Influencer marketing is becoming a key trend in the world of marketing, especially in 2023.
Why? Because it works!
But what makes influencer marketing so powerful?
The answer is simple: humans are social creatures, and when we see something that resonates with us, we want to share it with others. Influencer marketing taps into this natural human desire, by harnessing the power of influential people who have a loyal following on various social media outlets. These influencers help you reach new audiences, drive sales and conversions, and create brand awareness.
Consumers are more connected than ever before, and they trust their peers more than they trust brands. This is the main reason that brands need to focus on how they can use influencers to reach their target audience.
Marketing teams used to brush off influencer marketing as a secondary tool to be used after traditional marketing campaigns. However, that is all in the past. Especially as the size of influencer marketing keeps expanding globally. Just from 2016-2022, influencer marketing saw an 10x increase from $1.7 billion to $16.4 billion.
The catalyst behind this growth is non-other than TikTok. What started as an app for teenagers to showcase their short talent or funny videos, is now the third-largest platform in the world and still growing. Also worth noting, is that while the majority of TikTokers are young, 36% of them are over the age of 30.
TikTok is hands down the most influential cultural force in the world today. The rabbit hole known as scrolling down non-stop on TikTok, is how around 1 billion users of the app, discover the world, without even leaving their bedroom, and that includes, scrolling through what E-Commerce channels has to showcase on this omnipresent app.
As an example, an account called TikTokMadeMeBuyIt alone has 29.3 billion views. This is just one example of how logical is it for TikTok, to encourage more E-Commerce presence on the platform.
Simultaneously, subscription services such as Patreon, are becoming mainstream. And the only way to go from here is up. This model is expected to grow next year, opening new revenue streams for creators, which can expand the profitability prospect, way beyond the limits of paid advertising.
Another key trend this year, which might be a double-edged sword, is AI-generated marketing.
AI has become so advanced that it can generate fake human characters to appear in videos, including in branding & marketing campaigns.
With this technology, companies can create an army of virtual spokespeople, who can help them promote their products or services with little effort.
The only problem is, if someone finds out that they are a fake person, they may lose trust in the brand and its products or services, which can cost them a huge customer base (Gen Z and younger Millennials) that are drawn to authenticity.
The main point to be taken into consideration from these trends, is that influence is a key player in the game now.
The simple yet powerful reason behind its success, is that people trust other people more than they trust brands. Influencer marketing has the ability to connect brands with their audience through authenticity, and it’s something other forms of marketing simply can’t do.
Living in a time where people are glued to their phones, constantly being fed a huge amount of content, and real people telling their real experiences is the type of vulnerability that is needed capable of influencing and persuading people.
Ultimately, it’s the people who build culture, “Real” people!
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