What Is Influencer Marketing?
Influencer marketing is a type of marketing that focuses on using key leaders to drive your brand’s message to the larger market. Rather than marketing directly to a large group of consumers, you instead inspire, engage, and build relationships with key influencers who have a following built around your brand’s mission. Influencer marketing in 2023 will involve businesses partnering with people who have large online followings, like Instagram or YouTube stars. They will promote the business’s products or services, and in return the business will give them money or free samples of their products. It’s a way for businesses to get more people to know about their products.
Need of Influencer Marketing
Undoubtedly, influencer marketing has assisted numerous firms in making the shift from challenger brands to industry leaders. The influencer market is expected to reach $15 billion by the end of 2022.
For example, MVMT Watches collaborates with influencers from many areas of life. They collaborated on Instagram with Stephanie Danielle, a beauty and travel influencer. They worked with fitness influencer Tim Rodriguez and micro-influencer SimplyLaura to promote their watches using Twitter influencer marketing.
Some Tactics of Influencer Marketing in 2023
Choose a platform that fits with your brand.
What are the expectations of your target audience from each social media platform? What platform best meets their requirements?
The most well-known influencers combine content from many platforms including Instagram, YouTube, TikTok, Twitter, and others. Different formats, strategies, objectives, and target audiences are best served by different platforms.
According to Mediakix’s survey, Instagram is the best platform to perform strategically. A whopping 83% of consumers say they use Instagram to find new goods or services.
For instance, with their cheery green box, lovely pre-packaged components, and delectable finished meals, HelloFresh is a perfect pick for Instagram influencer marketing. Additionally, HelloFresh’s influencer marketing strategy focuses mostly on Instagram micro-influencers from a variety of different industries.
It should go without saying that you should only approach influencers about endeavors that will have an impact on your audience. Irrelevant pitches are the primary cause of the majority of missed opportunities. Needless to say, a lot of us continue to misunderstand this.
Only when a relationship is mutually beneficial can influencer marketing work. Don’t contact someone just because they’re an influencer or because they create engaging content. Make sure they’re also in your niche and that they’ll be able to reach your target audience.
Convert brand loyalists into influencers.
The ideal tactic for influencer marketing is thought to be capitalizing on current brand devotees. Your devoted clients are in the ideal position to advertise your products or services. Actual people are more credible than those who hold an influencer title.
If you already have a sizable following on social media, you may not need to recruit influencers. Your next brand ambassador may be right in front of you. Simply keep tabs on your social media posts and identify potential brand ambassadors’ abilities through their actions to classify them as possible brand ambassadors.
Start a referral program on social media or launch a review writing campaign among your current customers to optimize the benefits and streamline your search.
4 Major Trends Driving Success in Influencer Marketing
The Rise of TikTok
Insider Intelligence projects that TikTok will hit 755 million monthly users in 2022. This after experiencing nearly 60% growth in 2020, followed by approximately 40% growth in 2021. The rise of TikTok demonstrates the potential of the creator economy. No longer viewed as a Gen Z platform for dance challenges, its rapid growth was made possible by a creator-centric approach. And the variety of creators and content on TikTok is now providing brands with a great opportunity to find the right fit and convert users into new customers.
The relatability of many TikTokers is what makes users trust their recommendations and take action. This is not lost on TikTok, which realizes the value in enticing content creators. Users are most likely to buy a product seen on a video from profiles they follow regularly, or from their feed, because the content is relevant to them. Additionally, sponsored content on TikTok doesn’t immediately feel like an “ad,” hence the popularity of #TikTokMadeMeBuyIt, a hashtag that not only attracts billions of views but also drives sales for brands.
Influencers and Authenticity
Brands have started to recognize the benefits of partnering with nano- (under 10,000 followers) and micro- (between 10,000-200,000 followers) influencers, rather than simply targeting creators with millions of followers.
Nano- and micro-influencers have more of a reputation for being genuine and authentic. Their followers feel the products they feature are ones they’ve actually tested and liked. And the notion of these influencers also being more approachable supports higher engagement rates.
Brand authenticity and transparency are key to building connections and influencing the next generation of customers. The most engaging and successful videos are usually ones that are non-promotional and reflect the personality of the creator. Also, authentic content is more likely to be repurposed by brands to reach users outside of the creator’s audience — creating a win-win situation that gives more exposure to both the brand and influencer.
Social media platforms are recognizing this shift. New tools and opportunities continue to be made available to more users than before. Instagram Stories’ link feature, originally available only to users with 10,000+ followers or verified accounts, is now accessible by anyone on the platform and can be used to share products with their audience at the click of a button. Creators of all sizes will also be able to take advantage of the rise of livestreaming shopping, giving them additional means with which to engage with their audience and create more interactive and immersive experiences.
As brands prioritize organic development and authenticity over audience reach, a growing share of influencer marketing budgets will continue to go to nano- and micro-influencers.
It’s a Partnership
Partnering with creators through a brand’s affiliate program builds long-term relationships, making creators feel valued and fairly compensated. This also encourages the creator to produce more organic content as opposed to waiting until the next campaign, providing the brand with more exposure and adding to the authenticity that audiences value most.
Today, brands can best engage with creators by adopting technology designed to manage affiliate partnerships, deliver resources and drive results. Some platforms allow monitoring of influencer traffic and conversions and can help identify what product or products resonate most with audiences. Influencers can then better ensure the success of their partnerships via tools that leverage related data, while businesses can assess the value of influencer campaigns to accurately determine ROI.
Influencer Marketing Tips for 2023
Video is King
Social media videos continue to gain popularity. And engagement has never been higher, even with shorter videos lasting just five seconds. TikTok remains at the top of the list for its ability to offer special features that support product launches and sales. Instagram reels have taken off and pairing them with influencers is pure magic for brands looking to grow and boost awareness. Instagram users primarily use the platform to source new products and services, making it the place to be when looking to grow your brand. YouTube shorts are second to TikTok, with their popularity growing. Partnerships with influencers who have a good following are key to promoting your brand.
Social is the New Search
Recent studies have found that Millennials (Gen Y) and Zoomers (Gen Z) are turning to social media channels like TikTok or Instagram in place of Google when it comes to search and maps. This is due, in part, to the personalization they get when searching. Results will come up with places, events, and even people — influencers — that may be of personalized interest to them. Having influencers in place talking about your upcoming event, promotions, guides, and locations changes the meaning of “search.”
Acquisition versus retention
80% of consumers seek product and service recommendations from Social Media creators and influencers .
With the increase in personalization and the “humanization” of brands to increase authenticity and trust, consumers are becoming more interested in associating brands with popular figures and opinion leaders.
Marketers are tasked with making these partnerships with influencers and famous content creators (51% concluded that Influencer Marketing helps them attract better consumers), but acquisition costs are skyrocketing across all digital channels (Google, Meta, Amazon).
For this reason, the relationship with customers already in the portfolio becomes vital to encourage repeat purchases and strengthen the brand in the minds of current consumers.