With more than 37 million influencers on Instagram alone, you don’t need a crystal ball to get an inkling influencer marketing trends are going to be key to growing your brand in 2023. The industry is skyrocketing. Experts are predicting that influencer marketing will be worth a projected $24.1 billion by 2025—that's a sure sign that influencer marketing is no longer a luxury for businesses, but a necessity for success.
Embracing the predicted influencer marketing trends and creating profitable partnerships, brands will drive online hype, build their reputation, engage with audiences, and ultimately drive conversions. Here are 5 top influencer marketing trends not to be missed for 2023. Keep these on your radar and apply them to your brand where possible. All you have to do is sit back and watch your return on investment soar.
1. The rise of social media subscriptions
The success of subscription-based OnlyFans and Patreon highlighted an avenue where brands and influencers have the potential to generate further revenue. Instagram is in the process of rolling out paid subscriptions where creators can monetize their content. Subscriber-only content will include access to posts, group chats and a tab that allows followers to see the content they have accessed. The subscription model also fosters stronger connections between influencers and their audiences, allowing brands to benefit from sponsoring subscriber-only content.
2. YouTube Shorts will continue to dominate
YouTube Shorts are a huge contender for taking out the top spot when it comes to the most consumed form of social media. With attention spans lower than goldfish these days, content creators have approximately 8 seconds to capture a user's attention before the thumb-scrolling continues. Bite-sized videos are easily digested and what’s more, they’re fairly simple to create without a lot of overhead or production costs.YouTube will level up Shorts next year with the introduction of shopping features to be added to the list of available tools. They will also be dipping their toes in the affiliate marketing arena.As an incentive for creators to generate more content, those users who have more than 1,000 subscribers and clock up over 10 million views during a 3-month period will be rewarded with 45% of advertising. Ongoing security and privacy issues with TikTok could be the saving grace for YouTube Shorts, finally cementing the title as King of short-form video content.
3. Instagram Livestream Shopping
Touted as ‘infomercials on steroids’, Instagram Livestream shopping allows Instagram influencers to answer questions and engage with followers in real time. While still in the process of being rolled out, Livestream shopping will allow users with access to Instagram checkout to select products from their Facebook Catalog or Facebook shop before going live, providing an easier way for audiences to shop. Livestreaming drives a Fear of Missing Out (FOMO) and generates hype around products and services. These events are usually hosted by a celebrity or an influencer with expertise in the field. The livestream trend started in China and gained traction during the pandemic. In the USA, companies such as Amazon, Nordstrom and Walmart have invested heavily, partnering with celebrities like Drew Barrymore, Jason Derulo and Dolly Parton appearing to promote brands. Research conducted by McKinsey and Company found followers who watch livestream spend more than when traditional shopping. With TikTok and Pinterest already going down the livestream shopping route, Instagram is sure to follow during 2023.
4. Building ongoing relationships through storytelling
Who doesn’t love a good story? They’re more memorable compared to facts and figures. Studies conducted on the impact of the sequential model of storytelling discovered influencers who drew on emotions through the art of storytelling content (STC) attracted more engagement from their audiences, making followers want to take action due to their relatability. When engaging influencers, connect with strong storytellers that keep the narrative fresh and believable.
5. Micro-influencers with high CTR% than celebrities
This has been an influencer marketing trend that has dominated the last couple of years and will continue to do so during 2023. For so long now, influencers have strived for ‘celebrity status. Now the tides have turned, and it seems audiences want to hear from ordinary people. Micro-influencers are those on social media with a following between 10,000 and 100,000. They generally have a very niche audience. For example; they might be a mumpreneur who runs a business from home and posts outfits of the day, quick and easy recipes when you’re a working mum etc. Whereas celebrity influencers usually have a broader following, people from all walks of life are interested in their lives. When you engage a micro-influencer, they’re seen more as a peer—more relatable. They have close connections with their audiences, so a recommendation from them holds just as much clout as if it were from a friend or family member. And it goes without saying the price of hiring a micro-influencer is more affordable than opting for a celebrity.