Will Influencer Marketing still be a key strategy in 2023?
According to a recent study, advertisers plan to continue and increase investment in influencer marketing. This according to a recent report by Advertiser Perceptions. Brands plan to move money from other media like print to social. Over fifty-three percent of advertisers surveyed said they plan to increase influencer investment in 2023, according to the survey.
Why Influencers?
Influencers connect with young audiences and have a strong content engagement, which is why influencer marketing has become such a successful medium. Last year, 12% of digital ad budgets were spent on influencer marketing, according to the survey of 207 marketers and 125 influencers.
Advertisers primarily work with influencers in the mid-tier, ranging between 50,000 to 500,000 followers and macro range of 500,000 to 1 million followers, as they can reach wider audiences while maintaining a personalized experience. Forty-five percent of advertisers said they will prioritize influencers who include shoppable links.
Influencer Content
The report also found that short video posts and stories are the most profitable content type for creators and the most popular medium for marketers. YouTube is the top digital platform used by creators and influencers as well as advertisers. Creators and marketer are continuing to adopt TikTok, which has gained immense popularity over the last couple years.
According to the report, a platform having desirable audiences at scale is a top priority on both sides. However, creators also care about a platform’s cultural relevance, while campaign outcomes and high-quality creator content are top considerations for advertisers.
Creators primarily earn income through ad revenue from the platform on which they post content. This is followed by brand deals and partnerships.
Although popular and highly lucrative, there are several challenges to influencer campaigns. From conflicts between an influencer’s vision and an advertiser’s interests to assurances regarding brand safety and influencer fraud. Being that this is a fairly new medium, it’s no surprise that brands are still working out some of the kinks. Nevertheless, Advertiser Perceptions expects creator marketing to grow in 2023, even into new mediums such as augmented reality, which two-thirds of advertisers are likely to use in campaigns going forward.
Carolina Macedo, the author, is Project Coordinator of Marketing Keys.