Influencer marketing is continuing its growth: in 2021, influencer marketing spending grew 42%, reaching $13.8 billion. By the end of 2022, it is projected to reach $15 billion. Rapid growth, of course, also means rapid change. Here are 10 influencer marketing trends you can expect to see in 2023!
1. The growth of livestream shopping
Livestream shopping has been a rapidly growing trend in China – and now, other markets globally are picking this up.
Livestream shopping means potential customers can purchase products through a livestream: influencers go live on an app like Instagram, Facebook, or Amazon to describe and try out the products. Viewers can ask questions and address any concerns about the product they might have.
Livestream shopping offers an unedited view by an influencer who has an audience that trusts them – compared to the product videos where the followers don’t actually know what’s real and what’s not.
In September, Instagram introduced Live Shopping that lets people purchase products directly from Instagram Live. Considering the reach of Instagram globally, this is something that will definitely boost this trend.
image source: BBC
2. Continuous rise of video-based content
The rise of TikTok and Instagram Reels offers a whole new approach to sponsored content: many influencers love expressing themselves through creating entertaining content that’s easy to consume. Of course, the Instagram algorithm also supports it!
In addition to influencers using Instagram Reels and TikTok to express themselves and share more bits of their lives, brands are also using both platforms to support their campaigns by creating challenges and TikTok dances, for example.
For example, Circle K used Promoty to find Estonian TikTok influencers who’d promote their new K Freeze slushies through a TikTok dance – the campaign was supported by a hashtag #getreadytofreeze.
👉🏼 Learn more: How to find TikTok influecners?
3. The rise of cross-channel campaigns
The average social media user engages with an average of 6-7 different social media platforms. As the average user takes more platforms into daily use, cross-channel campaigns are becoming unavoidable for brands.
By doing cross-channel collaborations, it’s possible to reach a much wider audience. For example, TikTok is mainly used for entertainment, but Instagram is for socializing, inspiration, and getting product recommendations. Meaning, when doing a collaboration on both TikTok and Instagram, the product could be shared in a fun, creative way, but in a more aesthetic and informative way on Instagram.
4. Focusing on data and measuring ROI
Most marketers manage their influencer collaborations through email and direct messages. Here arises a problem: the lack of real-time data and reports makes it difficult to understand if the collaboration was successful or not.
When choosing influencers, the marketer should make sure that their audience matches the target group of the brand. This is one of the reasons why using influencer marketing platforms is becoming more popular each year: they provide real-time audience demographics directly from the social media platform.
@mollymae’s Instagram profile insights, using our influencer analytics tool
Additionally, more attention is paid to measuring influencer marketing results: both measuring actual reach, likes, saves and comments of every posted content as well as using discount codes and trackable URL-s to measure the impact on the sales.
5. New revenue streams for influencers
It seems that influencers are becoming more entrepreneurial, not limiting themselves to the sponsored posts only – which is only a good thing, isn’t it!
We’re seeing a growing trend in influencers starting their own businesses, offering services, and selling their own products, digital and physical ones. This is common for niche profiles focusing on personal development, financial advice, nutrition, and spiritual awakening, but also works for other niches.
One of the creators who has been inspiring us is Sindija Bokāne: besides doing brand collaborations on Instagram, she is also running a digital marketing agency that coaches influencers, bloggers, and brands. Additionally, she is organizing social media courses and challenges, selling her presets, and doing much more – a true inspiration!
In 2022, both Instagram and TikTok have been testing and launching new features that allow influencers to earn. Most of these are not available for European creators yet – but this is something we can expect from this year.
• Bonus programs such as Reels Summer Bonus allow influencers to get paid for creating great content and earn based on the performance of their content.
• Badges allow creators to earn money from their followers during live videos. Access to badges for eligible creators in the UK, France, Spain, Italy, Germany, Japan, Australia, Turkey, Brazil and Mexico and is currently invite-only.
• For creators who sell their own merchandise, Instagram made it easier to add an existing shop or open a new shop on their Instagram profile.
• Those who don’t can create their own shops by adding their favorite products from other stores to share their favorite products with their audiences and earn a commission – all within the Instagram app.
6. The rise of influencer-generated content
Creating content is one of the superpowers of the influencers – and that’s why more and more brands are working with influencers to get visuals for their social media channels.
This is a trend that gained momentum already last year and is now growing even more – and we’re not surprised! Firstly, it helps brands to get trendy, visually attractive content. Secondly, influencers’ content feels so much more authentic and relatable than professionally produced content – and thus, brings better engagement. Thirdly, it’s significantly cheaper than organizing photoshoots by yourself.
The pioneer companies are already hiring in-house creators to create content for digital channels!
7. More regulations for influencer collaborations
As the number of brands interested in influencer collaborations is growing, it creates new challenges for the legislation.
The general principle set by The Federal Trade Commission and in many countries, by the local Advertising Law, is that all the advertising content should be marked accordingly. It means that influencers need to clearly state that a brand is sponsoring them or has provided them with a product.
We’re seeing countries taking this topic into account even more on their own and regulating on the national level, too. For example, at the end of 2021, we saw Denmark banning influencer advertising for products that are considered unsuitable for youngsters under the age of 18 – we’re curious on how that will impact the other Scandinavian markets in the upcoming year!
In the end, we hope that stricter regulations will only result in more responsible influencer marketing! 🤞🏼
8. Brands and influencers co-creating products
This year, we’ve also seen more brands launching products or collections together with their brand ambassadors.
Such collaborations are great because they definitely tell the influencer’s audience that there is a real connection between the brand and the product. Of course, it also means higher sales numbers for the brands as the influencer’s audience become customers.
So far, this trend has dominated the fashion industry. For example, GymShark has launched 3 collections in a collaboration with their ambassador Whitney Simmons – and all the collections were so popular that they got sold out in the first few days! In Finland, clothes brand Bubbleroom launched a collection designed by a local influencer Sara Sieppi.
9. Focus on building influencer relationships
As with the other marketing tactics, more and more brands are doing influencer marketing on a constant basis – not just before the bigger holidays.
Long-term influencer partnerships are something we always recommend: not only do they stand out on social media but they also feel more trustworthy and thus, bring better results for the brand. Not to mention that long-term collaborations take less time from marketers.
The growth of influencer marketing has led to more brands competing for high-quality influencers. Once the brand has found its influencers, it’d be smart to turn them into brand ambassadors.
Being a brand ambassador is a whole next level of influencer marketing: ambassadors use the brand’s products on a daily basis and recommend them on and outside social media. Therefore, there is so much more impact than with one-off Instagram collaborations.
That also reflects in the development of influencer technology.
Brands that want to build strong influencer relationships while running long-term influencer collaborations on the scale, can’t go without proper influencer management software.
This has given rise to influencer CRM-s: influencer management tools that allow brands to manage all their (potential) influencers, negotiations, collaborations, chats, and content in one place. Not only helps it to save time and be organized – but also grow stronger relationships by remembering all the details about influencers.
Using Promoty’s Influencer Discovery, you can search for influencers worldwide, filtering by their social media metrics or audience data. Additionally, you can see detailed account insights for every influencer – which helps you to find the right TikTok and Instagram influencers for your brand. 🤍
Additionally, you can use our influencer CRM to manage your current and potential collaboration partners, detect branded content, and chat with influencers. Promoty is one of them.
Watch a short demo video of how it works👇🏼 or create a free account to get started!