Influencer marketing is when a person with an online following partners with a brand to promote their product or service. With the rise in social media, it has become one of the fastest, most effective ways of advertising worldwide.
Experts predict that by 2025, up to 86% of companies will use influencer marketing to reach their customers. This shows that the industry will only grow in size and importance.
But with millions upon millions of influencer accounts spread across hundreds of different platforms, knowing how to capitalize on this new form of marketing can be difficult.
This article will investigate how influencers are already shaking up the traditional marketing landscape. You’ll learn critical areas to be mindful of, helping you make the best of this ever-growing industry.
5 Ways That Influencers Will Change Traditional Marketing
Influencers come in many different shapes and sizes, and speaking collectively about the industry can be difficult.
That said, many experts are paying particular attention to five key areas of the industry for 2024. They are:
- The growing importance of micro-influencers
One of the biggest misconceptions about influencer marketing is that bigger is always better. But 2024 is set to see the rise of the little guy, the micro-influencer.
These influencers usually have communities ranging from 10,000 to 100,000. Though smaller in reach, they typically have a much more loyal fanbase that engages with sponsorships and endorsements at a higher rate.
This means that while you might be reaching fewer people, you can potentially convert more people into customers. Micro-influencers may also have more niche interests, allowing marketers access to specific demographics across nationality, language, and interest.
They’ll be able to personalize a brand’s message more accurately and effectively and individualize the experience. Best of all, because of their smaller size, they are often a much more affordable alternative than more established or mainstream creators.
- Hiring influencers with the help of AI
Artificial intelligence is changing many industries worldwide. The influencer space is no exception. With just the click of a button, tools like ChatGPT can gather immense amounts of data on specific influencers and highlight the best candidate for a particular campaign, platform, or demographic.
AI tools can screen digital footprints to see if they align with your brand’s image. They can also verify an influencer’s follow count to see if there is or isn’t a high possibility of bot activity.
Marketers will no doubt use AI tools to compile data on what competitors have done in the space, helping with decision-making and allowing people to optimize campaign performances. This will lead to quicker and more frequent partnerships.
- Diversifying over several platforms
Did you know that in 2023, the average user has at least seven social media profiles? While everyone has Facebook, YouTube, Instagram, and TikTok accounts, more and more of us are joining and linking directly to content on platforms like LinkedIn, Eventbrite, and Spotify.
Influencers are an ideal way for virtually any brand to reach a new audience on a platform they haven’t any presence on. Through a campaign, they can then grow their following in a meaningful way, spreading their reach and establishing themselves.
Moreover, most platforms actively experiment with monetization, inspiring creators to produce better content and reach larger audiences. Sites like TikTok even implement built-in shopping features. This allows influencers to convert fan bases into dedicated customers directly in just a few swipes of the screen.
- More ‘trendjacking’ partnerships
One of the core weaknesses of traditional marketing is its slow pace. Brands strive to collect and analyze customer data and create campaigns that are difficult to change on the fly.
Influencer marketing has wholly revolutionized the speed and effectiveness of marketing, allowing brands to instantly pivot into new ‘viral’ moments.
Whether it’s a new fashion trend, a viral challenge, or a significant cultural moment in the news cycle, marketers can use influencers to capitalize on customer interests. In this way, they can ensure that their advertising is always relevant and react to changes in customer interests.
- The rise in user-generated content (UGC)
Just as influencer marketing has shaken up the advertising industry in a big way, it has inadvertently led to another new, developing form of marketing—user-generated content (UCG).
UCG is when customers create and share content on social media, often without any brand involvement or prompt. They are authentic, raw, and unedited and usually take the form of a review or demonstration to inform other potential customers.
Surveys taken in 2023 found that 90% of customers preferred seeing content from actual customers (as opposed to influencers), highlighting the need for marketing campaigns to appear authentic and organic.
As such, it’s worthwhile keeping an eye on social media platforms for content that may help drive conversions without taking up your precious marketing spend!