Published: 16 January 2024
In the age of digitalisation, influencing has become increasingly popular with brands for marketing their products and services on social media platforms; however, consumer habits have been changing in recent years, resulting in a change in how people are influenced.
In years of the past, macro-influencers - a person having over 100,000 followers on Instagram, were the go-to for brands when an influencer marketing campaign strategy was to be implemented. In 2024, micro-influencers - a person with between 1,000 and 100,000 followers on social media, have seen a rise in popularity among brands.
The Influencer Marketing Benchmark Report (2023) found that brands were now favouring nano-influencers and micro-influencers when looking for brand partners, with only 19% of brands now choosing to partner with macro-influencers. 11% of brands choose to pay £395k when implementing influencer marketing, but the majority of brands favour spending less, many of which spend below £40k. While there has been a shift in preferences and spending, the Influencer Marketing Industry is set to grow to roughly £16.7 billion, an extreme increase from £1.3 billion in 2016.
Micro-influencers are likely to be more affordable when compared to macro-influencers. There are also additional differences between the two: micro-influencers tend to be niche and have higher engagement rates. Because of this, they have great potential for returning good returns on investment, and this is likely to be the reason for being the new desirable. Because of their smaller following and stronger online community, consumers are likely to find micro-influencers trustworthy and authentic.
Depending on the goal and budget of an influencer marketing strategy will likely impact what style of influencer is chosen. Why Media will be collaborating with Sal (@salihsworld) - a macro-influencer, to implement influencer marketing strategies for clients in 2024. While micro-influencers are great for targeting niche groups and markets, macro-influencers are able to generate greater reach, making them the better choice for scenarios where the success of a campaign is being measured using reach metrics.
Sal (@salihsworld) - a macro-influencer with over 300k Instagram followers
‘Deinfluencing’ has also seen a rise in popularity in recent years, with influencers discouraging consumers from purchasing products and services. If this style of influencing continues, we could expect to see brands favouring different styles of marketing and moving away from influencer partnerships.
Why Media is an award-winning design, marketing, digital communications and PR agency offering tailored solutions to companies on a global scale. We have extensive experience in delivering design and marketing services to a spectrum of companies, including professional services, property companies, financial institutions and shopping centres. We have offices in London UK, Hertford UK, Finestrat, Spain & Brescia, Italy.
Marketing Contact
Name: Claire White
E-Mail: claire@whymedia.com
Telephone: 020 3007 6002
