely to reach USD 500 billion by 2023.
4. BeREAL
We aren’t talking about the french social media app here but rather about the act of keeping it real. Research shows consumers and customers prefer lower-quality, "authentic" videos over high-quality videos that seems artificial and inauthentic. This clearly shows that personal connections and stories still matter more than professionally produced content. Authenticity and uniqueness will be very important heading into 2023 as it has always been.
5. A diverse and inclusive social
Brands are putting in more and more effort to ensure that everyone is represented in their campaigns. We are looking at more diverse and inclusive social media in 2023. The consumers are smart enough to analyse branded messages and campaigns and see through the veil of performative diversity and inclusivity. Hence in 2023, we can look forward to brands changing or adapting their culture to market to a more diverse and inclusive audience.
6. No more boring backgrounds
A lot of influencers and content creators have already shifted from shooting at home with a basic ring light to creating a fully working studio. Dimly lit living rooms and haphazardly arranged furniture in the background are a thing of the past. More and more influencers are using professional studio backdrops like seamless papers and handpainted canvas backdrops. This trend is expected to become standard for most influencers in 2023.
7. Stories will win
The engaged followers of influencers are both smart and emotional. This makes it important for influencer marketing campaigns to tell a good story. And history is witness to the fact that we all love a good story. A straightforward product promotion doesn’t work anymore. The followers want to know the influencer's connection to the product, their personal experience with it and the creator’s experience with the brand in question. Brands will have to capture the hearts and minds of the audience before they take out their wallets.
8. Performance-based Deals
Performance-based influencer marketing campaigns have often divided the influencers. While some are confident about their engagement and only make performance-based deals with brands they know their followers will love. Others stay far away from performance-based marketing campaigns because they are unsure about the returns they can provide. With the surging growth of influencers and creators, brands want to see beneficial ROIs. The smart influencers will turn performance-based deals into ongoing royalties instead of just one payment upfront.
9. Employees are the new Influencers
Employee influencers produce genuine content and increase audience loyalty. Working with employee influencers has the advantage that they truly understand your brand and product. Additionally, compared to someone without relevant experience, your audience is more inclined to trust the suggestions of one of your employees.
10. The rise of Influencer Marketing Agencies
Making a deal with an influencer agency is one of the influencer marketing trends you should choose. Sometimes managing influencer marketing can become too much for you. These companies can assist you in managing and organising your campaigns at that time.
Additionally, they'll send you thorough reports on a regular basis. Please feel free to check with your business mentors to make sure these organisations are worthwhile of your money.
_20240617000602_original_image_49.webp)
