What’s in Store for Influencer Marketing in 2023?
One of the key trends is iCommerce, the Influence economy. TikTok has become the third largest social platform and the most potent cultural and commercial force for today’s consumer, and not just Gen Z and Gen Alpha, 36 per cent of users are over 30 years old. As the value of Influencer marketing increases globally […]
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One of the key trends is iCommerce, the Influence economy. TikTok has become the third largest social platform and the most potent cultural and commercial force for today’s consumer, and not just Gen Z and Gen Alpha, 36 per cent of users are over 30 years old.
As the value of Influencer marketing increases globally from $1.7BN in 2016 to $16.4BN in 2022, a new report by Ogilvy reveals the influencer marketing trends that will allow brands to build awareness, improve engagement, and drive revenue in 2023. Each of the six trends identified will enable brands to access the burgeoning Influence economy in distinct ways.
One of the key trends is iCommerce, the Influence economy. TikTok has become the third largest social platform and the most potent cultural and commercial force for today’s consumer, and not just Gen Z and Gen Alpha, 36 per cent of users are over 30 years old. TikTokMadeMeBuyIt has 29.3 billion views and is driving iCommerce by testing out live shops which provide brands with unprecedented insight into campaigns from end-to-end. 49 per cent of TikTok users have already reported making a purchase via the platform.
Rahul Titus, Global Head of Influence for Ogilvy PR and lead Author of the report, said; “Influencer marketing works because people trust people more than brands. Influence allows brands to connect with audiences in a way no other marketing can – with authenticity. As we head into economic uncertainty, it is imperative that brands are efficient and effective with their spend. Some of these influencer trends like grassroots influence, harnessing the power of hyperlocal, allows brands to circumvent mass-market sale models, and pinpoint their target audience in authentic ways to deliver a more streamlined and less fragile value exchange.”
Other trends explored are subscription services and artificial humans. Platforms including OnlyFans and Patreon, are becoming mainstream, this business model will define 2023, unlocking new revenue stream for creators that go beyond paid advertising. Even artificial humans – in the form of AI – are becoming more real. Other trends to watch includes the rise of Health Influence. 40 per cent of people said information found on social media affects how they coped with a chronic condition, their view of diet and exercise, and their selection of a physician — so influencer selection is critical
“Influence doesn’t just have a seat at the table, it sits at the head of the table. In an age when consumers are overwhelmed with content through multiple devices, Influence is the new ever-evolving frontier of marketing. For consumers, authentic credibility has overtaken hard sales when it comes to increasing trust and growth. Those brands who get this right are poised to reap the benefits of an ever-growing creator economy. The future of Influence is around real people with real stories driving real impact. Own your conversation, or someone else will,” Titus added.
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