Influencer Marketing Trends and Analysis
The influencer marketing scene has exploded over the past 6 years, growing from a global market size of $1.7 billion in 2016 to $16.4 billion in 2022. Influencer Marketing is not just another fad, but is becoming a staple of the marketing industry, with some experts predicting the industry to jump over the $100 billion mark in the next 8 years. Here are some key trends you’ll want to consider before allocating your Influencer Marketing dollars.
Finding Your Social Media Platform
Despite having fewer total users than Facebook (2.9 billion Facebook users vs. just over 2 billion Instagram users) Instagram is where most influencer marketing dollars are being funneled. When allocating your budget, consider the platform you want to invest in carefully. You probably don’t want to avoid the biggest channel, but you also want to avoid becoming irrelevant white noise in the arms race of social media marketing. Strategically identifying your ideal clients – along with some alternative channels to reach them on – might be a good way to allocate a portion of your dollars.
Don’t forget about the power (and ease) of double-dipping with content production – Not every brand will be perfect for it, but TikTok is also one of the most significant social media marketing platforms available. According to Sprout Social, TikTok is the fastest growing social media platform reaching 1 billion users in September 2021. It only took five years for them to reach that mark, while both Facebook and Instagram took 8 years.
A short TikTok can easily translate into Instagram Reels and Facebook content. Utilizing content across platforms can be an effective way to grow and build your reach across the web and across generations. Understanding who your audience can impact which platform you prefer to use. Knowing who you want to reach should affect your platform choice even more than what type of content you want to produce.
It’s All About Trust & Sincerity
One of the most significant trends in influencer marketing is trust. People are more willing to buy products from influencers they trust due to their expertise, connection, or their personal success in using the product they are sharing about. Tim Ferriss is a prime example of someone who effectively builds trust through his sincere personal use of the products he advertises for. Remember, the more saturated the sales market becomes, the more a sales pitch becomes its own form of white noise. Brand trust through a sincere influencer’s voice is an essential marketing trend to follow.
Invest in the Long-Haul
Connected to trust is an investment in particular influencer marketers over a longer period. If you run an ad-campaign for a few weeks or even a few months, you are not building that sense of durable trust. Audiences want to know that an influencer is willing to work with you for an extended stretch. Quick-hitting ads meant to generate an immediate boost in sales are everywhere and have created widespread consumer cynicism. Oppositely, longevity and stability are growing in their effectiveness because the practice means that sellers are genuinely invested in the same spaces and concerns as their target audience.
Value in Micro-Influencers
Smaller audiences? No problem – according to the latest trends and data, micro-influencers are set to have a larger impact and more significant ROI due to higher engagement with their audiences. With micro-influencers, you might miss out on huge audiences, but you get more sincerity and trust from their followers, which leads to better end results. The key to effectively marketing through micro-influencers is finding an overlap in your niche audience. The other big advantage with a micro-influencer vs. a heavy hitter like a Kardashian is campaign cost. You will spend significantly less on marketing campaigns, allowing you to invest for longer periods of time and maintain continuity with your micro-influencer’s community of followers.
Looking for more information on how to capitalize off of this growing industry? Take a look at our Influencer Marketing Services!