The pivotal role played by Social media influencer market
The Social media influencer market has witnessed a significant growth rate over the past few years and this is due to brands understanding the value that this space could bring. As time passes by, more marketers are utilizing this space to tap newer markets and to reach bigger audiences.
E-commerce brands here have taken the center stage, these brands have been collaborating with influencers on all social media platforms and the objective of utilizing this marketing strategy is to grab the attention of a big potential audience.
These brands have considered influencers to be an integral part of their marketing plans and the reason behind it is the significant online following they have. Influencers are seen to be trustworthy experts in their respective fields hence their actions can have an impact on their audiences’ purchasing decisions.
Different types of influencer
The growth of this market will also lead to more options being available to marketers. Depending upon the brand budget and objectives they can choose between Mega influencers, Macro influencers, Mid-Tier influencers, Micro-influencers and Nano influencers. All these options serve different purposes however they come at a different price. The image attached below will provide a better insight into who the different kinds of influencers are and what they bring to the table.
The influencer marketing industry will reach $16.4billion in 2022, this lucrative space grew from $1.7 billion in 2016 to $13.8 billion in 2021.This industry is experiencing massive growth because of the rising popularity of short video formats that are being featured on platforms such as TikTok, Instagram and YouTube.
Despite the large presence of Mega and Macro influencers, Micro and Nano influencers are predicted to play a much bigger role in the coming years. Brands with smaller budgets will be able to utilize Micro and Nano influencers given their costs and their relatively niche audiences.