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The State of Influencer Marketing in 2023
Influencer marketing continues to be a top marketing tactic in 2023. More marketers and brands are taking advantage of the opportunities presented in the influencer space. This article will discuss the growth of the influencer market and top social media trends you must keep in mind to make create successful influencer marketing campaigns in 2023.
Is the Influencer Market Growing?
The influencer market is growing and has seen significant growth in recent years. Many companies are putting more time and effort into influencer campaigns. Billions of people have active social media accounts and watch their favorite influencers daily, so it isn’t surprising that this market has grown so much.
Now that more companies are using influencers as part of their marketing strategy, there is an increased need for influencer marketing platforms that help companies find influencers, collaborate with them, and track promotional data about influencer campaigns. Market analysis from Grand View Research suggests that the market for influencer marketing platforms has a projected compound annual growth rate of 33.4% from now until 2030.
At Lionize, we understand the value of the influencer marketing space and have designed our software to be up-to-date with influencer marketing trends and best practices. Our software can help connect brands with the right influencers for their needs, provides automation to make managing influencers easier, and helps track data from influencer marketing campaigns. If you’re looking to start influencer marketing, we have all the tools available that can help.
Will Influencers Last?
Influencers will last, and it is projected that the influencer market will stay strong for years to come. Throughout all of documented history, there have always been people in society with positions of influence, so influencers are not necessarily a new concept. However, with the growing popularity of social media platforms, our idea of an influencer has evolved, since social media gives everyone the power to have a platform where they can speak to an audience. This makes influencer marketing powerful since so many people can have a voice and influence purchasing decisions in a positive way.
Social Media Trends in 2023
To stay on top of things in the influencer marketing space, it’s important to know the top social media trends in 2023. Following the latest trends will help ensure your influencer campaigns are a success. Top social media trends in today’s market are:
- Increased advertising to smaller niche audiences.
- Increased importance of video and audio content.
- Buying products on social media will become more common.
- Customer service through social media will increase in demand.
- Paid advertising on social media will become more of a necessity for successful marketing campaigns.
If you are in the marketing space, learning about each of these trends will be essential to optimize your brand’s social media presence. Read on to learn more information about each of these trends.
Increased Advertising to Smaller Niche Audiences
Research has shown the effectiveness of influencer promotions through content creators with smaller, more niche audiences. This is due to the personal connection influencers with lower follower accounts (under 100,000 followers) can have with their audience. Feeling a connection with an influencer makes audience members more receptive to advertisements.
Importance of Video and Audio Content on Social Media
Video and audio content are becoming more important in the social media space, especially short-form video. Video content is great for adding more personalization and visuals that connect an audience with content creators. Audio content, like podcasts, is also becoming more relevant, so audience members can consume content on the go.
Buying Products on Social Media
The ability to purchase products directly on a social media platform is a growing trend that may lead to influencer marketing campaigns being even more successful in the future. Clicking a link and moving over to a company website is an extra step in the social media marketing process. It can cause lost sales, since it takes time to transition from the platform to a company website. Features like Instagram’s shop section are beginning to make it possible to make sales directly on a social media platform. More brands are expected to take advantage of this going forward.
Customer Service on Social Media
Having to call to speak to a customer service rep is a hassle. More consumers are contacting brands on social media for customer service concerns. Making social media customer service an option for your company will be increasingly important to keep your customer base satisfied.
Paid Advertising on Social Media
Paid advertising on social media platforms will continue to become more necessary for brands to promote their products or services. Influencer marketing will play a significant role, since it creates a more targeted form of paid promotion on social platforms.
Influencer marketing has seen a lot of growth in recent years. Marketers must stay on top of the latest trends to make the most out of social media marketing and influencer marketing campaigns in 2023.
If you would like additional help mastering influencer marketing in 2023, Lionize can help. Lionize is one of the top influencer marketing platforms that connects brands with the right influencers for their needs. Our platform makes it simple to set up your influencer marketing campaigns and track everything as you go. Lionize is a great option if you’re looking to get started in the influencer marketing space.
Book Discovery Call today to get started!
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