Influencer Marketing On The Rise. Methods of marketing have evolved in so… | by Drool Monkey | Mar, 2023

Methods of marketing have evolved in so many ways in the past decade. This evolution may have taken a few by surprise, but others seem to have embraced it without breaking stride. For those who work in the social media space or even for those who have been taken captive by the continuous doom scrolling — both have witnessed changes in the way products or services are being marketed.

Let’s take a look at the one aspect of the digital era that has definitely changed the face of marketing — influencer marketing. With more people consuming content on the internet, it has become evident that brands need to position themselves strategically to connect with their audience. This is where influencer marketing comes in.

Influencers or content creators are the modern-day celebrities of the internet who have the power to affect the purchasing decisions of their audience. In the world of influencer marketing, there are various categories of influencers. These include mega-influencers, who have over a million followers and are often celebrities. The next category is macro-influencers, who have 500K to 1 million followers, followed by mid-tier influencers, who have 50K to 500K followers. Micro-influencers fall into the next category and typically have 10K to 50K followers, while the smallest category is nano-influencers, who have 1K to 10K followers.

Due to the amount of information available on the internet, the customer of today is a smart consumer. They are well aware of their choices and are more conscientious about the world and people. When brands collaborate with influencers, they trust them as they are well-established in the given niche, which leads them to attract more people through influencer marketing strategies. Influencers even provide a brief account of the product that they have used which improves influencer outreach. This further develops a sense of trust between the influencer and the consumer.

Brand sponsorship has increased over the years. Brands collaborate with influencers whose ideologies match their own. Influencers curate content specifically for their audience. This means that they understand their audience better and, through brand collaborations, are able to connect with them better. They can also discover an untapped audience that was previously not thought of, thereby making the brand a force to be reckoned with.

The 2023 Influencer Marketing Report by Collabstr forecasts that the size of the influencer market will grow by 14.47% from 2022 and is expected to reach $17.4 billion by the end of 2023. According to Socialinsider’s report, the market size of influencer marketing is expected to grow by 29% from the previous year, and is predicted to reach $21.1 billion by 2023. With the rise of influencer marketing agencies and the setting up of a separate budget for influencer marketing, it indicates the growth influencer marketing has witnessed as a part of the social media industry.

Though influencer marketing agencies have significantly increased as a sector, it is safe to say that content creation isn’t an easy route to go down. Like most aspects of life, it requires patience, dedication, and consistency. They work around the clock to ensure that the audience is continuously engaged. And while it may take a while, the rewards reaped are magnificent. It’s just ordinary people taking a chance on themselves and showing a part of themselves to the world through their work. This is just the beginning, and we can’t wait to see what the future holds for content creators.