👀What the Future of Influencer Marketing Looks Like🪄

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Hey, Shane here,

Welcome back to Marketing Mix by Shane! Influencers play an integral role in spreading awareness and creating buzz around products and services. 

They provide valuable insights into their audience which allows brands to tailor their messaging accordingly. And let's face it - consumers trust recommendations from peers much more than traditional advertising campaigns.

In this newsletter, I’ll discuss what the future of influencer marketing looks like, and what you can do to stay ahead of the curve!

What you’ll find in today’s newsletter:

• The Future of Influencer Marketing

• Featured Tool/Agency of the Week

• The Latest Blog Updates

The Future of Influencer Marketing

Influencer marketing has become a powerful tool for brands in recent years, and it is only going to become more important in the years to come. As the influencer economy continues to grow, brands will need to find new ways to reach and engage with their target audiences.In fact, the global influencer marketing market size has more than doubled since 2019. In 2023, the market was estimated at a record 21.1 billion U.S. dollars.(Source)So in regards to influencer marketing, what can you expect in the next few years?Here are some trends that are likely to shape the future of influencer marketing: The rise of micro-influencers. Micro-influencers are influencers with 10k to 100k followers. What sets them apart is their higher engagement rates. That is because they focus more on a specific niche audience, building a tribe-like community. Recent studies have shown that micro-influencers have the highest engagement rate of all influencers, with 6%.If you are considering using micro-influencers for marketing, check out my full guide on micro-influencer marketing. The growth of social commerce. Social commerce is the use of social media platforms to sell products and services directly to consumers. As social commerce continues to grow, so is influencer marketing becoming an important part of the sales process.Social commerce has seen steady growth in the last few years and is growing at a faster rate than traditional ecommerce. In 2023, it’s estimated to top out at around 1 trillion dollars.(Source) The use of AI and machine learning. AI and machine learning are being used to automate many aspects of influencer marketing, such as influencer identification and campaign optimization. This will free up marketers to focus more on creative and strategic aspects of influencer marketing.  The focus on authenticity and transparency. Consumers are becoming increasingly savvy about influencer marketing, and they are more likely to trust influencers who are transparent about their relationships with brands.Here are some important statistics about influencers and their influencing power over traditional media: Social media content has directly influenced the purchasing decisions of 80% of consumers. Traditional TV advertising is the source of new product or brand discovery for a mere 13% of consumers. Social media influencers are trusted by 37% of consumers, with Gen Z and Millennials being twice as likely as Boomers to place their trust in influencers over brands. Influencers play a significant role in introducing new products and brands to 28% of consumers. Among different age groups, Gen Z leads the way with 32% relying on influencers for product discovery, while only 13% of Boomers do the same.Overall, the future of influencer marketing looks bright. As the influencer economy continues to grow, brands will need to find new ways to reach and engage with their target audiences. Influencer marketing will be a key part of this, and brands that embrace the trend will be well-positioned for success.