Five of the Most Important Trends in Influencer Marketing for 2023
What does the year have in store for us? You probably find yourself wishing you had a magic ball or some other means of foreseeing the future at this time of year. It is understandable that you would like to stay one step ahead of the competition given the degree of unpredictability surrounding the current state of the global economy, the rapid evolution of the algorithms used by social media platforms, and the desire to make the most of the funds allocated to marketing. You're in luck, that's for sure! Here is a rundown of the most significant influencer marketing trends that are expected to emerge in 2023.
Influencer marketing will continue to be a vital approach to include in your marketing strategy in 2023, even though inflation is on the rise and marketing budgets are getting smaller. In this article, we will discuss the most significant trends that you should be aware of in order to get ready to increase your growth in the upcoming year. Keep in mind that having information gives you strength, especially in times of uncertainty. When you have a deeper understanding of what is happening in the sector of influencer marketing, you will have a greater ability to plan and surpass your rivals.
Converging trends may be seen in influencer marketing and affiliate marketing
Businesses are now more concerned with producing sales and conversions than they are with raising brand recognition than they have ever been. When the economy is in a downturn, it is imperative for marketers to concentrate their efforts on developing tactics that are going to have significant effect on the bottom line of their organization. This indicates that companies need to provide actual sales data in order to demonstrate that the effectiveness of their influencer marketing initiatives.
Influencer marketing and affiliate marketing are starting to become more like one another as a result of the growing popularity of creator collaborations that result in increased revenue. Because influencer marketers will borrow these strategies from affiliate marketing, you can expect to see a rise in the use of coupon codes, affiliate links, and revenue-share compensation. This is because influencer marketers will use these strategies to help them improved track and attribute sales generated from their campaigns.
When it comes to formulating a performance-based payment for influencers and developing high-ROI campaigns, affiliate marketing strategies are becoming an increasingly important component.
TikTok is quickly becoming a more significant player in the influencer marketing space
Instagram has maintained its position as the social media platform that receives the greatest proportion of money spent on influencer marketing for a considerable amount of time. Even while this will continue to be the situation in 2023, it is anticipated that TikTok will pass YouTube sometime in 2024 and become the dominant video platform.
TikTok's captivating short-form video style and thriving creator economy continue to attract spending from marketing departments.
In the realm of social commerce, TikTok will emerge as the frontrunner.
TikTok's virality and its algorithm, which is intended to encourage the discovery of fresh content via the 'For You' page, have made it an increasingly valuable avenue for influencer marketing. TikTok is an indispensable platform for businesses whose customers are members of younger generations. It overtook Netflix not so long ago to emerge as the second most used app among people under the age of 35. 67% of users say that TikTok encouraged them to buy even when they weren't planning to buy something, demonstrating that the platform is successfully bridging the gap between the worlds of entertainment and business.
The material on TikTok is extremely engaging and is influencing users' behaviors. After seeing a post on TikTok, people report feeling inspired to do things like listen to music or make meals.
The price of acquisition is always on the rise
The growing cost of advertisements is a challenge for marketers. It was just recently disclosed that the cost of Google ads has increased across 91% of all business sectors. When you consider that inflation is now running low, it becomes very evident why you need to look for ways to help your marketing money stretch longer. The ever-increasing expense of living has been a trend for some time now. According to information provided by The Common Thread Collective, there has been a steady increase in advertising prices of more than fifty percent in 2022, which reflects this larger trend.
More of an emphasis will be placed on performance-based payment for influencer marketers
As a continuation of the prior debate on the rise in the cost of customer acquisition, influencer marketers will seek to optimize their expenditure on influencer marketing. Therefore, performance-based remuneration is a cost-effective approach to incentivize influencers to produce outcomes for your business, particularly in light of the fact that marketing budgets are, on average, declining.
