Influencer partnerships have surged in popularity as social media has become a more interwoven part of our lives. People seek guidance and suggestions on shopping choices from their favorite Instagram stars, Twitter celebrities, and YouTubers. It is critical to develop an influencer marketing plan. Here are five influencer marketing statistics to consider.
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1. The Consumer Impact of Influencer Marketing
Though generating direct sales is not the primary objective of marketers doing influencer marketing efforts, it seems to be a by-product — and a very notable one at that. Eight out of ten customers have bought something due to an influencer’s suggestion.
When comparing men’s and women’s influenced purchasing behaviors, there seems to be no discernible difference. In the United States, more women (89%) than men (83%) make purchases after being inspired by influencers. On the other hand, women spend less on things suggested by influencers than males. Aim at creating successful influencer partnerships by hiring the best professionals in the market of your business.
In terms of sharing, photos outperform all other sorts of material. Seven in ten customers admit to sharing photographs shared by influencers. However, consumers are only inclined to share video and textual information at a rate of 48% and 38%, respectively.
2. Effectiveness of Influencer Partnerships
Almost all marketers – or almost 90% – feel influencer marketing is a successful kind of marketing. This is so prevalent that three-quarters of marketers want to commit a budget to influencer marketing efforts, and up to 62% intend to increase their investment.
Other influencer marketing data support this assertion. Influencer and sponsored content are predicted to account for 20% of the advertising expenditures of digital marketers and agencies. Influencer relationships, like affiliate partnerships, have low overhead but can bring in a surprisingly high amount of revenue.
3. Industry Growth of Influencer Marketing
With such a high return on investment, it’s unsurprising that the influencer marketing sector is poised for explosive expansion in the coming years.
Globally, current social media consumption shows no indications of abating, as it permeates all facets of consumers’ everyday life. Consequently, researchers anticipate that influencers will play a growing role as mediators between businesses and consumers. This implies that firms’ influencer marketing activities will need to ramp up to establish a stronger customer connection.
Since firms spent $8 billion on influencer marketing in 2019, the influencer marketing sector is predicted to grow by 87.5 percent in only three years.
This exponential development is only indicative of its potential. Therefore, if you’re still debating whether or not to employ influencer marketing to improve your business, it’s better to go immediately.
If you don’t want to commit resources within your marketing team towards this, there are outside companies that can manage an influencer campaign for you. This means your team can focus on other initiatives. Doubling the exposure your company is getting.
4. The Most Important Influencer Marketing Objectives
Eighty-six percent of marketers rank brand recognition as one of their top three influencer marketing campaign goals (World Federation of Advertisers, 2018). A 74% increase follows this in reaching new or targeted audiences, a 69% increase in brand advocacy, and a 69% increase in sales conversion (46 percent).
Other influencer marketing aims include increasing engagement, reaching new target audiences, enhancing brand reputation, and generating sales. However, based on these influencer marketing data, most influencer marketing initiatives focus on the brand and its reputation.
When it comes to determining the effectiveness of influencer marketing campaigns, reach and engagement are regarded as the most critical indicators. At least 80% of marketers rely on these metrics to assess the success of an influencer marketing campaign. Surprisingly, just 16% of marketers consider direct sales a success indicator.
5. Return on Investment in Influencer Partnerships
Here is one of the most compelling influencer marketing statistics to demonstrate its efficacy: Businesses who use influencer marketing to generate exposure gain an average of $18 for every dollar spent.
In other words, every dollar spent on influencer marketing delivers $18 in value in terms of exposure. These are higher-than-average returns, but even a look at average returns across the board reveals a rather high average of $5.20.
Indeed, most marketers feel that influencer marketing provides the best Return on Investment (ROI), even higher than more conventional marketing tactics such as SEO, email marketing, social advertising, and search engine marketing (SEM).
Calculating the ROI of influencer marketing looks to be one of the most difficult components. While some like to track view, reach, and impressions, others want to track engagement and clicks. Ultimately, it is determined by the aims of each firm.
Millions of people trust these influencers, and marketers are taking notice. Interest in influencer marketing has only increased, which means that a great deal of study has been undertaken, yielding some fascinating figures. Make sure when searching for influencers, to keep in mind some of these statistics, to get the most return on your investment into a brand.
