Influencer marketing has been around for a while and continues to grow in tandem with the rise of social media and its influence on e-commerce and public purchasing habits. Read on to find out if influencer marketing would work for your business.
The market grew from £8.1 billion in 2020 to a staggering £13.8 billion at the end of 2022. Attributed to the global rise of TikTok, the continued upward trajectory of Instagram, YouTube and a global pandemic which saw social media consumption grow exponentially. After two years when brands found themselves desperately trying to update their marketing and budgets towards digital, 2023 is the year when businesses can swap stress for strategic. If you’re looking to find out about influencer marketing and how you can make it work for your business, you’ve come to the right place.
Firstly, let’s answer a few basic questions…
What is influencer marketing, and is it effective?
Influencer marketing employs leading content creators to increase brand awareness and traffic, and drive key messages to a brand’s target audiences. This collaboration between brands and creators allows businesses to advertise to their target audience in a perceivably more palatable and ‘organic’ way.
Influencer marketing, specifically social media influencer marketing works through word-of-mouth tactics, a method with proven results. People trust their friends, peers, and people they admire, therefore when they endorse a product people are more likely to buy and use their services.
How do you know if someone is an influencer?
Influencers can come in many different formats and follower counts. Below we have outlined five different types of influencers, all of which play a vital role with different audiences. The key to a successful influencer marketing strategy is knowing which of these will work best for your brand and budget.
- Mega-influencers with more than a million followers
- Macro-influencers with 500K to 1 million followers
- Mid-tier influencers with 50K to 500K followers
- Micro-influencers with 10K to 50K followers
- Nano-influencers with 1K to 10K followers
Four things to keep an eye on in social media influencing in 2023…
Niche goes nano
As people continue to put time and energy into finding and embedding into their online ‘tribe’, people are becoming increasingly interested in nano influencers, who play a vital role in influencer marketing. Nano influencers, also known as niche influencers, are social media users with a few thousand followers who have a tight-knit community or tribe around a specific topic or interest. These types of influencers’ opinions carry weight with their audience as they appear more authentic because their influence is concentrated among individuals who are passionate about the same thing.
Whether it’s about a specific video game, resin crafting or even the best types of pallets to use for different types of food, there is a nano influencer for all markets. You’ve just got to find the right one for your influencer marketing strategy.
Video gets even more video
Cross-channel influencer marketing will continue to rise as does the use of video-centred content. With TikTok and Instagram reels adopted by the public and preferred types of content creation, businesses need to understand that cross-channel campaigns are unavoidable.
For example, TikTok is mainly used for entertainment, whereas Instagram is used for news sharing, inspiration and product recommendations. By sharing a campaign on TikTok, they can spread the message in a fun and entertaining way, and on Instagram, they can share more in-depth pieces of information including swipe-up action to take the user straight to the dedicated landing page.
Authenticity will be absolute
Over the past few years, influencer marketing has had backlash as celebrities have been pulled up on the need for transparency and authenticity when it comes to promoting products on their social media feeds, with many hit with hefty fines for not being open about a paid-for post.
Celebrities especially are being criticised by their audience for promoting products which do not link and resonate with their audience, losing the trust and ultimately respect of those who follow them.
Authentic just means that audiences want to see genuine excitement and passion for the brand they are using. This could be achieved in several ways, for example, through long-term partnerships or a Q&A session rather than a simple product review.
Sticking with partnerships and endorsements celebrities like and trust, not only builds respect and credibility with their following but shows integrity to the brands they work with.
Sustainability is strengthening
To end, the rise in sustainable products or service endorsements is becoming more and more important. Influencers who are using influencer marketing to promote fast fashion brands, palm oil-based products or other events, services or products thought to be isolationist are being heavily criticised by the public.
Generation Z and tail-end millennials are becoming the sustainability generation and as they continue to progress in their careers, becoming opinion leaders and carrying heavier weight within companies, influencers must ensure they chose to work with greener and ethical businesses.
Influencer marketing on Facebook, TikTok, Instagram and YouTube has become increasingly popular for brands to invest in. To find out where to start in influencer marketing and how to begin your business’ journey in conducting a successful strategy, get in touch with our team today at email@example.com.
If you’re looking to find out about social media marketing strategies, click here.