Influencer Marketing Overview: 8 Tips That Actually Work in 2023
Influencer Marketing Overview: 8 Tips That Actually Work in 2023
April 15, 2023
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The demand for influencer marketing among the business has extremely increased last year. According to Statista, the total influencer market value reached $16.4 billion in 2022, which is twice more compared to 2019. Along with growing social media platforms and their audiences, it’s hard to over-rate the possible value of influencer marketing for business.
89% of marketers engaging with influencer marketing will increase or maintain their investment in 2023.
Debsena Chakraborty
Executive MBA @ London Business School
For all-size companies it’s become crucial to understand how to work with influencers and how to utilize their audience in your favor. In this guide you’ll get deeper knowledge of what influencer marketing is, how it works and how it is going to change in 2023.
What is Influencer Marketing?
Influencer marketing might sound like an intimidating term, but it’s actually quite simple.
At its core, influencer marketing is simply when companies utilize the huge following of a social media influencer to increase the reach and awareness of their brand or product.
It is about connecting with a like-minded audience that trusts and values credible opinion leaders who are passionate about what they share on a digital platform. By leveraging the power of their voice, otherwise known as an influence, marketers can accelerate the growth of their brand in ways you never thought possible!
Main Influencer Marketing Trends for 2023
1. The Shorter, The Better
Active attention decreases as video length increases, with 30-second videos delivering only 1.2 seconds of active attention, while 15-second spots yielded 3.3 seconds.
The Global Research by Yahoo and OMD shows paradoxical results: 15-second video integration shows doubled engagement in comparison with 30-second videos. However, it makes sense as it’s difficult to keep attention in the era of fast-moving content.
2. No More Photos
Ordinary photos are not in demand anymore, as people are looking for more engaging and dynamic content. The key here is in the emotions. Videos can better pass the feelings and the whole emotional picture to the audience, while photos can’t do that.
Moreover, the fact that YuTube and Instagram were forced to add appropriate formats to their platforms is proving that this trend is relevant and will continue in the future.
3. Influencers For a Long Run
Long-term partnership obviously looks more valuable both for business and influencers. It improves the content approach and makes it more reliable in the eyes of the audience. Unlike the one-time integration, a longer relationship adds a piece of storytelling to the content strategy, which increases the engagement rate.
Engagement rate (ER) is a metric used in marketing and social media analysis to measure the level of interaction that content receives from its intended audience.
Influencer Types
In general, influencers can be divided into 2 categories: Micro-Influencers and Macro-Influencers. Let’s take a deeper look.
Macro-influencers
Macro-influencer is the “big dogs” of social media. It is considered Macro-influencers are content creators with more than 100.000 subscribers.
Although macro-influencers have a large reach, they usually have lower engagement.
Micro-influencers
Micro-influencers are content creators with a small and highly engaged following. Most commonly, micro-influencers have at least 2500-5000 subscribers.
Despite a small following, micro-influencers can be even more effective than macro-influencers. Due to small and relevant audiences, micro-influencers have 47% more engagement compared with macro-influencers.
8 Influencer Marketing Tips
Influencer marketing may be difficult and time-consuming if you come up with the wrong approach. That’s why it’s important to deal with influencers in the correct way. Below you can find 8 tips that will help you boost your influencer marketing performance and save you time and money.
Quality Over Quantity
The number of followers does not mean a lot actually. Influencers may have hundreds of subs, but meantime has 1% engagement, which means that the value of the following is much lower than it seems.
The quality of the following plays a key role in influencer marketing. Pay attention to the engagement rate first and don’t be fooled by the impressive amount of subscribers.
Influencers Research
As we already know – it’s important to focus on the quality of influencers. That’s why it’s important to conduct comprehensive research and explore the detailed stats of influencers you would like to apply.
There are such tools like Hype Auditor, BuzzStream, or BuzzSumo that can help you with influencer research and audit. Utilizing its technologies, companies can get data on reach, engagement rate, GEO, gender, and other stats.
Negotiations
Negotiation is an important part of influencer marketing. The campaign timings and the accuracy of marketing integration depend on a smooth negotiation process. You have to set clear goals and technical tasks in order to speed up the process and avoid any misunderstandings.
Advertising Approach
According to The Global Research by Yahoo and OMD, nowadays short videos perform much better due to longer audience engagement and it’s hard to dispute. Engagement is a key metric company should strive to achieve.
In this case, short integrations are in priority. Full dedicated videos are not working anymore as people are losing their attention faster than it was before. 15-second or 30-second integration takes place here nowadays and companies should adjust their approach in order to make strong advertisements with a product description and CTA in a such short time.
Integration Format
One-time integration is also losing its power. Long-term relationships can build the trust and credibility of advertisers, hence increasing the efficiency of marketing integration. Due to the vast offering, it has become more difficult to earn the audience’s trust. A long-time partnership can overcome this statement due to multiple hits all the way long of marketing integration.
Building ambassadorship becomes a more common format among the top tier brands instead of single marketing integration.
Affiliate Marketing
Affiliate marketing with influencers has become a powerful tool for internet businesses to reach their desired target audience and maximize profits. With influencers offering real people’s perspectives and product reviews, businesses can now promote their products more effectively and efficiently. And the best part is that influencers get rewarded when they drive sales for you.
This approach is widely spread in the FinTech niche where the Customer Lifetime Value (CLV) is rather high. The higher CLV, the more beneficial both for businesses and influencers. Although affiliate form looks like a win-win condition for both parties, it may be tough for businesses to cooperate with influencers in this way, so it’s necessary to prove actual value for bloggers.
Tracking
Performance tracking is crucial especially when it comes to cooperation with hundreds of influencers. It can be done by using special link params for each influencer you cooperate with.
By marking up links you can track which influencer brings the most value for your business and manage your budget based on actual results. This will help you to reduce your costs and boost ROI.
No One-Size-Fit-All Approach
The one-Size-Fit-All approach is deadly dangerous for business. Each influencer has its own audience preferences, style, targeting, niche, and so on. It’s necessary to adjust your advertisement concept to the influencers’ specifications in order to maximize the performance.
Don’t forget that influencers know their audience better than you, so let them promote you in the way they suppose would be the best.
Conclusion
Influencer marketing is not an easy format and it requires a comprehensive approach. The situation becomes even harder as the market is constantly changing and business has to keep an eye on the latest updates. By following the latest trends business can implement a successful influencer marketing strategy and reach its goals. Remember, that our choice is not really vast: change or get beaten by competitors. So if you would like to overcome competition and improve your performance, don’t hesitate to follow these tips and constantly keep a hand on the market’s pulse.
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