The 101 guide to influencer marketing in 2024

Isabelle Comber5 mins
E-commerce
The 101 guide to influencer marketing in 2024
In this article

Influencers have a huge impact on consumer decisions, with 75% of shoppers trusting international influencers when buying on social media. For global e-commerce brands, this trust can translate into a powerful way to expand reach, build loyalty, and increase sales across borders. 

In this guide, we share the latest influencer marketing trends and give you practical tips on how to leverage influencer marketing in your business. 

Influencer marketing is growing exponentially, with the global market expected to reach $22.2 billion by 2025 - more than double the amount recorded in 2020

As the market grows, influencer marketing trends continue to evolve. Here are some top trends to look out for in 2024:

1. The integration of AI 

Almost every part of business is being impacted by AI, and influencer marketing is no exception. AI tools are increasingly used for tasks such as preventing influencer fraud, audience profiling, identifying influencers, and campaign reporting. Some brands have also started experimenting with AI-generated influencers, though marketers' opinions on using them vary

2. The rise of live shopping

Live shopping is a growing channel that offers an interactive, engaging experience that combines entertainment and retail. Influencers increasingly use live shopping on platforms like Instagram, TikTok, and Facebook to showcase products in real time, boost engagement, and drive sales.

3. An increased focus on micro and nano influencers

The rise of micro and nano influencers is driven by their highly engaged audiences and strong personal connections with followers. Brands recognise their value for niche marketing and the opportunity to build more impactful and cost-effective influencer partnerships. 

4. The importance of long-term partnerships

Influencers are becoming more aware of the need to protect their own brands and, as a result, are becoming more selective about the brands they work with. Influencer marketing report data from Sprout Social shows that 93% consider the quality of a brand’s existing social content, and 63% look to shared values when deciding whether to collaborate with a brand.  

5. Cross-social channel campaigns

In 2024, influencers are strategically sharing their content across different platforms such as Instagram, TikTok, and YouTube to broaden their reach. This cross-channel approach can help influencers and the brands they work with reach new audiences, enhance engagement, increase visibility, and grow their impact.

6. Integrating influencers into affiliate programs 

More and more companies are teaming up with popular influencers as part of their affiliate marketing strategies, thanks to the strong connections influencers can build with their followers. Brands can leverage influencers' authentic connections to drive targeted traffic and conversions, significantly improving the performance of their affiliate marketing strategies. 

How to get started with influencer marketing

Getting results with influencer marketing requires careful planning. As with any new initiative, it’s important to outline your goals before identifying the most suitable influencers and creating a plan to effectively engage with them. 

Here are the key steps we recommend to help you get started:

Clarify your goals

Start with the end in mind and clarify what you hope to achieve. Influencer marketing can be a great way to:

  • Increase brand awareness - Influencers with a strong presence in your niche can introduce your brand to new audiences and help spread the word about your products.

  • Drive traffic and sales - Targeted influencer campaigns can be highly effective in directing followers to your website or product pages, boosting traffic and potential sales.

  • Build trust - Collaborating with trusted influencers who provide authentic endorsements can help build trust and credibility.

Research and identify the best influencers

Partnering with influencers who align with your brand and products is essential. You can ask your network for recommendations, use influencer marketing platforms or agencies, run a competitor analysis, or search relevant hashtags for your niche. Vet your selection by reviewing reach, engagement, and audience profiles.

Create a plan

An influencer marketing plan helps you stay on track with your goals and avoid getting swept up in trends that might be popular but fail to produce real business results. Start with a clearly defined audience and use information from their profile to create content that resonates. Outline your budget and KPIs, so you can effectively measure performance and ROI.

Best practice tips on collaborating with influencers

Effective collaboration is the foundation of effective influencer marketing. This begins at the very start, from contacting an influencer to campaign execution and evaluation. 

The first step is to reach out to influencers. As with any outreach activity, we recommend researching each influencer, engaging with their content, and mentioning specific posts you liked to show familiarity with their work. Be clear and concise when explaining who you are, what your brand does, and why you think they’d be a great fit. Highlight the value exchange and make clear what the influencer will gain from the partnership, such as financial compensation, free products, or increased exposure. 

Once you have an influencer on board, it’s time to start creating campaigns. Our top tips for creating effective campaigns include:

  • Co-collaboration - Share your campaign goals and guidelines but leave room for the influencer's creativity.

  • Provide resources - Offer high-quality images, videos, or product samples to help the influencer create engaging content.

  • Authentic endorsements - Encourage influencers to share genuine opinions about your products that resonate with their audience and build trust.

  • Transparency - Ensure the influencer discloses the partnership as required by advertising standards. 

To gauge the success of your influencer marketing campaigns, track key metrics such as engagement rates (likes, comments, shares), website traffic, and conversion rates. Monitor sales and calculate ROI to understand the financial impact. Analytics tools such as Google Analytics and influencer platforms can provide the data you need to assess performance, refine your strategy, and maximise future campaigns. 

Bonus Tip: Consider building long-term partnerships and collaborations with key influencers. Not only can you learn how to work better together, but you can also promote greater authenticity and trust with audiences. 

How to pay influencers

Influencers can be paid in several ways. Monetary payments are common, with flat fees or performance-based pay, such as commission on sales. Prices vary based on the number of followers and channels and are negotiated between influencers and brands. Product compensation is another option, where influencers receive free products or services. Hybrid models combine monetary and product rewards.

For businesses working with influencers worldwide, managing these payments can be streamlined using Airwallex Global Accounts. These accounts allow you to pay influencers in their local currency, saving on conversion fees and simplifying international transactions. For example, leading sports nutrition brand EHPlabs uses the Batch Payment feature to streamline payments to their ambassadors worldwide, saving the finance team two to three days per month.

Embracing influencer marketing for growth

Influencers play a crucial role in shaping consumer trust for international brands, making influencer marketing an essential tactic for brands selling across borders. Setting clear objectives, collaborating with the right influencers, and fostering authentic, long-term partnerships can help your brand reach new audiences, build trust, and help your business grow. 

At Airwallex, our secure, reliable, and cost-efficient solutions help over 100,000 businesses manage payments with suppliers and customers worldwide via their preferred payment methods. Sign up for your free Airwallex account to see how we can help you operate globally with ease. 

Disclaimer: This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here.

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Isabelle Comber
Business Finance Writer

Izzy is a business finance writer for Airwallex. She specialises in thought leadership that empowers businesses to grow without boundaries.

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