The world of influencer marketing has exploded over the past decade, with brands of all sizes and industries turning to social media influencers to reach their target audiences. The industry has grown by over 800% since 2016, and shows no signs of slowing down in 2023.
But what will influencer marketing look like this year and beyond? Does it still make sense for brands to work with influencers, given concerns about transparency, authenticity and possible regulatory changes?
The answer: Yes! You just need to find the right fit.
Influencer marketing is no longer one size fits all. Gone are the days of big brands with big budgets dealing with big celebrities who have millions of followers.
What are your goals?
What’s your budget?
What does your target audience look like?
Answering these questions will help you to determine the right time of influencer marketing for your brand.
Here are a few ways we see influencer marketing growing and changing in 2023:
We’ve seen the rise of the micro-influencer – individuals with between 1,000 and 100,000 followers who often have highly engaged audiences around a specific niche. Micro-influencers are often more cost-effective than big influencers, and offer a chance to get in front of a focused audience.
In 2023, we expect micro-influencers to demand more control over the creative process. They will want to work with brands that are aligned with their values and passions in order to create authentic content for their followers.
Allowing the micro-influencer more creative control is not something brands should shy away from. Quite the opposite – by allowing freedom to create content, that content will be seen as authentic to the micro-influencer followers… because it is. And authenticity reigns supreme on social.
Because of this, we also expect more small businesses to dip their toe into influencer marketing, utilizing micro-influencers.
The UGC content creators
UGC content creators are another influencer avenue brands could take. UGC content creators often don’t have a large following, but they have the skills to create engaging, captivating content that can level-up your brand. Often this is a cost-effective way to get great content to share on your brand’s social media pages.
In 2023, we expect to see more brands working with UGC content creator individuals and agencies. We also expect to see more creators offering these services to brands.
In-app platform tools
Social platforms have also recognized the importance of influencer marketing and have begun to offer tools to creators and brands that further boost this partnership – like live-stream shopping and in-app ecommerce features.
Platforms like YouTube, Pinterest, and TikTok are investing in in-app e-commerce features, allowing users to browse and purchase products without ever leaving the app. This trend has already been successful in China where social commerce accounts for over 15% of e-commerce sales.
In 2023, we expect to see more brands partnering with influencers specifically utilizing these features to increase sales. This is an area to explore with both micro and mega influencers.
Despite the challenges, influencer marketing remains a powerful tool for brands to reach their target audiences and build trust with consumers. By choosing the right type of influencer marketing and creating authentic and relevant content, brands can achieve significant results through this medium.
Looking to add more user generated content to your brand’s marketing strategy? Legendary Social Media’s team of creative, professional, detail-oriented Reels & TikTok Content Creators are here to help. Learn more about our content creation services and receive a free custom quote here.