Influencer marketing has become one of the most significant digital marketing strategies in recent years. It has provided a platform for businesses to reach their target audience by collaborating with social media influencers with a loyal fan base. According to a recent survey by influencer pr agencies, businesses are making an average of $5.20 for every dollar spent on influencers.
More industry players and social media platforms have joined this booming trend. The competition is stiff, and there are predictions that only brands that leverage innovation will remain relevant in the industry. In this article, we will discuss some of the company innovations in influencer marketing and predictions for the future of the industry.
Influencer agent algorithms and technology
With over 50 million public figures on Instagram alone, it is not easy for brands to find and identify the right influencer for a particular campaign. Influencer agent algorithms and technology will give marketers an easy way to find the right influencer for their niche, campaign and audience. Currently, some influencer agencies are using algorithms to identify the best matching influencer for a particular advertisement. This is based on the influencer’s content type, target audience and engagement rates. This technology is expected to scale up in the future and take over fully.
Vertical Influencer Platforms
While social media has a vast number of influencers, the market is constricted to genres such as beauty, fashion, and fitness. This means finding an influencer in a less saturated field is almost impossible. An example is finding a food influencer in the pet industry or an environment influencer in energy. The future of influencer marketing will see the rise of vertical influencer platforms where business owners can hire influencers of a particular niche, brand or industry.
Micro-influencers are influencers with a follower range of 10,000 to 100,000 on social media platforms. They often work with small brands, startups or local businesses that cannot afford popular influencers. However, in recent times, several companies have also identified the potential of collaborating with micro-influencers. The engagement rates of micro-influencers are higher as their followers are often loyal and have a personal relationship with the influencer. In the future, the use of micro-influencers will grow, and brands will look for influencers that suit their niche and have a loyal following.
Social Commerce Shopping
One of the significant innovations expected in the industry is the introduction of “Shoppable Posts”. Currently available in Instagram and Pinterest, they allow influencers to tag products on their posts. Shoppable posts enable followers to purchase products directly from an influencer’s page without leaving the platform. As online shopping is growing, and the attention span of the audience is decreasing, shoppable posts are becoming relevant. As more platforms embrace social commerce, social media marketing will see a significant change in consumer behavior.
Use of AI
Artificial Intelligence has become a vital part of many digital marketing strategies. The use of AI has made it easier for businesses to analyze large data sets and identify patterns that inform decision making. In influencer marketing, AI can be used to match influencer content with business goals and identify the type of content that works best with a particular audience. AI-powered chatbots that handle social media inquiries and engage with audience have also become popular in recent times.
The future of Influencer marketing is exciting. With the continued rise of social media, it is expected to remain relevant and competitive. As more innovations continue to happen, the industry will change, and business will have to adapt. The prediction is that influencers and brands that leverage technology and niche marketing will be the ones to succeed. Companies need to ensure they are using the correct influencers, and grow and build relationships that will serve them in the future. Through these changes and innovations, influencer marketing is expected to keep growing.