Long before Instagram, Facebook and TikTok brands utilised celebrity endorsement to promote their products to consumers (Pepsi anyone?). With the birth of social media we opened our homes, minds and families to a new gateway for business’ and brands to reach us 24 hours a day, 7 days a week with one simple click. Brands worldwide flocked to reach more people and appeal to the masses by having their products associated with a new kind of celebrity – the influencer.
The initial release of Instagram was back in 2010. Consumers had grown wary of celebrity endorsements and were looking for a new way to shop. The influencer came across as an authentic voice in an over-crowded market, someone you could trust. Brands flocked to be associated with social-media personalities to endorse their brand and the multi-million-dollar industry grew into what we now know today. But, in 2024 does it still work?
Just as they did with pre-instagram celebrity, consumers are becoming fatigued when it comes to brand endorsements and influencer associations. The once authentic voice of an influencer is being shadowed by the obvious notion that money or goods have been exchanged for audience reach and engagement.
So, is influencer strategy dead? Absolutely not. Simply, the goal posts have just moved. The industry itself is worth over 21 billion dollars annually with 72% of all social media users following influencers. Consumers are moving away from the mega-influencer ‘sell’ and the industry is following. Instead brands and people are looking to connect with the emerging nano, micro and macro influencers in search of more authentic product and brand recommendations.
So, what is a nano or micro influencer? Here is a breakdown:
Nano Influencers – 1-10k followers.
Micro-Influencers – 10-100k followers.
Macro Influencers – 100k-1 Million followers.
Mega Influencers – 1 Million+ followers.