Influencer marketing makes it easier for you to connect with your target audience. So, looking into this strategy when creating your marketing campaign is essential.
Because through influencer marketing campaigns, you can:
- Increase your brand awareness
- Reach your target audience
- Boost your credibility
There are still more benefits to using this strategy... and I will show them to you through numbers! Yep. We'll talk about statistics!
So, if you're still hesitant about trying influencer marketing, this blog is for you. Because we'll discuss...
- What is influencer marketing?
- 13 influencer marketing statistics you should know!
Knowing these statistics lets you decide if you want to dabble in influencer marketing! I won't keep you waiting... let's start!
What is influencer marketing?
Influencer marketing allows you to collaborate with influential people online. These are called "influencers." They are affluent in social media and within their niche.
For example, you run a food business. You can collaborate with food bloggers who specialize in reviewing food. Why? Because they already have a following who have an interest in food.
That's how influencer marketing works. And there are different types of influencers... They can be:
- Social media influencers
These are some influencers you can work with based on your business niche and influencer marketing strategy.
Here's a nice Debutify Podcast with Yash Chavan about Influencer Marketing. Check it out!
So, you already know what influencer marketing is. We talked about why you should have an influencer marketing budget through these statistics.
13 Influencer marketing statistics you need to know
1. The influencer marketing industry is expected to grow to $16.4 billion in 2022
So, what does this mean? The influencer marketing industry is now growing more than ever. And it's not going anywhere anytime soon. You need to embrace it.
The growing popularity of social media platforms also plays a role in this expansion. With billions of social media users and hours of screen time, it proves you need to take advantage of it.
The social media consumption of users is increasing. Make sure to hop on the influencer marketing train to see why more brands utilize this.
Of course, you want your brand to be on your target customers' news feeds while browsing their social media. Right?
The next influencer marketing statistic is...
2. More than 75% of marketers dedicate an influencer marketing budget
According to the Influencer Marketing Hub's benchmark report, marketers are dedicating a budget for influencer marketing.
Since marketers are experts in marketing... this means they know how effective influencer marketing is. They know how beneficial it is for the brands they work with.
So, you might need to set a budget aside when planning your influencer marketing campaign. But wait... you don't need to have deep pockets to make it work. You just need the right strategy.
Another vital statistic is...
3. Gen Zs are more influenced by influencers
Are you targeting Gen Z consumers? Because influencer marketing is more appealing to Gen Zs. And you're lucky if you're targeting them.
This is because 66% of Gen Zs say social media is essential in their lives. But if you're targeting an older generation, it might be a bit challenging.
But not impossible! You can be successful in influencer marketing as long as you know the right influencer who can help you—also, learning the right social media platform to use.
The next one is...
4. 93% of marketers plan to use Instagram in their influencer marketing strategy
You read that right. Marketing professionals are planning to use Instagram for influencer marketing. So, what do you need to do?
You have to find Instagram influencers to work with. You also need to optimize your Instagram account to make sure you'll have an effective influencer marketing campaign.
Doing so will make your Instagram account look more enticing... and how you present your page can affect the influencer's decision if they want to work with you.
One of the key influencer marketing statistics is...
5. Influencer marketing platforms raised $800 million in funds
Another part of Influencer Marketing Hub's benchmark report states that influencer marketing platforms raised $800 million in funds in 2021.
This shows how fast the industry is growing. Because budding entrepreneurs know there is a demand for the best influencer marketing platform.
And influencer marketing platforms are widely used by marketers and business owners who want to manage influencer campaigns efficiently. That will also be helpful for you.
Now, let's talk about...
6. Influencer marketing ROI is $5.20 for every $1 spent
Since influencer marketing is booming... more consumers are being influenced by influencers. And that brings the return on investment to $5.20 per $1 spent.
While there are still chances for your influencer marketing efforts not to be as effective... doesn't mean it's not achievable!
You can also get the same return on investment if you create a robust influencer marketing strategy. And if you're not getting the same results, try to readjust your plan.
Or, you might need to reallocate your influencer marketing budgets to get the best ROI. Speaking of which...
7. 90% of marketers state they prefer working with micro-influencers
An influencer marketing report from Linqia states that 90% of marketers prefer working with micro-influencers.
One of the reasons is they require less budget. Also, micro-influencers have a more engaged audience and higher engagement rate than bigger ones.
You need to find the right micro-influencers to work with on social media or other influencer marketing platforms. Find the ones who will help you achieve your goal.
Also, did you know that...
8. 50.7% of brands that work with influencers run eCommerce stores
This was from Influencer Marketing Hub's benchmark report. And if you look at that number, it shows that eCommerce businesses are now leaning on influencer marketing.
Since eCommerce stores are accessible to consumers everywhere, business owners want to be known more in the digital space.
You want to reach people globally. And that's through influencer marketing. This is a great way to promote your eCommerce store... especially if you're shipping worldwide.
Now, we're down to our last two influencer marketing statistics!
9. 51% of marketers say influencer marketing helps in acquiring better customers
One of the most important digital marketing goals is conversion. Lucky for you... because you can acquire better customers through influencer marketing.
You can reach people who share the same values as your brand and build long-lasting relationships with them. But the influencer you'll collaborate with plays a significant role in this.
Make sure to see if the influencers align with your goals and values because their supporters are most likely to be the same.
And last but not least...
10. Marketers will spend more on influencers in 2023
Due to the undeniable influencer marketing success... marketers are planning to increase their marketing spend on influencers in 2023!
And because more brands are willing to spend on influencers, this is your sign to...
Strengthen your influencer marketing strategy!
These statistics show that influencer marketing is a game that brands are already playing... and it will continue to thrive.
So, if you're not yet sure if you want to dip your toes in influencer marketing... these statistics might help you decide. And if you already do, ensure you're on top of your game.
By crafting an effective influencer marketing strategy! Wondering how?