In recent years, the influencer marketing industry has prospered and grown significantly. With the increase in content on social media channels, marketers struggled to cut through the noise and attract engagement.
Influencers present an opportunity for marketers to target specific consumer groups and increase conversion rates. Influencers are individuals that have a significantly large follower base and the influence to sway the buying decisions of the followers.
But the last decade has shown an enormous increase in the users of social media, and this has resulted in a wide pool of content. To make matters worse, the rise in the number of followers no longer represents high engagement to the content. This led to decreased conversion rates and marketers reevaluating their influencer marketing decisions.
Due to the decline in engagement and conversion rates provided by widely known influencers, marketers re-invented their influencer marketing strategies. The dynamics shifted from mega-influencers to micro influencers and nano influencers.
Influencer Marketing Trends
Let’s discuss some rising influencer marketing trends in 2020
Increased investment in influencer marketing
Brands are now more focused on influencer marketing for the high conversion rates that influencers can provide. The opportunity to increase conversion rates has led brands to invest more on influencers. The generated revenue is now more than other paid promotional channels.
Over 30% of marketers have already planned to increase their spending on influencer marketing at the beginning of 2020. The statistics state that there will be a further increase in investment.
Micro and Nano Influencers are more sought-after by brands
The vast increase in content has made it harder for brands and influencers to keep their audience engaged. Influencers with an enormous following base constantly struggle to attract engagement. The investment required to partner with a popular influencer is high and no longer promises the desired engagement and conversion rates. This has forced marketers to explore other viable options that help in increasing conversion rates.
This is where micro-influencers and nano-influencers come into play. These influencers do not have a huge follower base but are highly engaged with their audiences on a personal level. They promise high engagement and conversion rates compared to mega and macro-influencers.
Micro and nano influencers offer a significant decrease in marketing costs and high engagement along with promising conversion rates.
Fake followers and bots
The recent surge in fake followers and bots has forced marketers to prioritize engagement statistics over the no of followers. The increase in fake followers has also given rise to fake influencers that might have purchased fake followers. These fake followers and influencers do not provide engagement or help increase conversion rates.
Thus analyzing engagement metrics of an influencer is an utmost priority for brands and marketers to find influencers that help in increasing conversion rates.
Influencer marketing is about to surpass paid marketing channels
Brands are now more focused on influencer marketing due to the prospects of high ROI. 89% of marketers believe that the revenue generated through influencers is similar or even better than other paid marketing channels.
The high ROI promised by influencer marketing has caught the attention of marketers. Some major brands are even willing to spend half of their marketing budget on influencers. The rise in micro influencers and nano influencers also presents an opportunity for small businesses. They can partner with these influencers to attract audiences and increase conversion rates.
The rise of alternate social media platforms
Twitter, Instagram, and Facebook have been the prevailing platforms for influencer marketing. But, in the past few years, we have witnessed the rise of alternate platforms like TikTok and Twitch.
TikTok is still a rising platform and presents great opportunities for marketers, whereas Twitch has seen a large number of gaming influencers. These platforms are yet to be fully explored for influencer marketing.
How to find the right influencers on Twitter?
Twitter has been one of the most prominent platforms for social media and influencer marketing. But finding the right influencers is a tedious task. Not every influencer that engages with your brand can help you increase ROI and conversion rates. Also, not every influencer can promise high engagement rates for your brand.
TrackMyHashtag is an excellent hashtag and event tracking tool that can help you identify and analyze Twitter profiles of influencers. You can monitor and evaluate the engagement statistics for any public Twitter account. Also, the PDF analysis report provides you various insights and identifies individuals with a large follower base that engages with your brand.
You can also monitor the real-time engagement statistics for your content, hashtag of any public Twitter account.
Social media influencers can help you promote your brand on social media. They not only offer high engagement, but also prospects for new consumers. Although, identifying the right influencers that can help you achieve that is difficult. This is where a Twitter analytics tool comes in.
TrackMyHashtag can help you monitor and measure social media influencers along with identifying key influencers to promote your brand. Do give it a try!
See you next time.