Influencer marketing is growing rapidly, with spending on influencers expected to reach $24 billion by the end of 2024, up from just over $21 billion in 2023, according to Influencer Marketing Hub. Nearly 60% of marketers plan to increase their influencer spending this year, and about a quarter will allocate over 40% of their 2024 marketing budgets to influencer marketing. With this growth, understanding the top influencer marketing trends and developing a robust influencer marketing strategy is essential for brands aiming to stay ahead.
Industry experts predict several trends will shape influencer marketing strategies in the latter half of 2024. One significant trend is the distinction between influencers and content creators. Influencers often gain popularity through viral moments and maintain a digital celebrity status, while content creators consistently produce content. Brands are developing distinct strategies for these two groups to leverage their unique roles in marketing campaigns. Razorfish, for example, categorizes campaigns into three tiers: influencers for broad reach, creators for generating short-form content, and micro- or nano-influencers for targeting niche audiences. This differentiation is crucial for a nuanced influencer marketing strategy that maximizes engagement and impact.
LinkedIn is also emerging as a key platform for influencer marketing. Once primarily a professional networking site, LinkedIn is now being used by brands and creators as a lifestyle platform. The introduction of video content and creator-focused tools is transforming LinkedIn into a social platform, attracting creators from other platforms like TikTok and Instagram. This shift highlights one of the top influencer marketing trends: the diversification of platforms used for influencer marketing campaigns.
Another trend is the expansion of creator content beyond social media. Creators are now involved in connected TV, out-of-home displays, and in-store activations. For example, companies like LTK and Linqia are incorporating creator content into CTV ads, and TikTok is using creator-generated content in digital out-of-home displays. This expansion allows brands to integrate influencer marketing into a broader range of touchpoints, enhancing their overall marketing strategy.
Political scrutiny in brand-creator partnerships is increasing as well. With upcoming significant political events, brands are vetting potential partners more rigorously to avoid controversies. Creators are also examining brands’ political associations more thoroughly before forming partnerships. This trend underscores the importance of alignment between brand values and influencer values in any influencer marketing strategy.
Generative AI is becoming an essential tool in influencer marketing. While flashy AI innovations like AI-generated influencer avatars are still developing, many creators and agencies are using AI for practical purposes such as video editing and searching for influencer partners. AI is helping streamline the content creation process and improve the efficiency of influencer campaigns. As such, incorporating AI into your influencer marketing strategy can provide a competitive edge.
Performance measurement in influencer marketing is also becoming more sophisticated. Brands and agencies are focusing on concrete performance metrics like conversion rates and sales rather than traditional social media metrics. New measurement models, such as the VIT (visibility, impact, and trust) framework, are being adopted to provide a more comprehensive evaluation of influencer campaigns. This shift in measurement focus is one of the top influencer marketing trends, emphasizing the need for a data-driven approach in developing effective influencer marketing strategies.
Lastly, brands are starting to target Gen Alpha (those born starting in 2010) in their influencer strategies. This generation’s influence over family spending is significant, and brands are beginning to recognize their importance in shaping future consumer behavior. Addressing this demographic early on can help brands build long-term loyalty and relevance, making it a critical consideration for future influencer marketing strategies.
By staying informed about these top influencer marketing trends and continuously refining their influencer marketing strategies, brands can effectively navigate the evolving landscape and drive meaningful engagement with their target audiences.
