Benefits of influencer marketing in 2024 – Brand Wagon News

By Shiva Bhavani

Influencer marketing is not a new concept, but it has evolved significantly in the past few years. Influencer marketing is the practice of collaborating with individuals who have a large and engaged following on social media platforms, such as Instagram, YouTube, TikTok and others, to promote a brand, product, or service. Influencer marketing can help brands reach new audiences, increase brand awareness, generate leads and drive sales.

According to a report by Influencer Marketing Hub, the influencer marketing industry was expected to grow to approximately $21.1 billion in 2023, and to reach $69.92 billion by 2029, at a compound annual growth rate of 32.50%. The report also found that over 83% of marketers affirm the effectiveness of influencer marketing as a strategy and 67% of brands are increasing their influencer marketing budgets in 2023.

AI will increasingly integrate into influencer marketing

One of the major trends that will shape influencer marketing in 2024 is the integration of artificial intelligence (AI) into the process. AI can help brands and influencers in various ways, such as:

  • Finding the right influencers: AI can help brands analyze the data of millions of influencers across different platforms, and match them with the most relevant and effective ones for their campaigns. AI can also help brands monitor the performance and authenticity of influencers, and identify any fraudulent or unethical practices.
  • Creating engaging content: AI can help influencers create more engaging and personalized content for their audiences, by analyzing their preferences, behaviors, and feedback. AI can also help influencers optimize their content for different platforms, formats and algorithms, and generate captions, hashtags, and keywords that boost their visibility and reach.
  • Measuring the impact: AI can help brands and influencers measure the impact of their campaigns, by tracking and analyzing various metrics, such as impressions, views, clicks, conversions and return on investment (ROI). AI can also help brands and influencers optimize their campaigns in real-time, by providing insights and recommendations on how to improve their performance and results.

Influencers will become the key to many affiliate programs

Another trend that will influence influencer marketing in 2024 is the rise of affiliate marketing. Affiliate marketing is a type of performance-based marketing, where brands pay influencers a commission for every sale or action they generate through their referrals. Affiliate marketing can benefit both brands and influencers, as it creates a win-win situation, where both parties share the revenue and risk.

Affiliate marketing is expected to grow significantly in 2024, as more brands and influencers adopt this model. According to a report by Business Insider, the affiliate marketing industry is expected to reach $8.2 billion by 2025, up from $5.4 billion in 2017. The report also found that 81% of brands and 84% of publishers use affiliate marketing, and that affiliate marketing accounts for 15% of all digital media revenue.

Some of the reasons why affiliate marketing will become more popular in 2024 are:

  • It is cost-effective: Affiliate marketing allows brands to pay only for the results they achieve, rather than for the exposure they get. This reduces the risk and cost of influencer marketing, and increases the ROI.
  • It is transparent: Affiliate marketing allows brands and influencers to track and measure the performance of their campaigns, by using unique links, codes and cookies. This provides more transparency and accountability and helps both parties optimize their campaigns and strategies.
  • It’s authentic: Affiliate marketing allows influencers to promote only the products and services they genuinely like and use, rather than those they are paid to endorse. This enhances their credibility and trustworthiness and increases their engagement and conversion rates.

Emphasis on diversity and representation in influencer marketing

A third trend that will impact influencer marketing in 2024 is the growing demand for diversity and representation in the industry. Diversity and representation refer to the inclusion and empowerment of different groups of people, such as those of different races, ethnicities, genders, sexual orientations, ages, abilities and backgrounds, in the media and marketing.

Diversity and representation are important for influencer marketing, as they can help brands and influencers connect with a wider and more diverse audience and create a positive social impact. According to a report by Nielsen, diverse consumers have a significant purchasing power and influence in the market, and they are more likely to buy from brands that reflect their values ​​and identities. The report also found that 64% of consumers say they would buy from a brand that is inclusive and diverse and 85% of consumers say they would support a brand that advocates for a social cause.

Some of the ways that brands and influencers can embrace diversity and representation in 2024 are:

  • Collaborating with diverse influencers: Brands can collaborate with influencers from different backgrounds, cultures and perspectives, and showcase their stories and experiences. This can help brands reach new and untapped markets, and create a more inclusive and relatable image.
  • Creating diverse content: Influencers can create content that celebrates and highlights the diversity and uniqueness of their communities, and addresses the issues and challenges they face. This can help influencers build a loyal and engaged fan base, and inspire and educate their followers.
  • Supporting diverse causes: Brands and influencers can support and advocate for causes that promote diversity and inclusion, such as social justice, human rights, environmental sustainability, and mental health. This can help brands and influencers establish a positive reputation and goodwill, and make a difference in the world.

How digital marketing and advertising agencies can help

As influencer marketing becomes more complex and competitive in 2024, brands and influencers may need the help of digital marketing and advertising agencies to create and execute successful campaigns. Digital marketing and advertising agencies are organizations that offer a range of services and solutions to help brands and influencers achieve their online marketing goals.

Some of the benefits of hiring a digital marketing and advertising agency are:

  • They have the expertise and experience: Digital marketing and advertising agencies have the knowledge and skills to handle every aspect of influencer marketing, from strategy and planning, to execution and analysis. They also have the experience and connections to work with the best and most suitable influencers for each campaign.
  • They have the resources and tools: Digital marketing and advertising agencies have access to the latest technologies and tools to enhance and optimize influencer marketing campaigns. They can use AI, data analytics, content creation and performance measurement tools to deliver the best results and ROI.
  • They have the creativity and innovation: Digital marketing and advertising agencies have the creativity and innovation to come up with original and out-of-the-box ideas and solutions for influencer marketing campaigns. They can help brands and influencers stand out from the crowd and create memorable and impactful campaigns.

Influencer marketing is one of the most effective and popular forms of online marketing, and it will continue to grow and evolve in 2024. Influencer marketing can offer many benefits to brands and influencers, such as increasing brand awareness, generating leads, driving sales and creating a positive social impact. However, influencer marketing also faces many challenges and opportunities, such as integrating AI, adopting affiliate marketing, and embracing diversity and representation. To succeed in influencer marketing in 2024, brands and influencers may need the help of digital marketing and advertising agencies, who can provide them with the expertise, resources, creativity and innovation they need.

The author is CEO of Wing Communications

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