The Death of the Influencer
It was only a matter of time before the influencer bubble burst. With social media platforms becoming increasingly saturated with content creators all vying for attention, it was inevitable that some would start to fall by the wayside.
That's exactly what we're seeing now, as more and more influencers are being forced to confront the harsh reality that their days of online fame and fortune are numbered.
The death of the influencer is a direct result of the oversaturation of the social media landscape. With so many people trying to make a name for themselves, it's becoming harder and harder for anyone individual to stand out. This is especially true as platforms like Instagram continue to introduce new features that make it easier for users to find and follow the content they're interested in.
Social media has become a dumping ground for sponsored posts and advertising and social media users are quick to call influencers and brands out when they see a lack of authenticity. Millennials and Gen Z want real interactions and to dig behind the online facade. This is why we're seeing a rise in micro-influencers, who are defined as social media users with between 1,000 and 100,000 followers. Micro-influencers tend to have more niche audiences and are therefore able to offer a more authentic and intimate experience to their followers.
One of the main reasons influencers are dying is because people are looking for more authentic content. Influencer marketing has become cliché and exhausting because users get tired of seeing only one type of person on social media: beauty bloggers with perfect photos who live their lives through avocado toast recipes or gym selfies. A statistic from Bazaarvoice “47% of consumers are fatigued by repetitive influencer content” suggesting that users are looking for something more real and reflective of their everyday lives.
Influencer marketing is becoming more focused on smaller, high-quality content creators. This trend can be seen in social media where some companies are dropping larger influencers for those with smaller followings but still generate similar results when it comes to engagement rates or sales conversions rate compared with what they would have gotten from an influential celebrity who has many followers themselves.
As more and more people turn to social media to make a living, the competition is only going to get tougher. Read more on how you can improve your influencer marketing strategy here.
We may also see a return to traditional forms of marketing, as influencers realise that they need to diversify their income streams. Paid sponsorships and product placements will always be a part of influencer marketing, but we could see a shift back to more old-school techniques like word-of-mouth marketing and event marketing.
