Brands are increasingly relying on influencers to interact with new audiences as more creative, native-aligned spaces and platforms emerge, while the growing usage of AR and other new technologies calls for a familiarity with platforms that takes time and knowledge to leverage.
In order to maximize revenue in today’s increasingly competitive social media landscape, organizations must embrace brand advocacy initiatives that incorporate both customers and influencers.
According to ResearchAndMarkets.com’s “Global Influencer Marketing Platform Market 2021-2028” report, the global influencer marketing platform market is expected to reach USD 84.89 billion by 2028, with a CAGR of 30.3 percent over the forecast period.
Consumers nowadays use social media to get ideas for purchases. Influencer marketing is no longer a nice-to-have for brands; it’s now a requirement. Brand advocacy, a powerful mix of influencer marketing and consumer-to-consumer (C2C) marketing that falls under the banner of ‘influencer marketing,’ is often underestimated.
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Influencer Marketing
There has been an increase in the number of social media users across all platforms over the last few years, as well as promises of uncompromised scalability and performance. Today, the power has shifted to brand advocates, influencers, and content creators. Knowing which influencers or content creators to collaborate with is a challenge for marketers, and choosing individuals who have an authentic connection with the brand is crucial.
The number of potential brand advocates available to brands is increasing as the number of social media content creators grows. This allows brands to form relationships with advocates from a variety of communities, including influencers and customers.
Consumers are becoming more interested in consuming content from around the world, and they want to see new and interesting stuff from various cultures. As organizations continue to invest more in influencer marketing, it’s critical to ensure that the strategy meets the ethical and equality-driven expectations placed on the industry. Failing to adhere to that can affect a company’s reputation and sales, as well as limit the prospects of developing a strong community of advocates in the future.
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Live Shopping and the Metaverse
In late 2021, social media platforms launched live stream shopping formats, allowing users to buy things while watching a live feed rather than going through the traditional add to basket and checkout process. The influencer landscape has established itself as a highly engaging, highly credible community for product purchase inspiration, and this is an area set for growth in 2022. For brands, consumers, and influencers adding the ability to purchase is an obvious next step.
The metaverse began to draw the attention of consumers and celebrities, and thus marketers, in the past year. 2022 is shaping up to be one of the most exciting in social media marketing history. To break records, exceed customer expectations, and provide value to all parties, it’s critical that everyone works together as an industry to educate and support one another, as well as embrace the community spirit that supports social media.
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