Brands typically run paid advertisements to boost awareness, sales, and engagement. However, influencer marketing has gained traction in recent years. It involves a meaningful collaboration between influencers and brands to help companies expand.
Businesses are increasingly investing in it. The influencer market was worth 13,8 billion US dollars in the previous year. By the end of this year, it is predicted to surge even more.
The stratospheric growth of this digital marketing industry is nothing but astounding.
If you’re interested to learn more about this booming industry and where it's headed, a few influencer marketing statistics will give an insight into it.
Key Influencer Marketing Statistics 2022
It is challenging to understate the value of influencer marketing, given its massive growth. A few key figures, however, can help shed light on how effective it is in today’s swiftly evolving digital world.
- Research conducted by Malardalen University showcases the impact of online reviews and influencers on customers’ purchase decisions. It turns out that 49% of online consumers rely on influencer recommendations to buy something.
- Around 71% of marketing professionals believe influencer marketing is valuable for businesses as it helps enhance a brand’s credibility.
- 81% of marketers are positive that influencer marketing helped them create the engagement they desired.
- Brands choose micro-influencers 10x times more than mega-influencers. The former category has less than 1 million followers, while the latter has more. Micro-influencers do better than mega-ones because their followers are more targeted with a specific interest.
Popular Influencer Marketing Channels
Marketers aim to connect with influencers who create the most compelling content. As social media usage skyrocketed in 2020, they focused on leveraging top influencers across all channels.
It’s 2022, and millions of global influencers are on different social media channels. But which platforms remain popular for influencer marketing? Some facts and figures will reveal.
- Around 28,7% of consumers follow at least one influencer on YouTube (Instagram 28,4%). TikTok stands third, with 20,5% of respondents following influencers on the platform.
- TikTok experienced staggering growth, with only 16% of marketers wanting to invest in it in 2020 and 68% desiring to utilize it for their influencer marketing efforts this year.
- Although Facebook is among the most popular social media platforms, it only accounted for 14,6% of respondents following influencers - seemingly because of the “fake news” scandals in 2016-18.
- Youth is quitting it in droves and dashing to its snazzier sibling, Instagram. Around 45% of Facebook users in the US have left the social network.
The Rise of Instagram
Instagram remains a social media giant in influencer marketing, with 93% of marketers planning to use it. Although TikTok is contagiously addicting, Instagram has simulated some features to gain audience attention.
For instance, the “Reels feature” has captured the attention of many on Instagram. However, this trendsetting platform aims to achieve more to offer better to its users.
- Instagram developed Collabs, allowing creators to make content and maximize the number of shared audiences.
- The platform also introduced “Add Yours” stickers to enhance story engagement.
- The Link stickers on Instagram allow micro-influencers to direct traffic to company landing pages.
- Instagram posts with 3-4 hashtags drive an impression rate of 3,41%, unlike those containing 17-18 hashtags. More hashtags are often associated with the least engagement.
- Over 68% of marketing specialists rely on Instagram for influencers.
- Sponsored influencer posts on Instagram are classified into 17 categories, with beauty and fashion topping the chart accounting for 26,3% and 16%, respectively.
- Christiano Ronaldo is the highest-paying celebrity influencer on Instagram, making $1.604.000 per post, with Dwayne Johnson and Ariana Grande following the lead.
Further, marketers believe that the trend of vertical videos is accelerating. Given that, more brands should consider investing in video-based platforms like Instagram and TikTok.
How Big Is Influencer Marketing?
Companies consistently find new ways to target potential customers and retain existing ones. As such, the advertising industry stands big regardless of its type. But gradually, businesses have shifted from traditional strategies to influencer marketing.
- Influencer marketing is predicted to hit $15 billion by 2022, with more brands wanting to invest in it.
- According to Google Trends, the search for the “Influencer marketing” term has grown over the past few years, with China showing a considerable interest over other countries.
- There are over 1.360 influencer marketing agencies and platforms globally. This number is forecasted to expand in the future.
- Research conducted by Maryville University unfolds that 90% of marketers are positive that influencer marketing results in a better Return on Investment (ROI) than other digital marketing channels.
- The same study highlights that influencer marketing yields $5-6,5 for every dollar spent. The number is substantially higher than other digital marketing forms.
What You May Not Know About Influencer Marketing
An effective influencer marketing strategy is a win-win situation for both parties: companies get a chance to grow their brand, and influencers reap the rewards of participating in the campaigns.
Here’s what you might not have known about the influencer marketing industry before.
- The Maryville University study also demonstrates that brands do not always pay influencers to promote their products and services. Apparently, this seems unfair, but brands find other ways to compensate. After all, nobody would take the time to promote you if you won’t remunerate.
- Compensation doesn’t always have to be in the form of cash. Therefore, brands often offer influencers free product samples and discounts or allow them to enter sweepstakes.
- Non-influencers can significantly contribute to a company's growth with the least amount of followers. They are not professionals but post regular content, including their family, friends, and pet photos. Although fewer, their followers tend to be more loyal.
- Influencer marketing isn’t a one-size-fits-all approach. Brands need to figure out their budget to choose a suitable tier. Besides, relying exclusively on the number of followers isn’t wise. The key is to pick an influencer with relevant audiences as your brands’.
The influencer marketing statistics predict this year to bring purpose-driven collaborations between top influencers and popular online brands. The transforming digital world brings more brands online, and they need active partnerships to gain a competitive edge.