What is influencer marketing? At its core, Sprout Social defines an influencer as “someone in your niche or industry with sway over your target audience.”
Current Influencer Marketing Trends
Over the years, we’ve seen influencers take many forms before settling into the vision we know today. With endorsements from celebrities, socialites, reality TV stars, bloggers, and YouTubers, these relatable, aspirational individuals resonated with audiences because of their unique perspectives.
Influencer Marketing Spend Is Increasing
According to Statista, influencer marketing spending reached $34.08 billion globally in 2023, racking in $26.09 billion in the U.S. alone.
Short-Form Video Is Dominating
TikTok not only leads in short-form video engagement rates, but the platform is on track to become the largest social platform in daily minutes by 2025.
Instagram Is Driving ROI
Though the influence of Instagram has decreased, the platform remains most preferred for brands. 66% of polled brands reported Instagram offered the best ROI delivery, unlike TikTok which favored only 26% of brands.
Additionally, Instagram proves most effective in generating user-generated content (UGC) and linking products for stress-free purchasing.
Consumer Trust Is Declining
Although influencer marketing is growing, many consumers have begun to tune out influencer content. In fact, 41% of people said it was unlikely that they would purchase a product recommended by an influencer.
With today’s uncertain economy, audiences have become less interested in the promotions of expensive or unnecessary products that they are unlikely to use themselves.
Influencer Fatigue Is On the Rise
Why are people getting tired of influencers?
With more influencers promoting more products and securing more brand partnerships, Millennials and Gen Zers sparked a movement, spearheading a greater demand for authentic engagement.
Influencer content has become repetitive, and audiences have become accustomed to not only what influencers like to say, but also how they like to say it. To consumers, over-editing or influencers who read from a script come off as inauthentic. Today, sponsored posts, link click CTAs, ‘link in bio’ mentions, and storefront shops have become the new normal.
Who can forget Kendall Jenner’s Pepsi commercial? When influencers appropriate social causes for commercial gain, consumers are immediately turned off.
As the success of influencer marketing continues, brands have no choice but to lean in. The problem? Too many brands are relying on mega influencers and celebrities rather than utilizing smaller creators.
5 Predictions for Future Influencer Marketing
How can brands revamp their current influencer marketing approach to achieve the wants and needs of today’s consumers? Here are five key strategies for success to consider.
1. Understand Your Tribe
A tribe is a group of consumers who share common traits or identify with each other through their collective interests. Influencers who foster meaningful connections with their ‘tribe’ are more likely to secure brand visibility and credibility during promotion.
2. Find Long-Term Partnerships
Securing long-term partnerships with influencers creates more authenticity versus utilizing several different influencers at once.
The more authentic, the more audiences can see that the influencer genuinely loves your product.
3. Use Micro- or Nano-Influencers
Often, individuals working on a more contained scale are perceived as having more of a legitimate voice over larger creators or celebrities, which, in turn, leads to a higher conversion rate.
4. Promote Sustainability and Social Responsibility
Brands should tap influencers who align with their values regarding sustainability and social responsibility. This alignment will resonate with consumers who share like-minded values and increase affinity.
5. Foster Authenticity and Creative Freedom
For influencers to remain relevant and thrive, it’s essential to consistently engage and value their audience, all the while upholding trust throughout each evolution and change.
As the influencer market becomes saturated, the ability to distinguish oneself and establish meaningful connections with the audience—beyond simply selling products—is crucial. The enduring success of influencers lies in creating brands that not only originate from their influence but can also independently withstand the test of time.
Everyone Is an Influencer
Your customer is your greatest influencer.
Even if they aren’t actively posting on social media or lack a significant following, discussions about their preferences and dislikes will occur naturally. After all, word-of-mouth marketing impressions lead to five times more sales on average than paid media impressions.
One of the most impactful choices your brand can make is improving engagement with your customers. Gain insights into their desires and requirements by actively seeking their input through monitoring and responding. Pay attention to their feedback and seek out reviews.
