7 Key Influencer Marketing Trends in 2024
Influencer marketing is one of the most powerful and most effective forms of digital marketing available today.
With a market value of over $21 billion dollars, over 3X the value since 2019, influencer marketing continues to grow as it provides a level playing field for both big and small brands to compete for the user’s attention.
According to a survey by Matter Communications, 81% of people claimed they’ve made purchases based on recommendations from influencers, friends, and family.
Unlike other traditional forms of marketing, influencer marketing evolves with new trends, strategies, and concepts. Each year, you’ll see something new and different that brings better results for your campaigns.
In this post, we take a deep dive into some of these newest influencer marketing trends to see how you can leverage them to get better returns on investment (ROI). These methods might not be as effective next year so it’s better to take advantage of them right now!
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1. Rise of AI Influencers
It’s no secret that most influencers on social media platforms now utilize some form of AI in their content creation process to make everything look perfect, whether it’s writing better captions, generating AI images, or even enhancing their everyday photos with a little bit of AI editing.
However, real influencers will have to do much more than that to stay relevant as they now have new competition from an entirely new group of influencers that are even more seemingly perfect.
Miquela is just one of many AI influencers currently taking over social media platforms. With more than 2.5 million followers, this AI influencer is not even the biggest account of its kind.
While it’s a new concept, most of these AI influencer accounts are already creating sponsored content and brands do not hesitate to get their products reviewed by an AI personality.
The same trend can be seen across all social media platforms from VTubers on YouTube to AI models on Instagram and TikTok. Facebook is also working on a new AI personality model that allows creators to make AI representations of themselves.
At this rapid rate of advancements in AI, it’s difficult to predict how big of an impact it will have on social media.
2. TikTok Domination
60-second videos are still the “king” of social media marketing and TikTok is still in the lead on that front. Especially when it comes to targeting Gen-Z audiences, TikTok is the go-to platform for marketing campaigns.
(Source: Statista)
Even though TikTok ranks at the 5th position in terms of the number of monthly active users, it is the most popular platform among brands for influencer marketing. 66% of brands use TikTok for their influencer marketing campaigns, with only 47% using Instagram, 33% YouTube, and 28% Facebook.
Even though Instagram, YouTube, and Facebook have also implemented their own versions of short-form content formats, TikTok still dominates the Gen-Z market with its trend-making content creation system.
3. Growth of Nano-Influencers
Gone are the days of looking up to celebrities for fashion and lifestyle advice. Now, younger audiences, especially Gen-Zers, turn to smaller influencers for fashion advice.
According to another study by Matter Communications, 60% to 70% of consumers prefer advice from small influencers who are experts in their field while only 17% to 22% listen to popular celebrities.
(Source: TikTok)
In fact, the smaller the follower count the better. Engagement rates were much higher for influencers with 1,000 to 10,000 followers (nano-influencers) than influencers with 10,000 to 50,000 followers (micro-influencers).
The biggest reason for this is authenticity. Smaller influencers put more effort and energy into creating more original content and having closer relationships with their audience.
4. Niche Trends vs Global Trends
Going viral on a social media platform is still a shot in the dark. With changing algorithms and audience interests, no one can predict what the next meme or trending hashtag could be. While big brands are still making bets on these global trends, smaller brands and businesses are now slowly turning towards niche trends.
(Source: Google Trends)
Local and niche trends are much easier to target than taking a shot at a trending global hashtag or an event. Small brands have a much higher chance of going viral on a small scale with niche trends, making it easier to even target specific local audiences.
Working with small, local influencers is the key to success in niche trends. Finding micro and nano influencers who specialize in a niche market will make it much easier to target your ideal audience and create trendy content that goes viral.
5. Long-term Campaigns
Influencer marketing is a marathon, not a sprint. You can’t convince your target audience to buy your product over a more established, competing product with just a single TikTok video. It takes long-term campaigns and partnerships to achieve that goal.
This is why many businesses now set aside marketing budgets specifically for content and influencer marketing. According to a HubSpot report, 50% of marketers plan on increasing their content marketing budgets this year.
(Source: YouTube)
As a result, most brands are now establishing long-term partnerships with influencers. Some even go as far as making ambassador-like partnerships that allows influencers to promote products exclusively from a single brand.
It’s an effective way to win over an audience rather than one-time sponsorships from an influencer who promotes products from different brands without consistency.
6. Livestream Shopping & User-Generated Content (UGC)
Leveraging user-generated content (UGC) in social media marketing is nothing new. It’s been an effective strategy for many years. However, a new trend in UGC offers a more effective, multi-layered approach that brings much higher benefits.
It involves partnering with influencers to encourage their audience to create content about a product. Usually, a giveaway or some sort of a prize is necessary for this process, sometimes even asking the audience to involve their friends as a part of the process.
This type of marketing greatly benefits the brand as it generates buzz around the product and the brand on multiple levels.
Livestream shopping plays a huge role in this process as well. Platforms like Whatnot are allowing content creators and influencers to easily create shopping experiences and involve their audiences in the process.
7. Influencer Seeding
Sending influencers free product samples, also known as influencer seeding, is still an effective strategy used in social media marketing. While it’s not as engaging as sponsored partnerships, this strategy allows much smaller businesses without big marketing budgets to create a presence for their brand.
(Source: TikTok)
A better way to approach this method is to create personalized packages that show the influencers how much you appreciate them and what they are doing. Including several additional free product samples for a giveaway will also get their attention.
Conclusion
As you can see, there are many different opportunities and ways to approach influencer marketing. Big or small, every brand can use these influencer trends to create awareness and reach new audiences. Be on the lookout for the latest trends and leverage them to beat the competition.