Phạm TúKOLs (Key Opinion Leaders) today are no longer simply individuals who guide and influence consumer purchasing decisions. They have become important “metrics” for brands to evaluate the effectiveness of marketing campaigns – through indicators such as revenue, engagement, and the number of orders generated. Below are IMVN’s insights for Influencer Marketing in 2024.
Trends of Influencer Marketing 2024
Both e-commerce channels and traditional stores have witnessed unpredictable fluctuations. According to the latest forecast from the statistics department, Vietnam’s retail sales of goods and consumer services in 2024 are expected to reach 6.8 trillion VND, a 10.9% increase compared to 2023. Meanwhile, e-commerce is projected to reach 20.5 billion USD, a 25% increase from the previous year. The proportion of B2C e-commerce revenue accounts for about 8.8% of the total retail sales of goods and consumer services nationwide. The proportion of B2C e-commerce revenue is forecast to increase year by year (6.5% in 2021, 7.8% in 2022, 8% in 2023, and expected to be 8.8% in 2024). This is one of the sustainable development trends of Vietnam’s digital economy.
Here are some trends that IMVN predicts will explode in 2024:
- Artificial Intelligence will be increasingly integrated into Influencer Marketing: AI will be used to identify suitable influencers for a brand, create content, and measure the success of campaigns.
- Strong focus on following favorite content creators across multiple platforms: Brands will focus on following content creators across various platforms to enhance reach and engagement.
- Influencers will become crucial in many Affiliate Programs: Influencers will play a vital role in numerous affiliate marketing programs, as they can help brands reach new audiences and drive sales.
- Live shopping will continue to play a more significant role in influencer campaigns: Live shopping will become even more critical in influencer campaigns, as it allows influencers to showcase products in real-time and interact with their audience.
- Strong emphasis on diversity and inclusivity in Influencer Marketing: Brands will focus on diversity and inclusivity among influencers, as consumers are increasingly aware of the need for brand representation.
| Year | Global (billion USD) | Asia (billion USD) | Vietnam (million USD) |
| 2021 | 13.8 | 3.7 | 30 |
| 2022 | 15 | 4.6 (↑24%) | 50 (↑67%) |
| 2023 | 19 (↑20%) | 5.8 (↑26%) | 70 (↑40%) |
| 2024 (forecast) | 22 (↑16%) | 7.3 (↑26%) | 100 (↑43%) |
4 Ways to Optimize KOL Costs
Here are some suggestions from IMVN, a company with years of experience in influencer marketing in the Vietnamese market.
- Treat KOLs as an ongoing activity (always-on) rather than a campaign: Instead of focusing solely on short-term campaigns with KOLs, brands should view this as a long-term activity. KOLs should regularly post content about the product as part of their routine, not limited to the campaign period.
- Simplify KOL booking through platforms: Instead of working directly with each KOL or through agencies, brands can utilize influencer marketing platforms to streamline the process. These platforms provide tools for searching, selecting, negotiating, and paying for campaigns. Marketers can save significant time and costs by using platforms available in Vietnam such as REVU (Vietnamese influencer platform, strong in Korean talent), Partipost (Singaporean influencer platform, strong in Malaysia, Singapore, the Philippines, present in Vietnam since 2023), and others.
These platforms are well-suited for booking a large number of KOLs/KOCs regularly or when using a small budget per KOL/KOC. For booking famous celebrities or macro-influencers, consider going through specialized agencies. - Let KOLs create their own content: Instead of hiring a content creation team for campaigns, brands can encourage KOLs to create content that aligns with their style. This makes the content more natural and persuasive to viewers.
According to Tapinfluence, 92% of consumers trust content created by influencers themselves more than pre-written content. Therefore, brands should leverage this advantage of KOLs. - Diversify what KOLs can do: Instead of focusing solely on product reviews or unboxing videos, brands can ask KOLs to create various content to enrich the customer experience:
- Go shopping for the product directly at the store
- Check and compare prices across different sales channels
- Verify if the product is genuine at authorized dealers
- Experience the brand’s customer service
- Share creative ways to use the product
- Such content will provide viewers with a more authentic and multi-dimensional perspective on the product and the brand.
Conclusion
Influencer marketing is becoming increasingly important in businesses’ marketing strategies. However, brands need to be flexible and adapt to the changes in this channel to maximize effectiveness. Hopefully, the suggestions above will help marketers optimize their relationships with KOLs and achieve higher ROI for future influencer marketing campaigns.
