There’s no question that influencer and creator marketing are now integral components of the marketing mix for most brands. The influencer marketing industry has doubled, from a worth of about $10.3 billion in 2021 to $21.1 billion in 2023 (Statista). These numbers, along with the estimated 200 million creators out there, should give marketers much to ponder. As we progress into 2024, here are some influencer and creator trends and projections that can help marketers formulate solid strategies.
Influencer & creator marketing continue to differentiate
In 2024, we are seeing greater acceptance and understanding of influencers and creators as two unique groups and services. For a short time, influencer marketing was an umbrella term that included creators as a sub-category, but that’s no longer the case. Clients now seek creator marketing AORs, even as they have other influencer agencies already on their roster.
There are similarities, but significant differences in the talent and how agencies work with them. Brands are well-served to understand the distinction.
TikTok Shop will have its moment
Right now, the young marketplace feels a little random – with miscellaneous gadgets and products – but established brands are starting to take it more seriously. Many creators already have affiliate shops and are endorsing products for commission. Some users are sharing positive stories about their purchases, while others complain that TikTok is pushing so much product it’s negatively impacting their experience.
Brands should look past content quality and aesthetics when in-app conversions are the goal. Unlike other TikTok creator activations, your best partners (those that sell) don’t necessarily need to be as creative or entertaining as your typical TikTok creator.
More influencer & creator events and experiences
Whether they are invited as guests, tapped as hosts, or involved or featured in some other way, the marriage of creators and influencers with experiential will continue to rise as more brands seek to connect in more meaningful ways (i.e. create a moment or memory), and influencers and creators seek to build community.
Deeper talent collaborations
We’re seeing a notable increase in deeper collaborations (vs. one-offs): think ambassador-style partnerships with multiple commitments over time and greater emphasis on co-creation. Come examples are the recent Ice Spice and Dunkin Munchkins Drink and Hailey Bieber’s Erewhon ‘Skin Glaze’ Smoothie.
View/watch time will become more significant
As longer-form video content and storytelling continues to trend, we’ll see more brands and agencies start to emphasize watch time as much as they would standard engagement metrics such as likes and comments.
Liking a post with a double tap is easy. Getting someone to watch a video in full? That’s impressive.
LinkedIn emerges as a key platform
In 2023, LinkedIn hit 1 billion members, and more than 17 million of these currently identify as creators. Though content and conversations got a bit more personal, LinkedIn has established itself as the go-to for B2B influencer marketing and is poised to continue growing in 2024.
Among LinkedIn’s most promising new features are Advanced Analytics, which provides access to much more data, will help brands better understand the impact and return on their collaborations. The platform is also launching its version of the creator newsletter – traditionally one of the most underutilized and overlooked mediums in influencer marketing – which should help to shine a light on creator value. Finally, new labels and tagging options are making it easier to disclose and identify brand partnerships, giving creators inspiration for possible partnerships, and providing brands with more confidence about ensuring FTC compliance on the platform.
Politics & AI will bring brand safety to the forefront
Brands must rethink any scaled, unmonitored or ‘low-control’ (limited vetting/approvals) influencer and creator marketing solutions.
It’s important that influencers and creators stay true to who they are and use their platforms to express themselves and share their perspectives. But what’s acceptable behavior/content for one brand may not be appropriate for another. As global politics and conflict continue to generate heated opinions – and we enter a presidential election year – vetting and monitoring partners will be more critical than ever.
In addition, keeping an eye on how your influencer and creator partners leverage AI will become more significant: From copyright and IP issues to discouraging creativity and pushing inaccuracy, industry experts and pros will be key in ensuring AI is used ethically and responsibly.