The marketing scenario has undergone many changes over the past few decades. Resultantly, new trends and strategies are emerging steadfastly across the globe. Moreover, these changes are being shared and adapted throughout the marketing domain, creating a ripple effect of revolutionary growth and development.
One such trend, highlighted at various digital marketing conferences, such as the Marketing 2.0 Conference, that has witnessed a steady rise in the current years is Influencer Marketing. It has a vast potential to impact the marketing and advertising industry in 2023, so let’s understand more about it.
Anyone active and interested in the social media humdrum may have witnessed celebrities and famous figures promoting brands and products across their social media handles. That’s the most common example of influence-based marketing. In the simplest sense, influencer marketing is a marketing strategy based on collaborations with influencers and a well-planned content-driven marketing campaign.
The aim is to use the following and reach of a particular public figure to influence the purchasing decision of the customers. However, one thing to be noted about influencer marketing is that influencers need not be just celebrities. An influencer can be anyone with the power, reach, and following to influence people’s purchasing decisions—that or having a following and knowledge in a particular niche.
Since social media has taken drastically over our lives, we are constantly influenced by the lifestyle and choices people on the other side of the screen make. Influencer marketing utilizes this trait to achieve brand goals and drive holistic revenue. It’s fun and comparatively easy to accomplish with proven results driven by the power of social media and its influence on our purchasing decisions and on our lives.
By the end of 2022, the influencer market was forecasted to grow to $15 billion. While the US influencer market size was expected to experience a compound annual growth rate (CAGR) of 29.3% between 2022 and 2030.
Marketing leaders’ summits in the USA and several other events across the globe have heavily stressed on the revenue-generating capacity that influencer marketing holds. Resultantly, many global brands worldwide are striving and have strived to invest in this niche over the last few years. As a result, it has made influencer marketing a highly sought-after and effective marketing strategy of recent times.
Saturated marketing strategies are no longer effective if we consider the current marketing environment. Customers are more knowledgeable and smarter now than we could have expected a decade ago. As such, the need for impactful marketing is rising dramatically, with brands thriving to advocate authenticity and originality as key representatives of their products. And what could prove to be more authentic than watching your favorite celebrity or Instagram influencer swear by a brand or product?
Marketing 2.0 Conference is all set to elaborate on the meaning and significance of influencer marketing in 2023 in both the USA and Dubai. Its upcoming editions will shed light on this topic by discussing influencer marketing in its panel discussions and keynotes.
Influencer marketing is a product of modern marketing that meets the power of social media. Brands and marketers continuously implement influencer marketing to boost their firm’s reputation and awareness in the industry. And, there is no reason why your business shouldn’t dabble in it!
Lastly, it doesn’t hurt to be a bit methodical. As effective as it may be, influencer marketing has specific vulnerabilities that can’t be undermined. One of them is the risk of dependency of your brand’s reputation upon the influencers and their conduct. It may take all but one wrong move on their part to paint a negative image of your brand. So, jump the wagon by all means but remember not to throw caution to the wind.
Learn more about such similar hot marketing and advertising sector trends by attending the latest editions of the Marketing 2.0 Conference in 2023.
Jatin Kanojia, a member of the Marketing 2.0 Conference’s organizing team, spends most of his time researching increased customer interactions since he is eager to learn about the most recent trends and advancements in the marketing sector. Marketing 2.0 Conference is focused on creating sessions full of learning opportunities by covering topics from the Internet of Things to AI reforming the advertising sector and fraud/scam mitigation tactics.
