Staying updated on influencer marketing trends is key to staying ahead

In 2024, Influencer marketing will be one of the most powerful marketing strategies used by brands to engage with the target audience authentically. With a projected value of $22.2 billion in 2025, it is obvious that it will continue to play a very significant role in brand engagement.

In recent years this industry has evolved to a level where brands of all sizes are leveraging social media personalities to reach their target audiences. As it grows, new trends emerge that reshape the way brands engage with their audiences. Staying ahead of the game and making the most of your marketing efforts is essential. From the rise of micro-influencers to AI getting integrated into influencer marketing, there are several trends to look out for this year. Let’s discuss, shall we?

Top influencer marketing trends 

Changing trends in this industry can make or break your business. It's crucial to stay up to date with these trends to stay ahead of your competitors. Let’s explore the trends that will help you to maintain an edge in this industry.

Influx of nano and micro-influencers

If you are a brand invested in Influencer marketing, you would know that recent years have seen a seismic shift towards nano and micro-influencers. One possible reason for this could be a smaller yet highly engaged audience, which helps cultivate a strong community. Micro-influencers are the largest group among all tiers of influencers comprising around 47.3% which makes it the ideal group to reach the desired audience. You will be surprised to know that the average engagement rate of a micro-influencer is 6% which is higher as compared to the engagement rate of a macro influencer which is 4.8%. This might help you make good choices for your brand!

AI integration 

Artificial intelligence (AI) is becoming a prominent part of Influencer Marketing in today’s world. It is revolutionizing the industry by shaping it into a performance-driven venture. It has made Influencer marketing easier for the brands by helping them find the correct influencer that aligns with their messaging. Here are a few other key areas where AI is helping brands in solving complex problems like analysing vast data and bridging the gap between the perfect creator and the brand:

a) Easier discovery process: With AI tools that analyse vast data, brands can now identify the most relevant influencers for their campaign based on data that is not just the follower count. AI tools not only help the brands discover the desired influencer, but also help delve deeper into the metrics of the influencer, such as engagement rate, audience demographics, authenticity, audience relevance and much more. You can now understand how AI makes discovery an easy process for brands.

b) Campaign performance forecasting: AI-enhanced tools help marketers predict the future of their campaigns and optimise their strategies with unprecedented accuracy. AI-enhanced tools identify and analyse historical data and real time trends which helps forecast future of the campaign. And that's not all, these tools are capable enough to analyse campaign performance in real-time, helping brands achieve maximum ROI.

c) Fraud detection: Influencer fraud is detected as a common issue these days. The AI-enhanced tools help the brands focus on analysing patterns that humans might miss ensuring that the brands do not have to deal with influencers that have fake followings.

d) Brands implementing AI: By leveraging AI algorithms to analyze audience demographics, engagement metrics, and content preferences, Bacardi successfully targeted niche audiences and boosted brand awareness using Hypothesis. This successfully driven campaign included regional creators from Mumbai, Delhi, Bengaluru and Kolkata. The campaign crossed over 4 million views and conversations of 242k.

Building trust and relationships

This year brands will move their focus towards long-term partnerships rather than project-based partnerships with the influencers. This will help brands build a more sustainable relationship with their audiences. Influencers will also get the opportunity to thoroughly understand the brand values, enabling them to authentically incorporate these values into the content they share on social media. This will help them resonate with their audiences more effectively eventually fostering a stronger affinity of their followers towards the brand. 

Wondering why this shift in strategy? Running a long-term marketing campaign with one influencer can prove to be much more effective than a short-term marketing campaign since consistent endorsements from a trusted influencer can increase brand loyalty and credibility. Moreover, a long-term partnership will ensure consistent brand messaging across multiple channels and touchpoints.

According to the Creators Survey Report, 84% of influencers prefer working with DTC brands on a long-term basis.

Increased TikTok growth

TikTok is one of the fastest-growing platforms for influencer marketing. The projected budget for TikTok Influencer Marketing in the year 2024 is estimated to be $1.32 billion.  This is almost 10 times higher than the year 2020. The diverse user base makes TikTok a great platform for brand discovery and advertising.

Rise of short-form video content

Short-form video content isn’t going anywhere anytime soon. In the realm of short-form video content, TikTok once reigned supreme as the pioneer. However, now we witness the evolution of platforms like Instagram and YouTube, as they introduce Reels and YouTube Shorts, thereby solidifying their presence in this space.

Influencers and brands should therefore focus on creating impactful content in a snackable short format. The first few seconds are crucial to grab the user’s attention to the video to deliver the message by the end of the video. It’s all about being able to deliver your message effectively using bite-sized pieces.

Authentic influencing

This significant trend in influencer marketing focuses on the importance of authenticity and transparency in the partnership of influencers and brands. Audiences expect the influencers to tell their first-hand experiences that the audience can relate to which helps them build an authentic connection to the person or the brand they follow. A growing trend has been observed among Gen Z and nano content creators where they prioritise genuine content that resonates with their audiences. 

Live shopping

Live shopping has increased in recent years and this is not going to change in 2024 too. Live shopping, where influencers sell products through live video on social media has become a preferred way to shop by the users. This strategy helps a brand to engage with its customers in real-time through live sessions on social media platforms. It allows brands to showcase their products directly to the consumers and leverage the influencers to drive sales.

Companies like Amazon, Myntra and Flipkart have leveraged this strategy in India to entice users to directly shop from live videos. Amazon Live aims to infuse trust among new shoppers though by using local influencers. Amazon India onboarded 300 influencers to host over 1000 live streams over 8 weeks to make the “Great Indian Festival” a success. On the other hand, Myntra’s M-Live is supposed to be an interactive experience for shoppers to enjoy shopping through live segments.

India’s e-commerce sector has undergone a rapid expansion due to this strategy and has taken the industry to new heights. This market is expected to reach $120 billion by the year 2026 and aspires to become the world’s second-largest e-commerce industry.

Looking at this data, it does look like influencer marketing is here to stay. Hence it is very important to stay relevant and effective in this competitive market thus making it even more important to stay informed about the trends in this industry and plan your year accordingly to stay ahead of your competitors and make every penny count (quite literally). By embracing these trends, you will not only be able to target your audience effectively but also position your brand as an industry-leading brand.