All Eyes On Influencer Marketing In 2024

Pherwani emphasises the trends that will rule the influencer industry, signaling an incredible year ahead overall

We have seen a phenomenal change in the influencer marketing space this year. Influencer marketing has become a potent and dynamic approach for brands to engage with their target consumers in the ever-changing marketing landscape. As we move into 2024, the influencer marketing landscape is poised for significant changes. Here are the trends that are set to dominate the scene in the coming year.

1. Social Commerce: Social media platforms are evolving from being just places to interact with friends to virtual marketplaces. It has been a trend in 2023 and will boom in 2024, brands will capitalise on this trend and leverage social media influencers to boost conversions, with their features enabling users to make direct purchases within the app, creating a seamless and social shopping experience.

2. Personalisation and AI: AI and personalisation will continue to coexist on social media platforms, improving user experiences. The platform will be further tailored to individual interests using smart algorithms and customised content recommendations, resulting in a more user-friendly and personalized environment. It is similar to having a virtual assistant take care of all of your social media needs.

3. Concept of channels: There will be a significant increase in the number of social media sites that have introduced the idea of channels specifically for users with confirmed blue ticks. With the help of this tool, authenticated individuals will have a safe place to interact with their followers and possibly close big brand deals.

4. Short-form video: Another major trend will be the surge in short-form video content on platforms such as Snapchat, YouTube Shorts and Instagram Reels. These platforms gained immense popularity for users to quickly create and share entertaining videos, featuring creative dances, challenges, and humorous skits. The focus was on enjoying and expressing oneself through concise, bite-sized videos. The impact that short videos have on the social landscape will continue to increase.

5. Live Commerce: Live Commerce excels at creating a sense of urgency and impulse buying. With limited-time offers, flash sales, and exclusive discounts announced during the live stream, viewers are motivated to make on-the-spot purchases. The real-time nature of Live Commerce allows brands to showcase the product's features and benefits, answer questions, and address concerns instantly, leading to higher conversion rates. With the rapid advancement of technology, live commerce has the potential to completely transform online shopping for customers by fusing social interaction, convenience, and entertainment into an engaging and immersive shopping environment.

6. Diversification of Platforms: As new social media platforms emerge and gain popularity, influencer marketing may expand beyond traditional platforms. Diversifying across many platforms has proven crucial for reaching a variety of audiences and reducing risks related to platform volatility as the internet ecosystem continues to change. Brands, content creators may explore opportunities on emerging platforms to reach different demographics.

7. Long-Term Partnerships: Long-term partnerships are essentially representative of a relational and strategic approach to influencer marketing, with an emphasis on mutual growth over an extended period, enduring authenticity, and consistent engagement. Brands may opt for long-term partnerships with influencers rather than one-off campaigns. This approach helps build stronger relationships and to give a more consistent brand message.

Brands that adapt to these emerging trends will have a competitive edge in creating authentic connections with their target audiences. From social commerce to the integration of cutting-edge technologies, the influencer marketing landscape is set to witness a transformative year ahead.

*The author is Karan Pherwani, Vice President, Chtrbox

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