2023 Influencer Marketing Industry Predictions: Did We Get it Right? - Ep. 82
December 14, 2023
Updated Feb 09, 2024
In this episode, James discusses what 2023 predictions we got right for influencer marketing (and of course, those we got wrong). He discusses how influencer marketing has grown despite financial headwinds, niche creator vetting, whether creators can earn revenue through performance bonuses, and more.
Below is a portion of the episode transcript for your reading pleasure. Make sure to subscribe to the Fohr YouTube channel to get notified of new episodes, and watch the full episode below.
Unboxing the annual Fohrgroni
James: Welcome Negronis with Nord episode number 82. This is a fun one today. We're starting off with a little unboxing of The Fohrgronis, the Fohr annual holiday gift.
We do negronis every year or at least have done for three or four years now, they generally get more and more complex UPS FedEx. I can't remember who got quite mad at us for shipping booze. We thought that this year it would be easier to do it in a can. We've got a box of four here. They look great. Somehow we mixed, canned, labeled, created boxes. I think we made 2,800 cans of these Negronis. The real test is, let's see how they taste. Oh, it's got a little bit of like fizz when you open it. Okay, that's interesting. Lovely.
Tony was great. If you haven't seen the full interview, you absolutely should. He is more than a character on the internet. He has got a really thoughtful and earnest way of thinking about influence and about what he is trying to do with it. I felt really inspired and excited after that interview because the internet dramatically changed my life, and it was cool to be sitting down with somebody so early in the journey experiencing what it is like when the internet comes and changes your life. I'm excited to see where it all goes for him. And Tony, we will be cheering you on and hopefully have you back on the show.
New rules for a new era of influence
For this episode, I wanted to go through the predictions that we made at the beginning of the year and see how many were we right about, how many were we wrong about.
We are gonna come out with a 2024 predictions video. We'll be coming early next year.
We also have a whole new set of influencer rules. If you will remember back in 2020, we released our 10 rules of ambassador marketing. Those have been a guiding force and a North star for our entire team, our clients and our influencers for the last three years.
We are releasing a new set of rules for this new reality early next year. So keep an eye out for that. We will do multiple videos around the rules, how we think they affect brands, how they affect influencers, how to react to it and continue to be effective going into next year. So I'm super excited to roll this out. We've been working on it for months and it's going to slay and y'all are going to love it.
A lookback on 2023 predictions
Let's go through the predictions for last year. Prediction number one. Another year of influencer marketing growth despite financial headwinds. I am going to say ding, ding, ding. I am correct on that. That was right. Both things were correct that influencer marketing grew but that it was a difficult year.
Absolutely. So I can say, speak to Fohr personally. We certainly will grow this year. We grew at a slower rate than we had in years past, as I said from the beginning, I thought, you know, Q1, Q2, especially we're going to be difficult quarters, but I felt that maybe in Q3, definitely by Q4 of 2024 business was going to pick up that has played out to be true as well.
It was a difficult Q1 for us. It was a really difficult Q1 for a lot of our clients. It was a quiet summer and things have really come back here in the last couple of months and we're hoping that that momentum continues into next year. Well, I don't know what to say about the economy. It's very difficult to say what exactly is happening, but rates are expected to go down next year, which is the Fed telling us they feel satisfied, at least somewhat, in how much the economy has slowed down, getting inflation under control. So, we should reasonably able to, be able to expect that the economy should trend better. But, who knows? I'm not an economist. I don't f*ing know. If I knew, I would be much wealthier than I am today. So, influencer marketing did grow despite financial headwinds, I was right about that.
Watch the full episode for all of the predictions from last year, below!