Last year was a bumper year for influencer marketing, and the industry shows no signs of slowing down.Marketers are expected to spend more than 7 billion dollars in 2024 Research on influencer marketing, proven to help businesses reach new audiences, sway behavior, and generate revenue. With a major election on the horizon and consumer behavior rapidly changing, influencer marketing will continue to evolve in new ways. By understanding these three influencer trends, marketers can better position themselves and their organizations for success.
Influencers have a new role in product development
Content creators continue to break through new barriers in the creator economy, freed from traditional business constraints. For influencers who can amass a sizable following, numerous opportunities arise, including brand partnerships, collaborations, and even the possibility of starting their own company or brand.
As creators hone their marketing and business acumen, there is a notable shift from simply brand endorsements to their own entrepreneurial ventures. Examples include Creators' Kitchen, a new virtual brand that recently launched with $100 million in revenue in one year, and fitness influencer Kayla Itsines and her wildly popular Sweat app, which has over $70 million in annual revenue. MrBeast and his MrBeast Burger brand. .
Over the next two to three years, we'll see more influencers develop their own product lines, promote personalized services, and build their brands across various social media platforms. This diversification of revenue sources not only expands influencers' income streams, but also paves the way for influencers to take on brand CEO roles.
This trend will continue to evolve in parallel, with influencers playing a key role in steering the product development process, regardless of their number of followers. Direct and trusted connections with diverse consumer groups are a treasure trove for research and development. Beyond simply acting as a messenger, brands can engage with their audiences by asking for feedback on features, conducting A/B tests, and exploring imaginative “what if” scenarios. They will increasingly rely on influencers for engagement.
Although this approach may lack the precision of traditional market research, it also avoids many challenges. While an influencer's primary mission remains to influence, there is growing recognition of their value in uncovering consumer insights that benefit R&D teams.
2024 – Influencer election
The second of the three influencer trends will shake up the influencer marketing landscape during election season.according to news agency semaphore, 2024 will see the emergence of the first major influencer-led elections. There will still be plenty of hashtag challenges on TikTok and his daily vlogs on YouTube, but the influencer is using his voice to call attention to pressing political issues and encourage followers to consider his November election campaign. There will be a noticeable change in the participation of
as Trust in politicians declines, Americans' trust in their colleagues, including social media influencers, is increasing. Influencer marketing has many benefits for organizations and campaigns beyond trust-building.
- Ability to reach diverse audiences, especially younger audiences who tend to get their information from digital platforms rather than television.
- opportunities for social expansion;
- Minimal regulation, superior message control,
- Cost-effectiveness.
But unlike in previous elections, influencers won't simply send out messages about voting for specific individuals or causes. The field has matured significantly over the past four years to include real-time polling and analysis. This means more creative content rooted in core values and more issue-based messaging.
There is also a strong appeal to vote in elections, which could be powerful enough to influence the outcome of elections.
Influencer-driven elections also provide marketers with a deeper understanding of the influencers participating in elections. Beyond surface-level insights about follower counts and engagement rates, you can gain valuable insight into an influencer's ideology and values. This deeper understanding will help you select influencers for future engagements that best align with your brand's ethos and beliefs.
The rise of pharmaceutical/medical influencers
While influencer marketing has rapidly proliferated in other industries over the past decade, the growth has been less rapid in the pharmaceutical and medical industries. It is understandable why growth has stalled. Both industries are heavily regulated and have inherent issues with trust and reputation. Consumers especially tend to have negative perceptions of pharmaceuticals.a Gallup industry reputation survey Just 18% of Americans have a favorable view of pharmaceuticals, while a record 60% have a negative view of pharmaceuticals.
However, the tide is starting to turn as more companies turn to influencer-led campaigns to establish and strengthen relationships with consumers and educate people about medical conditions and treatment options. Traditional advertising media While things like TV and print still often work for pharmaceutical and medical brands, influencers offer an exciting new marketing avenue. Because they have proven to be highly successful in telling personal stories, conveying specific messages, and provoking action.
Influencer first-hand stories resonate in the pharmaceutical and medical industries because having a trusted voice is important, especially for people making decisions about their health and well-being. Consumers are also more likely to trust influencers who can tell them how a product has positively impacted their lives. Corporate marketing message.
In 2024, two types of pharmaceutical and medical influencers will grow:
- patient influencer people who share their experiences and stories and become a trusted source of information for those seeking medical care, and
- healthcare professional A person who gives advice to people seeking medical information.
There will also be a shift from celebrity patient influencers (like Khloe Kardashian and Serena Williams for migraine drugs) to micro-influencers. This change is as micro-influencers engage more closely with their followers, interact with them, and share their daily journeys.
Patient- and provider-led influencer campaigns must continue to be treated with caution. Influencers must be very well vetted and provided with thorough onboarding, and there will be a rigorous vetting process to ensure their content meets the requirements of regulated campaigns. .
The good news is that agencies and creators alike are becoming more adept at these processes and will become even more adept in the coming years.
The other good news is that as influencer marketing continues to evolve into the mainstream of marketing plans everywhere, smart marketers like you can take note of the ever-changing influencer trends mentioned above. That's what I'm doing.
