What to Know About Influencer Marketing in 2024
We all know by now that influencer marketing is one of the hottest strategies to implement. With its huge growth and success in the last few years, it’s taken over the digital content realm.
In 2024, influencer marketing spending is expected to increase another 20 percent, so there’s no sign of it slowing down quite yet (DMexco, 2023). Tap into these influencer marketing trends for 2024 to stay ahead of the game.
1. Look out for new industries
For a while, fashion and beauty have dominated the influencer market. Those are the products with more widespread consumers, so it makes sense. However, in the upcoming year, there will be a push to diversify influencer marketing.
Finance, health, food, and pharmaceutical influencers will be in much higher demand in 2024 — consumers want more authenticity, so influencers that can speak on personal finance, wellness, and healthcare are expected to gain popularity (Boksi, 2023).
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2. Less product placement
Gone are the days of obvious product placement. Now, influencers are urged to seamlessly talk about a product while also focusing on other topics to create more natural content (Social Insider, 2023).
This isn’t necessarily a new thing — many influencers do this already. But when it comes to partnering with influencers, marketers will push for more of this content style.
3. Anyone can be an influencer
Brands are always looking for more ways to be authentic to their customers. Putting an emphasis on user-generated content in 2024 is one more way they’ll make that move. By utilizing user-generated content to promote a product or service, brands are making everyone an “influencer.”
Real customers or fans using products or services will act as influencers or brand ambassadors to give honest reviews. This way, potential consumers who have never used that product or even heard of the brand will find more authentic, reliable content surrounding them. It creates a ripple effect of influence from regular customers to new ones.
4. Less discount codes
Posts, Reels, and stories with discount codes have been found to get much less engagement than those without.
Data from 1000 Instagram activations showed that posts without discount codes got 75% more engagement than those with, and Reels without discount codes received as much as 97% more views (Cure Media, 2023).
For new content in 2024, it might be best to consider focusing more on brand image and influencer partnerships to attract customers. That way, discount codes can be taken out of posts but can be tied to a specific influencer or taken out altogether. Save them for email sign-ups or special promotions.
5. Micro influencers
Just like in the last couple of years, micro influencers are one of the best options to implement in your influencer marketing campaign (AIM Technologies, 2023). With more engagement, a highly-targeted audience, and more authenticity, micro influencers should be your top choice for 2024.
6. Collaborative posts and content
2024 will be the year of collaborative content. Innovative, collaborative content formats will be a big push for brands. Virtual events, live and digital Q&A sessions, and other co-creative content will be used to connect with consumers and promote brand image.
When brands collaborate with influencers in these unique formats, it gives people opportunities to connect with online celebs and brands more intimately.
7. Different measurements of success
The way brands will be measuring the success of their influencer campaigns will be a bit different in 2024. There will be a bigger emphasis on performance metrics like purchases, sign-ups, and other specific user actions.
According to Influencer Marketing Hub, influencer marketing yields $5 for every $1 spent in ROI.
Brands are more likely to push more targeted ads to assess the ever-changing digital landscape’s demands.
Influencer marketing in 2024 is bound to continue on its growth trajectory with these trends. Expect some of the same things to continue from the past, like the use of micro influencers, and see some new changes with diverse industry-based influencers.