What's In Store for Influencer Marketing in 2020?
As we have seen in the past, a new year brings new trends and new predictions as to the state of the industry. What do we think you can expect to see in influencer marketing come 2020?
Budgets Will Increase
As the industry continues to grow, so will budgets. In August, beauty giant Estée Lauder announced that they are spending 75% of its marketing budget on digital marketing, particularly social media influencers (AdWeek). “Nearly 2/3 (63%) of businesses who do budget for influencer marketing intend to increase their spending over the next 12 months,” says The State of Influencer Marketing 2019: Benchmark Report, from Influencer Marketing Hubspot.
Agencies Will Branch Out
Some agencies and media companies already have their own influencer marketing departments, but others have influencer marketing grouped with brand advocacy or other teams. Where it is grouped together, influencer marketing will become its own department - solely focused on running influencer campaigns. If influencer marketing is already its own department, these teams will continue to grow and expand in order to keep up with the rate at which the industry is developing.
New Social Platforms Will Grow At Fast Speeds
Instagram is the fastest growing social network in 2019, and has been the most powerful player of platforms, especially with influencers and the younger demographic on social. Right now, it is seen as the most important channel for influencer marketing, but it is important to build your brand beyond just one channel. Look at how recently TikTok emerged, and how quickly it’s popularity has exploded.
Audience Relationships Will Continue To Rule
One of the most important things brands look at when deciding on influencers to partner with is their relationship with their audience. They want to see the genuine, authentic connection they share with followers, as well as their brand/product will tie into it.
Brands and Agencies Will Crack Down On Legal Guidelines
According to Influencer Marketing Hub, only 11% of Influencers are currently fully compliant with FTC and the British CMA Guidelines. If influencers don’t start taking these regulations seriously, proper repercussions beyond just warnings, will be enforced. Learn more about the importance of staying up to date on FTC guidelines.
More Emphasis Will Be Put On Captions
Influencer captions will become longer, more heartfelt and genuine, and aim to create a stronger connection with followers. Images will still be important, but the words next to the image will be the main focus. If you are an influencer, learn how Foodie Tribe can help you with this.
Brands Will Put Emphasis On Micro Influencers
Brands are finally understanding the impact of the micro influencer, and will favor those partnerships. “Micro influencers have the highest engagement rates (averaging at 7%) on their feed posts,” says Later.
Video Content Will Continue To Reign Supreme
Video allows influencers to connect with their audience, at the same time as providing actionable content that viewers want to see. The popularity of video content has spiked over the last few years and will only continue to grow. Influencers, take advantage of Instagram Stories, learn how to use it, and get ideas for creating video content.
Dara Schlossmann is an Influencer Manager at Foodie Tribe. In her free time you will find her taking advantage of the sunny Florida weather, traveling, or in the kitchen cooking up a new recipe.