Influencer marketing has become an integral part of digital marketing, enabling brands to engage audiences and promote authenticity and trust. According to The State of Influencer Marketing 2022: Benchmark Report, the industry is expected to reach approximately $16.4 billion this year; This growth has been fueled by the continued growth of TikTok, the potential of social commerce, and increasingly data-intensive media.
So what will 2023 bring? We asked several experts to take a look at what the next year might look like for influencer marketing. Discussion topics include cost of living issues, potential values, lifestyle marketing and more…
Affective spending will be high despite the cost of living crisis…
Pierre-Loïc Assayag, President and Founder, Trackr:
“Although the overall market budget may decrease in 2023 with the coming recession, brands will increase their sales volume. What we’ve already experienced during the pandemic – when resources are scarce but the ROI of influencer marketing is higher than that of traditional digital media – the recession will be even harder.
Brands have the evidence they need to shift budgets to influencer marketing as an effective way to gain opportunities to communicate with consumers.
Benji Lamb, Head of China and South Asia, Vitabiotics:
“Influencers will need great deals and offers for their followers, to add value and to keep their product environment fresh and relevant. For example, if people eat less at restaurants and spend more time at home to save money.
“Most consumers will be more price-conscious and will shop around, especially for fast-moving consumer goods. But also, quality is always important, so the midrange models are well positioned to meet these needs “IMO”.
Read: The Basics of Influencer in Marketing
Alexander Frolov, Ceo and Founder, Hypeauditor:
“The cost of living is still a concern for both sellers and consumers. Consumers have become more selective about the brands they buy and are on the lookout for deals and discounts more than ever. In these tough times, some consumers may also be switching to expensive brands in favor of cheaper brands.
“Marketers are also reviewing their budgets in the face of the global economic downturn, but influencer marketing remains a priority for many because it is the cheapest form of branded content. “Influencer marketing can also be an effective way to attract and connect with the right audience, especially in today’s economic environment.
For example, with HypeAuditor, we have seen an increase of the number of brands and social influence around financial programs. , and other content creators who share discount codes among their followers. In fact, UK influencers used #discountcode 317 times in November 2021, while last month it was used 405 times, a 27% year-on-year increase.
“Marketers must prioritize their relationships with niches and micro-influencers to ensure they remain relevant and authentic to their target audience. Unlike mega influencers or celebrities, content creators are closer to economic reality and understand the complexity of the problems their audience may be facing 카지노사이트.
…But the mind is still important
Sarah Penny, head of content and research, one impression:
“Brands will have to listen to the voices to make changes in difficult times for consumers. With most of the country struggling financially, the key for brands is not to emerge from the situation around us. In the time of Covid, we’re talking to a lot of brands who are really wondering if they should go public with their marketing in these uncertain times, and this is going to be something that brands are asking. themselves to decide whether they should focus on marketing messages, or “soft” campaigns around awareness and even purpose.
“Easily for the model to fit the problem story, as we see in the current social situation, will vary. For example, FMCG brands or retailers can build stories about saving money and staying on budget, as we’ve seen supermarkets create content on how to shop weekly for less than £50 .
When the amount of money that is thrown away is small, the type of luxury and those who are not important will have a greater challenge in telling those who are important, so it is important to know and explain it. For example, knowing that it is a luxury and supporting expenses, such as the quality of the product, can result in a good price per garment.
Legislation Can Be Adopted and the Demand for Legitimacy May Rise
“2022 has been an interesting year in terms of expectations and standards for the influencer media industry – a sign that the sector is growing. When it comes to image editing, influencers and marketers know that relationships and truth cannot be broken. According to recent data from a survey conducted by HypeAuditor earlier this year, almost 60% of activists support government legislation in this area, only 17% are against any intervention . Two-thirds (66%) think laws are the best way to protect young people’s mental health online. “From a retailer’s point of view, 73% of retailers agree with the government’s efforts to fix the industry. Interestingly, more than half said it was the government that -control, and 33% who think it is the work of the social platform.
“It shows that the industry as a whole accepts standards like the Digitally Altered Body Image Bill, introduced this year in the UK, which calls on activists to reveal altered images. Elsewhere should be the priority right now is to crack down on hidden ads.
Read: Steps and Advice for Becoming a Health Influencer
When HypeAuditor asked about the opinion on the ‘name and shame’ strategy of the UK Advertising Standards Authority, the data showed that less than half (41%) of those who act agree with this strategy, while only 39% of those who Marketing said it has an impact on how they do it. work with them. those who do things.
“Intelligence in this area is important and helps maintain a sense of authenticity in the relationship between content creators and their audience. Stakeholders and marketers should pay close attention to this issue, and we can expect regulators to continue to challenge those who do anything that does not demonstrate well sponsored posts or freebies they get from brands.
“Another aspect that is particularly important given the problems of the current life is the need for more regulation around the dissemination of financial services and social media. This is a recurring theme in the past year, many celebrities who pay for advertising do not support cryptocurrency initiatives: Kim Kardashian and Kevin David are two of them. This comes amid more than 7,200 reports of cryptocurrency-related fraud made to the FCA, the UK’s financial regulator, in the year to June 30, 2022.”
Sarah Penny, Impact Team:
“The law has been tried since 2020 with digitalized image fees. If this is not accepted, we can also see strict guidance on this in the update of the CAP Guidelines and ASA warnings. However, this type of operation is a challenge for the police because it is difficult to detect if a photo has been altered, especially where there are many changes. There is also so much content that it is difficult to catch the perpetrators.
“As we have seen in the CAP advice and revelations, only the extremists have ever had a cause and through one lens – the most star. In fact, the company should get on board and each brand should combine this position with a brief and contract, stating that they will not work with digital image changers, as Ogilvy did. If there is a lot of learning about this for all parties and actors who can lose their jobs and reputation by breaking the contract, this will have an impact on the volume of what is being done.
Organic Content Can Start to Suffer as Marketing Media Enters the Mix
“As the broadcasters do a series of content, the audience for creators will be smaller. We will see the types of influencers who work based on their ability to tell a powerful story, which is true, rather than brand awareness. As such, more attention will be given to compliance and trademark protection of the content produced. At the same time, with the advent of content mapping, more sophisticated forms, and more effective influencer content, organic humidity will become a priority for brands and organic content will begin to erode.
Read: The Rising Power of the Micro-Influencer
“Globally, creative businesses will continue to become more central to advertising strategies, even those of big names. They will invest more thanks to the improvement of the user experience and new specializations created within the company. The battle for online spending will increase between social media stores, such as Instagram and Tiktok, and other traditional media stores such as Amazon.
“There are definitely challenges that need to be solved for a successful social business; the main area is live marketing. We see many platforms pulling their live marketing strategy, such as TikTok to suspend distribution in the US and Europe, which seems to be moving quickly from the company. “I think that many platforms and brands are looking at success and financial opportunities in countries like China, forgetting that streaming like this has been around for years and customers are comfortable with the shopping process. social marketing.
There is no adoption or natural interest needed for this to be successful, and a high discount on influencer commissions, so brands fail. To do it well, it will take time for consumers to accept and trust this system.
“However, global social media business will have a significant impact on influencer strategies. Although the platform builds the infrastructure to support interactive business, actors are the interface that can connect content and entertainment to business and brands that recognize this. Therefore, while influencer marketing is considered a high-profile activity, the current model recognizes the potential for conversion and is therefore unlikely to be accepted.