Influencer marketing has grown substantially in 2019, it has become one of the leading ways of marketing products. With the rise in social media platforms such as Instagram and TikTok, the number of influencers has also risen considerably.
Influencer marketing has worked for businesses all over the world because it is focused, cheap and has higher relevance in today’s market. Many businesses partner up with influencers to target consumers more locally and on a personal level. This has helped not only bigger businesses but also up and coming startups and smaller companies to reach out to a broader audience without spending a lot in marketing.
In the influencer marketing realm, two standout stats are the projected $21.1 billion market size and TikTok’s domination with 55.5% of brands using it for influencer marketing in 2023. These numbers underscore the significance of influencer marketing, particularly on TikTok, for brands looking to thrive in this evolving landscape.
2019 shows social media has space for newer platforms to grow
While there is a wide choice of social media platforms that are being used by people nowadays, it is Instagram that has been leading the way as the best platform for influencer engagement.
I believe Instagram is going to continue its reign as the top-performing platform for influencer engagement, with a growing emphasis on IGTV – Danielle Wiley, CEO, and Founder of Sway Group, A social marketing agency.
It has become quite clear that visual-based platforms have become the go-to for audience engagement. The short video format of content has become quite popular. This has also ushered in newer platforms such as TikTok becoming a great way of reaching out to younger audiences.
Shifting trend towards nano influencers
A shift in trend in influencer marketing has been growing towards smaller influencers. It is also becoming a growing sentiment that engagement (comments or likes) are more important than the number of followers an influencer has.
These nano influencers include people having less than 10,000 followers or having catered to a niche category of products. These influencers will help brands reach out to those smaller groups of people with more authenticity. It also means that brands will be backing a more diverse group of people to reach out to a more diverse audience.
Influencer marketing has also built up an industry around it. It includes the rise of influencer marketing agencies and influencer content studios. These trends are likely to grow further in the future. According to the state of influencer marketing 2019 report, over 300 platforms and influencer focused agencies came up in 2018.
Learn how to find the right influencers for your brand
Influencer-Affiliate marketing mix
Influencer marketing perfectly ties in with affiliate marketing. Affiliate marketing provides a commission on sales that takes place using an affiliate or in this case an influencer’s referral. Affiliate marketing has become a great way for smaller companies and startups to reach out to a larger audience. It also leads to have tangible results in the way of more sales.
In affiliate marketing an affiliate only gets paid when their referral gets used in a sale. Such a revenue sharing model benefits both the affiliate and the merchant. With the rise in influencer marketing, a hybrid approach of dealing with influencers with an affiliate-merchant approach could become a way to go for many businesses in the future.