Ideal/effective ways to leverage the power of influencer marketing trends in 2023

There is no denying the fact that influencer marketing has been the buzzword for 2022 and as we step into 2023, it is indeed going to dominate brand marketing discussions.  A Statista analysis found that in 2020, more than 50% of Indians had access to social media and it is predicted that 67%  of the population will be using social networks by 2025. Thus, it is abundantly clear that the use of social media will rise exponentially in the near future, making influencer marketing a preferred marketing strategy by businesses.

Moreover, influencer marketing has given brands the golden opportunity to reach their target market in the most effective way. Reaching a wide range of audiences has always been a concern for organizations but with influencer marketing coming into the picture, it has become quite feasible for businesses to disseminate their desired message to the ideal target market.

Influencer marketing: The reality of businesses in 2023

The marketing approach of businesses and the way how people perceive them have altogether changed with the advent of influencer marketing. Especially with Gen Z coming into the picture, the content consumption patterns of people have changed to a great extent. They are regarded as the most “active” generation of today who spend a good amount of time-consuming and creating content. Besides that, there is a rise in demand for more media-centric content, which as a result, has led businesses to revise their content creation strategies.

Gone are the days when people would see a commercial on TV or read about it in the newspaper and choose to purchase the concerned product. Nowadays, they require more relatable and intimate product reviews before making a purchase. This is where influencers come into play as they engage with the audience on a significant level and offer them honest reviews, which in turn makes people increasingly prefer them. In fact, because of their popularity and influence, businesses are also greatly choosing to collaborate with influencers.

Influencer marketing is unquestionably a growth-oriented sector of the marketing world. According to a Statista report, the influencer marketing market is anticipated to grow to $22.2 billion by 2025. Hence, it is safe to say that the coming year will present tremendous opportunities for both influencers and businesses.

Key ways to leverage the power of influencer marketing trends

Media-centric content: The need for media-centric content has dramatically increased as a result of the rise in social media usage brought on by the increased smartphone prevalence. Reels, vlogs and live streaming have taken over conventional forms of content and the emergence of influencer marketing can be attributed to this. As a result, brands today are prioritizing media-centric content in order to cater to the changing content consumption demands of the public. 

Media-centric content has provided businesses with the opportunity to provide the public with more relatable and tailored content that will ultimately affect their decisions. In addition, when that comes from their favourite influencer, it is more likely to drive a response.

Making the most of performance influencer marketing: : Influencer marketing is unquestionably a cost-effective marketing strategy because it doesn’t call for marketers to make significant financial commitments. Especially when used as a performance channel instead of a brand awareness channel.Additionally, influencer marketing has made it easy for marketers to measure real-time ROI and take prompt action. Influencers provide reliable information on consumer engagement and sales, which firms can use to adjust their strategy, change the content they promote, and chase a higher return on investment.

Long-term influencer collaborations: Given the fact that influencer marketing has gained traction in recent times, long-term influencer collaborations are going to be a reality for businesses. In fact, longer-term influencer partnerships can aid brands in producing content with greater credibility and brand effect. As the creators continue to associate with a brand, in particular, they gain a better understanding of their business offerings and, as a result, are able to rightly communicate to the public. Influencers can thus evolve into true brand ambassadors and provide businesses with essential information for the creation of new products or marketing campaigns.

Influencer marketing: The era of new-age marketing

With users spending maximum time on social media, 2023 is surely going to be the era of influencer marketing. According to a MarketsandMarkets report, the global market for influencer marketing platforms is projected to reach $24.1 billion by 2025, expanding at a CAGR of 32.0% during that time. Therefore, the key to business success will be having a well-defined influencer marketing strategy in place with measurable objectives across media platforms.