As the success of influencer marketing continues to rise, it’s critical to stay on top of ever-changing trends to get the most out of digital marketing strategies. It’s predicted marketers will collectively spend over $4.5 billion on influencers in 2023. Check out these 4 influencer marketing trends to tap into this year!
Videos on social media generate as much as 1,200% more shares than text and image content combined. Additionally, more than 50% of consumers report wanting more video content from marketers. Influencers are experts at engaging with their audience and creating captivating content. Targeting influencers who have a presence on platforms like TikTok, YouTube, Instagram Reels, Twitch, and any other video-based platforms can be the boost brands need to connect with their audience and stay top of mind.
Brand and Influencer Collaboration
One of the benefits of influencer marketing is brand credibility as influencers have the power to gain the trust of their audience and understand the value of providing authentic content. For example, the collaboration between influencer, Whitney Simons and Gym Shark sold out in just a few days. This year, we are likely to see even more brands and influencers co-creating products to appeal to consumers. This entices influencers’ audiences to become consumers of the merchandise as collaboration indicates trust between the influencer and the brand as opposed to simply promoting a product. Supporters who have purchcased a specific product before may be more likely to do so in support of the influencer they love.
As the growth of the influencer marketing industry creates career opportunities for content creators, we will likely see more utilize subscriptions to create additional revenue streams, monetize content more effectively, and build a loyal fan base in exchange for a monthly fee from supporters. With platforms like Instagram allowing any users who are 18+ with 10k followers to use subscription services, influencers can be more critical about which brands they work with as they are less reliant on this stream of income alone. Additionally, influencers may begin to raise rates when creating sponsored content. This means brands may have to focus even more on building meaningful, genuine connections with the influencers who already use their products to build a network of brand ambassadors. However, once that relationship is made, brands will have an even more exclusive connection to an audience of dedicated supporters.
Live streaming is becoming increasingly favored by online shoppers. Brands that have leveraged the power of live commerce and influencers with an existing live stream platform are seeing conversion rates of up to 30%, much higher than the average conversion rate. This trend does not seem to be disappearing anytime soon as major social media platforms such as Facebook, Instagram, and TikTok all offer live features and even have developed livestream shopping tools to support this influx of interest in live shopping. Combining the power of an influencer’s fan base, the success of live streaming, and an amazing product can make all the difference in 2023 digital marketing campaigns!
Looking to use these trends to improve your influencer marketing strategy in 2023? Reach out today to start a conversation about how your brand can achieve a well-rounded influencer marketing plan to see your reach and revenue goals come true.