A top-prediction of 2023 was relying on influence marketers to continue to promote and grow businesses. When you think of influencer marketing, you might immediately think of Instagram, TikTok, or YouTube. Known more simply as an influencer or social media influencer, influencer marketing involves brands collaborating with an individual with an online presence to promote its product or service. Don’t be quick to judge because influencers have made an impact in the marketing world that can’t go unnoticed. This blog will outline what defines an influencer and what predictions were created in 2023.
Often, marketing influencers create pictures or videos utilizing the product in a personal way. Other things collaborated with influencers might be restaurants to eat at, attractions to visit, events to attend, activities to do, or places of hospitality to stay at. There are four tiers an influencer can be categorized into: Nano influencers (with 1-10K followers), Mid-tier influencers (10K- 100K followers), Macro influencers (100K – 1 million followers), and Mega influencers (1 million plus followers). Each influencer has personalized rates based on their following, the type of post created, and where the content is being published. The average earnings of influencers, depending on the tier they are at, falls between $500-$45,000 per post. Celebrities are on a completely different scale of their own. The most paid influencer in 2023 was $3,233,923 a post, which was paid out to Cristiano Ronaldo.
What were some of the predictions centered around influencers in 2023? Influencer Marketing Hub states, “There has been a 465% increase in searches for the phrase “influencer marketing” on Google alone since 2016. Influencer marketing is booming, with an expected industry value of $21.1 billion in 2023. Over 83% of marketers affirm the effectiveness of influencer marketing as a strategy, and a majority of brands (67%) are not just adopting but also increasing their influencer marketing budgets in 2023.” Blog Hubspot adds that 89% of marketers who partner with brand influencers stated they would continue to do so into 2023. As of October in 2023, $26.09 billion dollars was invested in influencers, surpassing the expected $21.1 billion dollars substantially.
Stepping into the new year, be sure to research where the predictions for 2024 will stand with influencers. Not only will this give you a picture of the shift in online marketing tactics, it will also clue you into what the public will respond to when it comes to marketing. As we continue to cover 2023, be sure to tune into our blogs every Monday to learn more about the trends of 2023 and what we can learn from them.