Digital marketing trends 2023: The MSME perspective
There’s not a single doubt that the global economy is going through a slowdown. In the past year, tech giants like Google, Youtube and Facebook have reported slow growth, declining revenue and sharp drops in ad spend.? With rising prices and an overall declining disposable income, brands and consumers alike have some rethinking and restrategizing to do.
So now the question is- if I can’t afford to spend too much on ads that may or may not target the correct consumer. What can I do?
Answer: Invest in influencer marketing.
In 2022, the influencer marketing industry is valued at $16.4 billion, that too an 18.8% annual increase. In India alone, the industry has seen massive adoption and growth with a Statista analysis predicting that by 2025, India’s influencer marketing business would be worth 22 billion Indian rupees and expand at a compound annual growth rate of 25%.
If done correctly, influencer marketing may be your marketing shield in 2023. Let me tell you how:
1. Opt for long-term influencer relationships over short bursts of campaigns with different influencers.
Steady exposure of your brand to the audience of the influencer for an extended period of time would help activate stronger brand recognition. You have to remember, privacy concerns are at an all-time high.? Third-party data from cookies is soon going to be a thing of the past. We would need to focus on first-party data i.e. data derived from the consumer with consent.
Influencers already have this. They KNOW what their audience's preferences and interests are. With long-term relationships, the brands would be able to refine their understanding of these preferences gradually.
2. Micro and nano influencers will be at the forefront
We are moving away from brands and their product led-ads. Brands are now capitalising on the trust that influencers hold over their communities.
Micro and nano influencers (influencers with less than 10k-50k and 1k to 10k respectively) are being sought after by small to medium brands. These influencers have a highly developed bond with their audiences that is based on trust and authenticity. This is what would show more positive and focused results in the coming years.
3. Give creative authority to your partner influencers
An influencer has a community which is based on trust and authenticity. And the content that the influencer puts out is tailored to the likes and interests of their audience.
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If you want your brand and its products to resonate with that audience - let the influencer do their job.
That does not mean completely giving up control. Ideally, the brand and the influencer should have a detailed discussion prior to starting the relationship on:
4. Check - in regularly
The reason long-term influencer relationships would prove to be beneficial in a slowdown is that brands would have time to rework and tweak the campaign. More data would be available on what products are working and what are not. It would also allow the brand to cultivate omni-channel relationships with the influencer that exposes the brand to more targeted audiences.
5. Choose one-time influencer marketing campaigns when:
6. Explore creator marketplaces
If a brand is looking for a long-term partnership, there are specific goals that both the brand and the influencer would want to reach.
These creator marketplaces help brands discover and connect to pre-qualified influencers for marketing campaigns. It’s like a virtual meet-up between brands and creators. The brands get to team up with influencers that are the perfect fit for the goals they have for their campaigns. Companies and services like these that support the influencer industry have seen a 26% growth. Check out some of these marketplaces suitable for Indian influencers here:
Smart eCommerce brands start early. Now that you know a few defining trends in digital marketing for 2023, download our eBook below to know all the others: