–Mr Abhishek Vyas, Founder & CEO, My Haul Store
My Haul Store, an influencer marketing company, predicts that in 2023, influencer marketing will continue to be the most essential modern marketing strategy. Industry experts estimate that the industry will grow at a 25% annual rate, reaching a value of 2,200 crore rupees by 2025. In fact, 50% of modern marketers already allocate at least 10% of their digital marketing budgets toward social media influencers.
The creator economy is thriving, and influencers have gained the trust of major brands. Brands now believe that influencer marketing provides a similar ROI to celebrity endorsements. As a result, influencer marketing agencies are more relevant than ever. Let’s understand the marketing trends that are more likely to shape the new influencer marketing realm in 2023.
Brands Hire Influencers for Social Media
Brands are increasingly hiring influencers to run their social media accounts. Influencers have a better understanding of how to go viral and can build partnerships to expand their reach than any corporate entity. Influencers are also capable of building partnerships for better reach. They know their game better than anyone else. Brands partnering with more influencers to promote their products and services will continue to thrive as a marketing trend.
The Metaverse is Real
The metaverse, a virtual world that is becoming increasingly popular, will impact the influencer marketing industry. Even Facebook’s rebranding to Meta has undoubtedly sparked interest in the digital environment. Tech giants and brands are producing digital goods that may be sold or purchased globally. This creates more opportunities for influencers to connect with brands and create a presence in the metaverse. We are already seeing real-world influencers create personal avatars or digital characters. As global brands try innovative ways to connect with their customers and target audience, the future of influencer marketing in the metaverse is promising and exciting.
It’s Always the Video Content
The conversion rate of video content is exponentially increasing, and it always outperforms other content formats. Social media pushes video content over image posts, and they perform best in terms of engagement, especially on Instagram. Short-form video content is in high demand, and marketers and brands are focusing more on video-centric content, and the scope for the same will continue to grow in 2023.
Micro-Influencers Will Continue to Grow in 2023
Micro Influencers are the ones who redefined real connectivity on social media. These types of influencers with 10,000 to 100,000 dedicated followers have the most connectivity, say experts. Not just experts will agree, but marketers who have worked with micro-tier will also agree. They have a smaller following, but their audience is highly engaged with their content. Micro-influencers are known for their authenticity and genuine relationships with their fans and brands. The micro-tier will continue to generate better leads and a higher ROI in 2023.
Authenticity will be the Unique Selling Point
Marketers now choose engagement rate instead of follower count just because the influencers are legit and provide genuine results. Authenticity is becoming the unique selling point for influencers. The demand for authenticity has been driven by public opinion on the potential harm that social media and content marketing can cause younger generations. Now both brands and influencers are forced to demonstrate authenticity. The more authentic the influencer and the content are, the more trust there is. It’s all about the trust influencers have developed with the audience, and that’s what brands are looking for in 2023.
As the influencer marketing industry continues to grow, new marketing trends will emerge, impacting the dynamics of the industry. While these trends may not predict the future of influencer marketing, they provide valuable insights to better understand the market.
