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As we dive into 2024, influencer marketing continues to be a game-changer for brands looking to connect with their audiences. Let's break down the latest trends and insights shaping this dynamic landscape:
Cost Per Activation (CPA) Dynamics
Decreasing CPA Across Platforms: Thankfully, the cost per activation (CPA) for influencer campaigns has dropped by an average of 19.2% on platforms like Instagram, TikTok, and Facebook. This means more bang for your buck, allowing you to stretch your influencer marketing budget further by investing in more posts or collaborating with a wider range of influencers.
Pinterest’s Unique Trend: However, Pinterest differs from this trend with an increased CPA, so brands should evaluate if it aligns with their goals before investing heavily.
Platform-Specific Insights
Nano and Micro-Influencers: Instagram is your go-to platform for working with nano and micro-influencers, offering the lowest CPA at around £176.50 per post. On the other hand, TikTok posts have a higher CPA at £1,161, so balance your need for reach with cost-effectiveness.
Mid and Macro-Influencers: For mid and macro-influencers, Instagram Stories and Reels are key. Despite higher CPAs (over £10K and £7K respectively), these posts significantly boost brand awareness and engagement, making them worth the investment.
Influencer Marketing in B2B
Growing Trend: Influencer marketing isn't just for consumer brands anymore. By 2024, 60% of B2B brands are expected to use influencer strategies. Interestingly, 26% of these brands are not just collaborating but also seeking advice from influencers and even bringing them on board as advisors. This approach adds a layer of authenticity and industry expertise to B2B campaigns.
Micro-Influencers: A Winning Formula
Proven Success: In 2023, 47% of marketers reported great results working with micro-influencers. Their engaged audiences help forge stronger connections with specific demographics, making them a cost-effective choice for your influencer marketing budget.
Budgets on the Rise
Increased Investment: Recognising the impact of influencer marketing, 48% of marketers plan to increase their budgets in 2024. With competition heating up, investing in creators is key to staying ahead.
Diversification of Influencer Mix
Expanding Partnerships: 62.4% of brands now work with more than 10 influencers to stay competitive. This diverse approach allows brands to reach new audiences, experiment across platforms, and foster new relationships, broadening their reach and impact.
Influencer marketing is set to be a major force in 2024. By staying on top of these trends, adjusting your strategies, and capitalising on these insights, you can build meaningful connections and thrive in the digital era.
If you need further assistance on how influencer marketing can enhance your business, feel free to reach out to us at info@tartansocial.com.
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