Get ready to ride the wave of success in the world of influencer marketing in 2023! Uncover the top trends and stats you need to know to stay ahead of the game in an industry predicted to reach $84.89 billion by 2028.
Are you ready to know what's big and trending in the world of influencer marketing for 2023? Buckle up because we’re diving head-first into everything you need to know to be on top of the influencer marketing game in 2023. Influencer marketing is already a big deal (a $16.4 billion industry in 2022, FYI), but it's about to get even bigger. In fact, it’s anticipated the global influencer marketing platform market size will reach $84.89 billion by 2028.
Influencers became the go-to tool to help brands expand their audience, generate new leads and earn more revenue during the pandemic as consumers turned almost exclusively to the internet for their shopping needs. Now, influencer marketing continues to boom in popularity, demand, and marketing spend, which is why it’s important you’re on top of the latest trends and data to make the most of your efforts and ad dollars. Here’s how!
Let's be real, are we surprised video content continues to dominate the marketing space? People absolutely can't get enough of watching and listening to their favourite creators on platforms like TikTok, YouTube, Twitch, IG Stories and podcasts. But don't just take our word for it, the stats speak for themselves - over half of people want more video content from brands.
So where do you turn to for this demand in video content? Influencers, of course! Whether it’s TikTok, Instagram or YouTube, there’s an influencer out there that’s the perfect partner for your brand. Not to mention research shows sponsored creator content on platforms like YouTube and TikTok is driving more successful influencer marketing campaigns. With short and long-form video content continuing to dominate across industries and influencer levels, it's clear that video content is here to stay.
Get ready to see more diversity and representation in the world of influencer marketing. With today’s culture placing a greater emphasis on inclusivity, it's no surprise that this trend is making its way into the influencer world. Consumers are becoming more savvy and aware of representation in branded messages and campaigns. As a result, brands need to shift their corporate cultures to focus on inclusivity and representation if they want to stay relevant (in business)and in the future.
When it comes to influencers, there's more than meets the eye. From nano influencers with a few followers to celebrity influencers with millions, each has their own unique strengths. According to reports, the little guys actually pack a powerful punch. While engagement rates may have dropped for some, nano and micro-influencers are still delivering the goods. Not only do they have high engagement rates, but they also have better conversion rates.
In fact, in 2021, 91 percent of sponsored post engagements were with micro-influencers. So why not give some love to the smaller creators? By focusing on nano and micro-influencers, brands can stretch their influencer marketing budgets and still work with influencers that are deeply connected to their audiences. As engagement rates become more important than follower counts, it's worth considering these smaller influencers for your next campaign.
Instagram may have some intense competition from TikTok, but it's still the reigning champion when it comes to influencer marketing dollars. According to research, Instagram was on track to capture nearly 3x the amount of influencer marketing spend compared to TikTok in 2022 - that's $2.23 billion spent on Instagram and $774.8 million spent on TikTok. But, TikTok isn't just a threat to Instagram, it's also predicted to overtake Facebook in terms of influencer marketing spend this year, and even YouTube by 2024.
For the most part, influencers and affiliate marketing programs have been viewed as two separate entities, but in reality, they're pretty closely linked. Both involve an "outsider" promoting and encouraging their supporters to buy a brand's products. In the past, affiliates were typically traditional bloggers or publishers who included product demos, reviews, and walkthroughs on their sites, promoting multiple programs to increase their chances of referral fees.
But times are a-changin'. Influencers are now sharing products they use and trust with their followers, knowing that promoting something they don't believe in will alienate their audience. This shift has resulted in influencers becoming true champions of a brand, giving personal testimonials, demonstrations, and calls to action in an authentic, personal way. And this is great news for both brands and consumers. Brands can pay less while still getting great results and consumers can have a convenient shopping experience with affiliate links shared by their favourite influencers.
Gone are the days of one-off sponsored posts. These days, brands and influencers are teaming up for ongoing projects. The reality is it takes time to close a sale. Even the most engaged audiences need more than a single sponsored post to make a real impact. Plus, brands are looking to build deeper connections with influencers, much like they would with brand ambassadors.
So, what does this mean for you as an influencer? It's time to get creative and start offering package deals to brands looking for your services. Think several sponsored posts over a period of time (much like running Facebook ads). Plus, joining an influencer marketing network can give you some added legitimacy.
As influencers continue to specialise in specific industries, they'll become even more valuable to brands in those verticals. So, think about what you're passionate about and start building relationships with brands that align with your niche. As influencers become more specialised, the language we use will evolve too. Instead of "influencer" we may see a language shift toward creators and content creators. After all, many influencers are true artists in photography, videography, writing, and more, and want to be known for what they truly do.
Not only are influencers becoming more professional, but the industry as a whole is too, so now’s the perfect time to elevate your game and become a true professional in this field (or if you’re a brand, start working with these money-making professionals!)
Get ready for a network of influencer connections in 2023! As influencer marketing trends continue to evolve, we're seeing more collaborations and connections between influencers. From influencer houses to influencer networks, it's all about maximising efforts and earning a bigger return on investment.
This trend is a win-win for everyone involved. Brands can implement better campaigns, influencers are treated as the professionals they are, and consumers have access to the products they need at the best price.
Authenticity is key in influencer marketing and it's not just about being real, it's also about being relevant. In 2023, we'll see more influencers and brands partnering up with those whose audiences overlap with theirs. This way, they can ensure that the content they create together will resonate with their followers.
Gone are the days of generic sponsored posts that feel like a commercial break. Instead, we'll see more Q&A's, behind-the-scenes looks, and even honest reviews from influencers. This type of content not only helps build deeper connections with their audience but also shows the influencer's integrity and the brand's transparency.
Get ready to step up your influencer marketing game in 2023 because the industry is only getting bigger. As popularity, demand, and marketing spend continue to rise, it's important to stay ahead of the game by keeping an eye on the latest trends and allocating your budget accordingly.
So, whether you're a marketer or an influencer, keep your eyes peeled for new and exciting ways to make an impact in the world of influencer marketing. It's time to get creative and think outside the box because what worked before, won’t necessarily work in the year ahead.
If you need help crafting the perfect influencer marketing campaign, that’s where The Influencer Agency comes in! From designing a solid strategy to providing detailed briefings, to creating engaging content and delivering it all, TIA is your one-stop-shop for a successful campaign. Get in touch to see how we can work together in 2023 and beyond.
From strategy, briefing to content delivery & reporting - we’re your influencer marketing agency with end to end support for your next campaignGet in touch