Study: 67% of marketers to increase investments in influencer marketing in 2024

Influencer marketing has become a mainstay in the marketing landscape and is only growing in popularity as 67% of marketers said that they are upping their investment in influencer marketing this year. 

Out of the marketers who are increasing their investment in influencer marketing, 23% have dedicated nearly half of their total budget to it. 

This surge is likely due to the evolving consumer landscape where today's consumers crave authenticity, a personalised touch and narratives that resonate with their personal experiences and aspirations. 

Additionally, the distinction between influencers and creators will become a key element in influencer marketing in 2024, said influencer marketing platform Partipost in a new report titled "2024 Influencer Marketing Insights: Key Metrics and Industry Trends". This is especially since the trend is leaning towards creators, it said. 

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While the terms 'influencer' and 'creator' are often used interchangeably, there is a subtle, yet significant, difference between the two. According to Partipost, influencers are primarily known for their ability to influence consumer choices and are typically seen as lifestyle leaders and trendsetters.

Creators, on the other hand, are content-centric with their primary focus being producing innovative, original content, often with a specific niche or expertise. They are often perceived as more authentic and genuine too. 

Partipost also found in its study that the trend is now leaning towards creators as brands are increasingly seeking to collaborate with individuals who can create content that resonates deeply with their audience, rather than just promote products. 

In addition, the approach to measuring the success of influencer marketing in 2024 has shifted to more nuanced and comprehensive metrics, said Partipost. Where engagement, reach and views continue to be essential, there is a growing emphasis on conversion rates, audience sentiment and quality of interactions to gauge the true impact of influencers. 

In 2024, Partipost predicts that nano-influencers - people with followers ranging from 200 to 5,000 - will continue to emerge as a powerful force in influencer marketing. Despite their smaller followings, they boast high engagement rates and a strong sense of community and trust with their audience.

This authenticity makes them effective in word-of-mouth marketing and in influencing purchase decisions within their tight-knit communities, added Partipost. 

Micro-influencers with 5,000 to 30,000 followers offer a blend of relatability and authority, hence making them ideal for targeted campaigns. Meanwhile, macro influencers who command over 30,000 followers are best suited for generating widespread excitement and brand awareness. 

Partipost's findings were supported by influencer and affiliate partnership management platform, impact.com and eCommerce market intelligence company, Cube Asia's, recent report on influencer marketing trends in Southeast Asia.

According to impact.com and Cube Asia's report, around 70% of Singaporean survey participants, and 82% of participants in Southeast Asia, have admitted to being influenced by recommendations from influencers or celebrities in their purchasing decisions.

While influencer marketing sees a significant increase, a seperate report by Munch, an AI-powered automation platform for social media, found that Consumers today watch more videos and the demand for short-form content has rapidly increased, with 66% finding the type of content to be the most engaging.

For marketers, this shift has brought short-form videos to the forefront of content creation due to its ability to capture an audience's attention and drive engagement. 

According to the report, video content is no longer an option, but a necessity for business and brands aiming for success, with 42% of businesses preferring Instagram and 26% preferring Facebook to post such videos. TikTok does not rank among the top three platform choices for marketers. 

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