Influencer marketing remains a cornerstone of marketing strategies in 2024. According to a report by Patripost, an influencer marketing platform, 67% of marketers plan to increase their investment in this form of marketing this year.
Given the power of endorsements, this edition of Muse explores the overall landscape of influencer marketing and highlights changing marketers’ preferences in working with influencers.
Consumers are the new influencers
The latest Global Communications Report by PRWeek and Cision revealed that 57% of communicators worldwide consider everyday consumers the most impactful influencers. They are followed by corporate leaders and personnel (44%) and micro-influencers with a follower base between 10,000 and 100,000 (42%).
Interestingly, the perceived effectiveness of these influencers has increased compared to last year, indicating a growing interest among brands in partnering with average consumers, corporate representatives, and niche influencers.
By contrast, despite their mass reach, celebrities are the least preferred choice, with only 36% of communicators deeming them influential.
Niche influencers offer significant returns
Klear, a leading influencer marketing platform, found that collaborating with micro- and nano-influencers with a follower base between 1,000 and 100,000 is the most favoured approach. Up to 39% and 30% of communicators are willing to partner with nano- and micro-influencers. This preference reflects the prioritisation of higher engagement rates over mass reach.
These small-scale creators, known for their expertise in specific fields and genuine audience engagement, enjoy high trust among their followers, making them particularly effective for communication campaigns focused on specific products.
Collaborating with nano-influencers enhances brand trust by leveraging their credibility and shared values with the audience.
Partnering with virtual influencers gains momentum
A global survey by Influencer Marketing Hub revealed that over 60% of brands have collaborated with virtual influencers.
Securing collaboration with virtual influencers facilitates cost-effective campaigns, as this type of partnership eliminates the need for photoshoots or travel expenses for content creation.
Additionally, collaborating with virtual influencers gives brands greater control over content, ensuring that any creative output best represents their brand identity.
As influencer marketing continues to play an integral part in communication strategies, brands must stay informed about the changing landscape of the creator economy. Stay tuned for our next blog to learn more about what to watch out for before tapping into the power of influencers.