Influencer marketing has been a growing trend in recent years, with brands increasingly turning to influencers to help promote their products and services. According to a recent survey by Mediakix, 80% of marketers find influencer marketing to be effective. In 2023, it is expected that brands will continue to increase their investment in influencer marketing. In this article, we will explore the expected spend of brands on influencer marketing in the USA in 2023.
Looking for Influencer for your product promotion. Download flytant App now or Visit Flytant app. https://flytant.com/
Current State of Influencer Marketing
Influencer marketing has become a popular way for brands to reach their target audience. With social media being a prominent part of people’s daily lives, influencers have become powerful voices for marketing campaigns. Influencers can have a significant impact on consumer behavior, with studies showing that 49% of consumers rely on influencer recommendations when making a purchase.
The influencer marketing industry is expected to reach $13.8 billion in 2021, up from $9.7 billion in 2020, and it is expected to continue to grow in 2023. With the rise of TikTok and other social media platforms, the number of influencers is also increasing, and brands are finding new ways to collaborate with them. In addition, the COVID-19 pandemic has accelerated the shift to e-commerce, making influencer marketing even more important for brands.
Expected Spend on Influencer Marketing in 2023
In 2023, it is expected that brands in the USA will spend $15 billion on influencer marketing, up from $13.8 billion in 2021. This represents a 9% increase in spending, indicating that influencer marketing will continue to be an essential part of the marketing mix for brands. The following factors are expected to drive this growth:
1. Increased use of micro-influencers
Micro-influencers are social media users with a smaller following than traditional influencers, typically between 1,000 and 100,000 followers. Brands are increasingly turning to micro-influencers because they are more affordable than traditional influencers, and they have a higher engagement rate. In 2023, it is expected that more brands will collaborate with micro-influencers to reach their target audience.
2. Expansion of TikTok
TikTok has quickly become one of the most popular social media platforms, with over 1 billion active users. Brands are starting to realize the potential of TikTok for influencer marketing campaigns. TikTok influencers have a significant impact on their audience, and their videos have the potential to go viral. In 2023, it is expected that more brands will collaborate with TikTok influencers to reach a younger audience.
3. Integration of influencer marketing with e-commerce
The COVID-19 pandemic has accelerated the shift to e-commerce, and influencer marketing is playing a vital role in this shift. Brands are using influencers to drive traffic to their e-commerce websites and promote their products. In 2023, it is expected that more brands will integrate influencer marketing with e-commerce to drive sales and increase their online presence.
4. Rise of virtual influencers
Virtual influencers are computer-generated models that have been designed to look like humans. They are becoming more popular with brands because they are not limited by geographical location or time. Virtual influencers can promote products and services 24/7, and they can be customized to fit a brand’s image. In 2023, it is expected that more brands will collaborate with virtual influencers to reach their target audience.
https://flytant.com/blogs/g862fdt8ptqy0bpqx40l
Conclusion
Influencer marketing has become a popular way for brands to reach their target audience, and it is expected that brands in the USA will spend $15 billion on influencer marketing in 2023. The growth of influencer marketing is expected to be driven by the increased use of micro-influencers.
