Influencer marketing budget is set to go up in 2023

The latest survey conducted by Open Influence shows that the ongoing year will be the year of influencer marketing. Out of 150 marketing leaders who took part in the survey, 64 percent of them revealed that marketers are planning to increase the budget.

Using influencers to market products is now being followed by several brands. Lately, these brands have started to spend almost a million dollars on such promotions. Almost seventy-seven percent of the brands aim to hold a long-term contract with content creators and influencers, as it helps the brand form a stronger link with its customers.

While 40 percent of marketers believe that the whole hiring procedure is easy, some brand marketers find it difficult as most of the time, the influencer they are looking for is not available. To counter it and stabilize the return on investment, paid advertisements are also being used on social platforms.

Meta’s Instagram and ByteDance’s TikTok are the two largest influencer marketing applications. While Instagram is ahead of TikTok, apparently the short video platform is growing at a much faster pace. When it comes to the most used platform for influencer marketing, Instagram is leading the chart with 76 percent, followed by another Meta-owned platform, Facebook, with 67 percent, and then TikTok at third with 59 percent.
In terms of the common content platform, Open Influence’s data shows that short videos are doing pretty well in 2023 for brand promotion, with over 57 percent, followed by picture media at 47 percent, and then long videos at 37 percent.

The influencer who will be contacted by the brand for promotion is shortlisted mainly because of their follower count. Influencers and creators with the largest number of followers are likely to be reached out to by most brands. However, follower count is not the only factor; to find the targeted audience, relatable influencers are hired, followed by aspirational ones.

As it has already been revealed that 2023 will be the year of influencer marketing, it can be expected that brands will be experimenting with new ways to promote their products through such marketing strategies.

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