Influencer marketing is now a major consideration within most digital marketing plans. But did you know that influencer marketing spend is actually growing faster than investment into regular social ad spending?
That’s one of the many findings in Insider Intelligence’s latest influencer industry report, which looks at the key trends that are driving influencer marketing investment, and what brands need to factor into their ad plans.
You can download the full report here, but in this post, we’ll take a look at some of the key notes.
First off, Insider highlights the growth of influencer marketing, and how brands need to adjust their strategies to align with the new trend of influencers as major celebrities.
“The time to act is now. Influencer marketing spending will rise roughly 3.5 times faster in 2023 than social ad spending will. That’s a testament to the resilience of creators, even amid economic concerns and major competition.”
It’s not overly surprising to see influencer marketing budgets increasing at a faster rate than regular ads, especially given the rise of more creative-led platforms like TikTok, and short-form video in general.
But it is important to note that more businesses are looking to lean on creators to amplify their brand messaging, which is changing the way that consumers are receiving such content, and could thereby reduce the impacts of regular ads.
Insider also notes that the Hollywood writers’ strike could drive more opportunities for influencer marketing, as more creators look to alternative opportunities to generate income (within the bounds of strike activity), while the push from social platforms to win over top creative talent will also provide more opportunities for brand partnerships.
That’ll open the door for more influencer marketing considerations, and could pave the way for new, more resonant influencer campaigns, by making it easier for brands to work with these users.
The full report also includes insights into how influencers are making money through an expanding range of opportunities.
It also looks at how influencers are fast becoming the key entertainers of their generation, with many now driving far more interest than traditional entertainment stars.
“They’re coming for TV. The trend toward episodic creator content is on the rise, with TikTok creators like Remi Bader and Ted Zhar leaning into predictable, TV-style videos on their channels. Few creators have successfully crossed over to scripted TV content on bigger screens, but there is consumer interest for it: Nearly two-thirds of US adults ages 18 to 24 and roughly half of those ages 25 to 34 were likely to watch a scripted TV show or movie featuring their favorite creator.”
That’s another big element to factor in. Over time, social networks are moving away from the “social” aspects, and more towards entertainment, again led by TikTok, which labels itself as an “entertainment platform”. Within this, social apps are now less complimentary elements, and more the main event, with people spending an increasing amount of time consuming content on their mobile devices, scrolling through endless streams of video clips.
In many cases, it’s no longer where you go to discuss the latest entertainment trends, but where those trends originate, which could become a much bigger consideration for those looking to maximize audience reach.
The full report includes a heap more observations and notes about the influencer industry, and how our media consumption habits are changing in line with the latest trends.
Definitely worth noting for your planning.
You can download the full Insider Intelligence report here.
