“Hey, where did you get those shoes? So cute! Need to get my hands on a pair.”
“Oh, found them on TikTok from an influencer I follow! If she raves about how awesome they are, I run to purchase.”
This is a typical conversation of many Gen Zs as a result of influencer marketing, which has only improved astronomically with TikTok. Forbes magazine states that “...the marketing industry recently experienced one of the most significant transformations of the modern era: the advent of digital influencer marketing, now a fundamental component of marketing strategies everywhere.” Since 2016, there has been an annual increase of at least 50% in its estimated market size.
And it's not just businesses that are taking notice of this trend. Even major organizations like the World Economic Forum are recognizing the power of digital influencers. In a report released earlier this year, the WEF predicted that by 2023, almost 10% of global GDP will be generated through online platforms from influencer marketing.
So if you're not already using influencer marketing as part of your digital marketing strategy, why wait? With its ability to reach large audiences and generate real results, it's one trend you can't afford to ignore to take your business to the next level!
Digital influencer marketing involves working with online influencers to promote your brand or product. The simplest definition of influencers are people who have a large platform online, and they can help to promote your brand by sharing your content with their followers.
Digital influencer marketing first started to become popular in 2017, as brands began to realize the power of social media. Forbes explains that, “As social media traffic increased, e-commerce exploded, and the entire digital marketing sector pivoted to a direct-to-consumer approach.” Purchasing became an actionable experience with users actively seeking out product reviews from trusted voices. As a result, the promotions became the content, transforming digital advertising. By 2022, it is estimated that spending on influencer marketing will reach $15 billion.
When it comes to marketing, the internet has opened up a whole new world of possibilities and there are several reasons why digital influencer marketing is on the rise. First, it’s an incredibly effective way to reach a large audience of thousands or even millions of people. It is also relatively affordable when compared to other forms of advertising. Even if you do choose to pay an influencer for their services, it’s likely that you’ll still come out ahead financially.
Lastly, consumers are becoming increasingly wary of traditional advertising techniques. By partnering with an influencer, you can tap into this trend and build trust with potential customers. According to a Morning Consult report, millennials trust influencers 12% more on product recommendations than their favorite celebrities, keeping authenticity and genuine interest in mind as desirable qualities.
Here are some of the digital influencer marketing trends we can expect to see in 2023 and beyond:
1. There will be a rise in micro-influencers, who have a niche following but are extremely engaged with their audience.
2. Brands will start to use AI and other data-driven methods to identify potential influencers for their campaigns.
3. Influencer marketing will become more globalized, with influencers from all around the world working with brands from different countries.
Are you ready to take on influencer marketing? Contact us and let Integrity help you create awesome strategies to keep your brand coming out on top.
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