With every new year comes the optimum opportunity to evaluate new tactics and developments for your marketing needs. With nearly $16.4B being spent on influencers in 2022, we have carefully identified the following trends and projections to assist you in putting your 2023 influencer marketing strategy in place:
TikTok is now Meta’s unrivaled arch-rival! While Instagram is the preferred medium for millennials and older, TikTok has successfully revolutionized the market and continues to be Millenials and Gen Z’s preference. Its algorithms provide users with individualized feeds and targeted video content, making it extremely addicting.
Generally within the range of 1,000 to 10,000 social media followers, nano influencers are the most cost effective and engaging to their target audience. According to statistics from Affable.ai, nano influencers on Instagram had an engagement rate of around 4.41% in 2022, which was substantially greater than that of other influencer categories!
Social media has evolved into a popular product discovery tool among brands and younger generations. Prabhakar Raghavan, Google’s Vice President, stated that when looking for a location to eat, about 40% of young people do not use Google Maps. “They use TikTok or Instagram”. TikTok and Instagram are becoming the new local business discovery tool, enhancing the visibility of online brands, due to their map feature.
While the market for B2C brands has already heated up significantly, B2B brands will find innovative methods to engage with relevant audiences. These influencers have a presence on LinkedIn, Twitter, and YouTube, as well as podcasts or books, and have risen to the position of subject matter expert. For brands to increase their exposure, reputation, and lead generation, they will look to the influencers’ relatability, likability, and dependability.
Live shopping is a trend we’re keeping an eye on this year as it’s predicted to reach $25B in 2023. Originating in China, it is quickly spreading to other markets across the world. Coming full circle, influencers promoting products using live video, and their followers engaging with them candidly is IN again. This even prompted Instagram to introduce Live Shopping that lets people purchase products directly from Instagram Live!
Without a doubt, the industry will continue to see fascinating developments in the years to come. You can count on us to keep you informed about these trends, which will impact influencer marketing strategy for 2023.
If you are looking to incorporate these trends, feel free to reach out to us on how best to do so!