Influencer marketing involves strategically partnering with individuals who possess credibility, expertise, or a large following in a specific niche or industry to promote products, services, or brands. These influencers leverage their social media platforms, blogs, or other online channels to advocate for or suggest products to their dedicated and supportive followers.
Businesses strive to connect with potential customers in a more authentic and relatable manner by utilizing the reach and credibility of influencers, which traditional advertising methods frequently fall short of achieving.
1. AI Will Increasingly Integrate into Influencer Marketing
AI is becoming increasingly prominent in the realm of influencer marketing technology. A prime illustration of this can be seen in the integration of ChatGPT into the influencer marketing platform Upfluence. This incorporation brings forth cutting-edge messaging capabilities that have the potential to transform the process of influencer recruitment.
We believe that the use of AI to select potential influencer partners will become more common in 2024 and beyond.
Recently, there has been a surge in the popularity of virtual influencers. These are computer-generated characters with distinct personalities and intentions, who actively participate on social media platforms as influencers. Virtual influencers have the potential to generate engagement rates that are nearly three times higher than those of real influencers. Notably, prominent brands have already started partnering with virtual influencers, and more brands will probably join this trend shortly.
2. A Greater Emphasis on Following Preferred Creators Across Multiple Platforms
Many creators have a preferred social network, but they usually work on various platforms. This is not a new phenomenon, but what sets them apart now is the presence of “super fans” who engage with them on every platform they are on.
As a result, successful creators have a substantial following that seamlessly interacts with them across all their accounts. They don’t limit themselves to being just Instagrammers or YouTubers; instead, they consider themselves as specialized creators who share their work with fans across the internet. Moreover, they often choose the most suitable platform for their specific goals and objectives.
In other words, while they will have their multiple social platforms for different purposes – they are all parts of a whole.
3. Influencers Will Become Key to Many Affiliate Programs
Most individuals used to perceive influencer marketing and affiliate marketing as distinct practices until recently. However, in truth, they are closely intertwined. Both practices entail an external individual endorsing and motivating their followers to purchase products from a particular brand.
Refersion, for instance, acknowledges this correlation by functioning as both an affiliate and influencer platform. According to our assessment of this platform, “The distinction between affiliates and influencers is gradually fading as influencer platforms merge with eCommerce, progressing from basic ‘awareness’ initiatives to actively boosting sales.”
Previously, the majority of affiliates consisted of conventional bloggers or publishers who featured product demonstrations, walkthroughs, and reviews on their websites. Moreover, they frequently endorsed various, occasionally rival, affiliate programs to enhance their opportunities of earning referral fees from a wider audience.
We are currently witnessing a shift, though. Influencers are now suggesting products to their followers – but usually only those that they use or trust. They are cautious not to distance their followers by endorsing products they do not have faith in.
4. Live Shopping Will Continue to Play a Greater Role in Influencer Campaigns
Live shopping has experienced a surge in popularity over the past few years, and this trend is expected to persist in 2024. According to Marijana Kay from Shopify, “Live commerce is a permanent fixture.” Influencers and prominent figures in various industries will continue to endorse products to their followers on popular social media platforms, employing live video and engaging content.
In fact, according to statistics about live shopping, the majority is starting to prefer livestream over other types of social media purchases. In response, Amazon, Facebook, TikTok, and Instagram have all developed livestream shopping tools and partnerships. For example, Instagram launched Live Shopping which allows users to buy products directly via Instagram Live. According to the platform, the appeal of this format is that it gives shoppers an immersive way to discover and buy products.
5. A Greater Emphasis on Diversity and Representation in Influencer Marketing
There has been a noticeable increase in the focus on diversity and representation in society recently. This trend has extended to influencer marketing, with the top LGBTQ+ influencers on YouTube amassing almost 20 million followers.
Additionally, there are influencer agencies dedicated to promoting diversity. One such agency is REFLECT, which aims to include underrepresented groups in media campaigns and ensure that everyone is represented in the media. REFLECT collaborates solely with brands that are committed to diversifying the media landscape and incorporating diversity and inclusion into their brand identity and marketing strategies.
Other agencies, like Shade and Black Girl Digital, choose to focus on representing black and brown creators. As their name suggests, Black Girl Digital, for example, chose to focus specifically on black females. Their goal is to inspire brands to want to build deeper partnerships with this group of influencers, empowering them to build a sustainable business doing what they love.
6. Brands Will Look for Ongoing Partnerships Instead of One-Off Projects
In the year 2024, anticipate a shift in the collaboration between brands and influencers. Instead of sporadic sponsored posts, they will engage in long-term, continuous projects. Neal Schaffer, in one of his blog posts, suggests that this trend will become the new standard. Several factors are driving this change, but ultimately, it boils down to the fact that making a sale takes time.
Even influencers with highly engaged audiences struggle to make a significant impact with just one sponsored post. Running a long-term marketing campaign with a specific influencer often proves to be more effective than a short-term campaign. Additionally, brands are increasingly interested in cultivating stronger relationships with influencers, akin to the relationships they have with brand ambassadors.
If you want to capitalize on this influencer marketing trend, we recommend creating packages that you can sell to brands seeking your services that include several sponsored posts over a period of time, much like what they would tend to do when running Facebook ads or ads on other platforms. It can also help to join an influencer marketing network to give yourself some legitimacy.
7. Short Videos Will Dominate
The influence of short videos on the social landscape cannot be overlooked in today’s times. This is why we have consistently emphasized the emergence of TikTok.
Nevertheless, TikTok is no longer the sole player in the short video market. Meta recognized the potential of this medium and introduced Instagram Reels, Snapchat introduced Spotlight, and YouTube added YouTube Shorts. Additionally, Triller has gained significant popularity as a TikTok alternative, especially in regions like India.
Numerous influencer collaborations across these platforms now utilize short video content to convey their messages in easily digestible formats.
8. Performance-based Deals Will Increase in Popularity
In the realm of affiliate marketing programs, influencers are gaining prominence and becoming pivotal. Consequently, an increasing number of brands are actively seeking enduring partnerships with influencers. As a result, it is projected that performance-based agreements will witness a surge in popularity by 2024.
This implies that clients will have higher expectations from influencers, demanding them to fulfill their commitments, such as achieving a specific number of sales or clicks. If you find yourself as an influencer faced with a performance-based contract, it might be worth considering transforming it into an arrangement that offers ongoing royalties instead of settling for a one-time payment. Additionally, it is crucial to meticulously review the terms of the contract before signing, ensuring that you fully comprehend the obligations and potential returns involved.
9. Influencers Will Become More Specialized (and Professional)
We’ve already seen influencers carving out niches for themselves, and that’s an influencer marketing trend that shows no signs of changing. Influencers will continue to develop expertise in their niche or industry, making them even more sought after by brands in those verticals. As an influencer, it might be time to consider what industries you’re most passionate about and start courting partnerships with brands that make sense for the direction you choose to go.
As influencers become more specialized, we’ll likely see a shift in the language that we use. We’re already seeing some influencers opt for being called “creators” or “content creators” instead. S
10. Influencer Collaborations Will Increase
Influencer marketing trends indicate that 2024 will bring us more connections and collaborations between influencers. We’ve already seen influencer houses become a thing, and it’s highly likely there will be more of that as influencer networks seek ways to increase influencer marketing campaigns and earn more return on their efforts.
What makes this trend so exciting to watch is that it will help all parties to increase the value of their relationships. Brands will be able to implement better campaigns. Influencers will be treated as the professionals that they are. Consumers will find the products that they need at the best price.
11. Authenticity Will Be the Watchword
For the past few years, there’s been a powerful pull for “authentic” content. This means influencers have to be careful with the content they create for brands to make sure that the products they take on will resonate with their audiences. Of course, this is also something that brands need to watch out for. Even the most engaging influencers aren’t going to be able to whip their followers into a frenzy over a product that they just don’t care about. It won’t benefit the brand trying to make it work, and the influencer will likely lose credibility in the eyes of their audience.
Instead, influencers and brands should seek partnerships only with other influencers and brands whose audiences overlap with theirs. Blatantly sponsored posts themselves aren’t the problem, despite what some social media marketing experts would have you believe. You don’t have to forgo production value or makeup to make your sponsored posts feel more authentic. What makes sponsored content authentic is a genuine sense of excitement about the brand and the product you’re talking about. And this can come across no matter whether or not you’re just sitting in your room or recording on a yacht, unless you’re doing a sponsored post for a yacht builder, in which case recording on a yacht would make a lot more sense.
12. Brands will appoint a Chief Influence Officer
In addition to the previous forecast regarding the increasing professionalism of influencers, Kolsquare also anticipates that the industry will be recognized as a distinct field and a key component of corporate operations. Influencer marketing is expected to be integrated into the marketing strategies of the majority of companies.
Consequently, educational institutions will adjust their programs to provide training in influencer marketing and offer accredited certifications, and organizations will assign official job titles to individuals overseeing this specialized area.
13. Employee-Driven Content Will Increase
A rising trend in influencer marketing for 2024, driven by the need for genuine content, is the growing inclination towards employee-driven or employee-based content. The impact of user-generated content on sales and brand perception has already been witnessed. Hence, it is logical for brands to start considering their own employees as influencers by implementing employee advocacy programs.
14. Paid Advertising Will Be Key for Broad Reach
It is acknowledged that paid advertisements are usually not combined with influencer marketing strategies. Nevertheless, both brands and influencers can gain from boosting the content produced by influencers. By utilizing the precise targeting options provided by Facebook Ads or other social media advertising tools, brands can promote top-notch influencer content to the audience interested in viewing it, without depending on social media algorithms to achieve this.
The secret, though, is to keep it authentic. As Social Media Marketing explains, consumers are tired of “the conventional marketing experience”. They want more. By combining influencer marketing with paid ads, brands can create a unique experience that their target audiences will take notice of and remember.
Wrapping Things Up
Based on the online data, it is evident that influencer marketing is a thriving industry. Our benchmark report revealed a significant growth from $4.6 billion in 2016 to over $16 billion in 2022, with projections reaching $21.1 billion in 2023.
With this continuous growth, it is understandable that many marketers are looking to boost their influencer marketing budgets. As the industry continues to expand, it is crucial to stay updated on the latest influencer marketing trends for 2024 to ensure that your marketing efforts are targeted towards the most effective strategies.
The past couple of years were marked by unexpected marketing problems that required out-of-the-box thinking to solve. As we look ahead to influencer marketing trends for 2024, those solutions will be put to the test.
FAQs
1. What does AI integration mean for influencer marketing?
AI integration in influencer marketing refers to using artificial intelligence to identify suitable influencers, analyze data for campaign optimization, and automate certain aspects of influencer collaboration, making campaigns more efficient and data-driven.
2. How are influencers changing affiliate marketing?
Influencers are changing affiliate marketing by leveraging their authentic connections with followers to promote products and services through affiliate links, resulting in more trust and engagement in affiliate campaigns.
3. How important is diversity in influencer marketing?
Diversity in influencer marketing is crucial as it ensures a broader representation of voices, cultures, and perspectives, allowing brands to connect with a more inclusive audience and increasing authenticity and relevance.
4. What is the shift towards ongoing partnerships about?
The shift towards ongoing partnerships in influencer marketing means that brands collaborate with influencers over an extended period to build trust, credibility, and authenticity, moving away from one-off campaigns to create more lasting relationships with their audience.
