The Next Big Thing In Influencer Marketing To Watch Out For In 2023
“Developing relationships with internal and industry experts with active networks, to co-create content that helps drive measurable business goals.”- Lee Odden
(Co-founder and CEO, TopRank Marketing)
Influencer marketing is a form of social media marketing that involves product placement and endorsements from people, influencers, and organizations who have professed social influence and expert-level knowledge in their field. Already influencer marketing is a big space, and it will get bigger In India. A report by Tinutii has discovered that 90% of consumers engage influencers weekly on social media channels, including Instagram, Snapchat, TikTok, and YouTube. Every year brings innovative content, new social media platforms, and new means by which brands engage with their potential customers. To keep you updated with the recent advancements in the influencer marketing space, here’s our take on the next big thing in influencer marketing to watch out for in 2023.
Everybody knows that things evolve over time, and there has been an evolution of ads to a large extent because the traditional form of advertising has become less operational. With the effects of the global pandemic, various conventional methods were incompatible. Therefore, brands sought out influencers and content creators who are adept at creating creative content. Influencer marketing has gained all attention and eyes and has become quite popular in businesses today. Customers tend to rely more on people they admire than those who sell the products. Now the game for people has been changed by social media. Consumers prefer reviews from their favorite influencers before making a purchase decision.
With the power of influencer marketing, it is going to reach its peak by the end of 2023. Brands have chosen influencers, to create awareness, and increase visibility amongst their target audience and reach. In a short time, the influencer marketing industry has faced a severe transformation, thus making it a mainstream marketing vehicle.
Let us look at the influencer marketing trends in India. Boosted by the protracted stay-at-home phase, it is seen that consumers are steering away from text and pictures and started to watch videos more than ever. Influencer marketing provides personalisation and quick turnaround time as attention span and video consumption scales are reducing every day. If we look at the influencer marketing statistics, we can see that in India, the online video user base has increased by over 350 million people growing at the rate of 24% in the past three years. Various studies have proved the power of influencer marketing in India today. This industry is expected to grow at a CAGR of 25% for the upcoming 10 years, touching approximately Rs 2200 crore in 2025.
A recent report has shown that merely about 27% of the marketing dollars are cornered by the celebs whereas digital influencers occupy a total of 73%. It is quite natural that influencer marketing is going to hit the $15 billion mark. This number alone will make most of the brands empty a massive expenditure plan into promoting online media. While advertising has declined by 20%, influencers enjoy a rise of 46%. It’s a really huge influencer marketing success, which is why influencers have viewed the spotlight on them to grow bright.
Influencer marketing uses initiatives through content makers to increase brand awareness and engage the brands’ target audience. An important factor that has helped attract the brands to this medium is the bond of authenticity and trust that the creators share with their audience. This gives the brands opportunities to reach a wider niche audience. This collaboration between the makers and brands helps the organizations extend their compass all over their purchase personas. Television, columns, digital ads and prints, blogs, and social media are examples of these channels.
Brands have started to explore creative ideas collectively with the influencers and have started involving in engaging content strategies. In the previous year, it has been seen that for deals of long-time, the brands are collaborating with influencers instead of swapping away from one-time associations for single posts. Now let’s dive into what 2023 awaits for influencer marketing.
Increase In Collaborations
Influencer marketing trends descend that in 2023, the number of connections and collaborations with influencers will increase. The number of influencer campaigns will increase, giving them earnings and drive for their hard work.
Instagram Live Feature Will Be A Vital Part Of Influencer Campaigns
In 2021, Live has become quite popular and will continue to become so in 2023 as well. This feature is adopted by the influencers as they are able to engage with their audience who love to interact with them and also speak regarding the respective products and brands they prefer. It assists a brand in engaging many people and also influences them to get their hands on their goods.
Brands Will Prefer Partnerships Of Long Term Instead Of On-off Ones
People love to see their favorite influencers talk about the brands they love, thus giving them the title of authentic credible sources of recommendations. Influencer marketing is all about creating and maintaining relationships that go a long way in yielding beneficial results over time. Longer partnerships will thus see a rise in the upcoming influencer marketing arena. Sals happen over time, and hence brands would prefer a long-term investment for their influence marketing campaigns in order to convert and retain consumers over time. However, it is important to curate influencer marketing campaigns that can yield long-term benefits, and choose the right influencers for the same.
Live Streams And Short Videos
People seem to be more interested in the new feature that recently popped up where short videos like reels and Moj can be created. Here we can watch humongous content in very minimal time. As the audience started engaging with the influencers, the live streams, and short videos such as Instagram reels and YouTube shorts could not go off trend. Things have started to become very effective yet niche, and it is booming to a larger extent.
Importance Of Following Preferred Creators All Over The Preferred Social Media Platforms
The creators have many followers and have accounts everywhere possible. Few happen to interact and follow them wherever they appear anywhere possible. This refers to the fact that successful creators or influencers gratify a huge audience and are able to interact with their audience hassle-free and seamlessly. These people are known as special content creators who have a great idea regarding which platform your brands can cater to and where they will gain the eyes of a mass audience for creating brand visibility. Often, social media influencers will give calls to action, demonstrations, and personal testimonials while talking about a brand, thus urging their target audience to take an action favorable to the brand.
The Shift From Images And Texts To Video And Audio
Influencer marketing trends have been shifted to be at par with the audience as people nowadays prefer more video and audio content. Podcasts have now been a trend for those who love to hear, mainly auditory learners. With the advent of visual and audio content, images and texts did not wear out until now. They will still be uploaded in a unique manner where there is a scope for better engagement as people prefer video content such as IGTV on Instagram.
More Love Will Be Received By Nano and Micro-influencers
Micro-influencers, mainly those with less than 25k followers, have the highest engagement rate. Influencers who have engaged following are getting much closer looks from various businesses. If brands focus on micro and nano influencers, they will be able to increase their budgets on influencer marketing and, at the same time, also work with influencers who have deep, personal connections with their audiences. Partnerships with an increased number of brands will benefit the influencers as well.
Increase In Performance-based Deals
As influencers and brands search for long-term partnerships, performance-based deals will likely increase. This refers to the fact that clients expect influencers to deliver their promises like a particular number of clicks or sales. Suppose you are an influencer who is confronted with a contract based on performance, then you will consider turning it into ongoing royalties instead of accommodating a single payment.
Influencer marketing offers a lot of promises to the brands. With the quickly changing landscape of social media, it is very important for the influencers to quickly leverage the hottest influencer marketing trends for developing their expertise and authority thus preparing themselves more attractive to the brands. Brands will jump on these influencer marketing trends for generating new leads, expand their audience, and earn more revenue. The key trends include various types of social media platforms, the growing popularity of Nano and micro-influencers, more performance-based deals, brands searching for ongoing partnerships, and more.
Being a leading global influencer marketing agency, we, at Confluencr, have closely studied the influencer marketing industry and have helped a wide array of brands to craft content-driven influencer marketing campaigns. With a striking 15000+ influencer network and 500+ content-driven brand campaigns, we have worked for 200+ leading brands across India. We know great content lies at the heart of marketing, and so, we propose solutions that are sure to bring success to your campaigns. To know more about our services, reach out to us at [email protected].