Throughout the last couple of decades, social media has evolved into an essential part of people’s lives—and a critical means for businesses to reach new customers.
Brands have cooperated with social media influencers throughout platforms to raise awareness during the last five years, and influencer marketing has grown from a $5-10 billion dollar industry to an ancillary marketing approach.
Despite the global effects of Covid 19, the influencer marketing business remains popular with big brands this year, and it is anticipated to expand even more. It has become an important aspect of marketing strategies, and various research has been conducted on its effectiveness.
What is Influencer Marketing?
Influencer marketing, which combines brands and influencers working together, is a strong strategy that may help businesses develop. It’s a marketing approach that’s been employed successfully by thousands of organizations and brands for over a decade and has seen continuous growth.
Influencers are people who specialize in a particular field and have a large internet following. They can effectively influence their audience’s purchasing decisions since they are considered trustworthy experts in their subject by their followers. Their praises or recommendations can assist businesses to reach a wider audience and generate leads.
10 Influencer Marketing Statistics
Influencer marketing is more approachable and measurable than it has ever been, and more marketers are reporting that it is helping them achieve their objectives. Here are 10 key influencer marketing statistics to help you plan your marketing approach for the coming year.
- In 2022, the influencer marketing sector is expected to be worth $16.4 billion
Influencer marketing is unquestionably profitable. From $1.7 billion in 2016, the market is expected to grow to $9.7 billion by 2020. It increased to $13.8 billion in 2021, suggesting consistent growth. This year, the business is expected to grow to a whopping $16.4 billion.
The expanding popularity of short video layouts on platforms like YouTube, Facebook, and, TikTok as well as the impact of the global pandemic on consumers, catalyzed social media intake, and the optimization of the collection of data, which marketers used during social media ads, are all contributing to this growth.
- Over half of consumers say they prefer to learn about new products through word of mouth and social media
Considering that over 50 % of consumers prefer to learn about new businesses through word of mouth and social media, it’s understandable why brands would partner with influencers.
These influencers render it their job to engage their followers with fascinating and valuable material, and they’re a great way for businesses to get their name out there
- The popularity of social commerce is steadily growing
The desire for combining e-commerce and social media is growing, with an eMarketer research forecasting that by 2023, there would be more than 100 million social commerce buyers in the United States. For the same period, social commerce sales in the United States totaled more than $52.5 billion.
- Instagram is the most popular social media platform for brands that use influencer marketing
Despite having fewer monthly active users (1.3 billion) than Facebook, which is among the most popular platforms with (2.89 billion) monthly active users, Instagram’s popularity has increased in 2021, with most brands picking Instagram as their channel of choice for their influencer marketing initiatives.
It’s no surprise that Instagram is still a valuable source of leads in 2022, with 79 percent of marketers considering it an important aspect of their efforts. This adaptable platform already has a global audience, and 83 percent of its users utilize it to discover new things.
- In 2022, micro-influencers will have a major impact
Micro-influencers are projected to have a larger role in 2022. Even though they have fewer followers than mega and macro-influencers, their audiences are more engaged and more willing to take action. You can also buy followers for an initial boost, just visit MegaFamous.
Smaller industries, according to experts, will prefer to collaborate with micro-influencers. They show the qualities that today’s viewers prize: authenticity, relatability, and credibility. Micro-influencers market share continues to rise. It increased from 89 percent in 2020 to 91 percent in 2021.
Additionally, engaging with nano- and micro-influencers is more cost-effective. In comparison to their more well-known peers, these influencers charge less. Mega-influencers with more than a million followers are expected to charge between $1,000 and $2,000 per post.
- On Instagram, YouTube, TikTok, and Snapchat, over 90% of consumers engage with influencers weekly
Influencers take up a significant portion of a consumer’s online time. On Instagram, TikTok, YouTube, and Snapchat, over 90% of users engage with influencers every week. Influencers are a good choice to become a brand partner and a welcoming voice to transmit your marketing message because of their high level of connection and engagement.
- Snapchat is the least popular influencer marketing platform
While Snapchat was able to slow its user loss in the fourth quarter of 2018, it has lost marketers’ focus when it comes to paid influencer content. Snapchat’s early capabilities made it tough for fans to locate specific influencers, and the app didn’t give sufficient audience statistics for influencers to recruit brands for sponsorship.
Although several of these feature constraints have been addressed, Instagram Stories has now surpassed Snapchat Stories in terms of daily active users. When it comes to influencer marketing, this places Snapchat near the bottom of most marketers’ lists.
- Influencer marketing’s most popular format is Instagram postings
When asked to choose the most effective content formats for influencer marketing, 78 percent of marketers picked Instagram posts as the top option. Sponsored Instagram posts have grown commonplace because they are simple to create, approve, and publish, making them simple to scale.
A single picture and caption are needless production expense and time than videos or longer-form content, making it a more economical choice for small businesses wishing to explore Instagram influencer marketing.
- Influencer marketing will be heavily influenced by technological advancements.
Traditional methods of influencer marketing will almost certainly be impacted by ai technology as a result of technology advancements.
Brands are embracing AI and machine learning, and they must incorporate these technologies into their influencer marketing strategies. They can use technology to spot new trends and improve relationships with influencers. They can also utilize it to extract meaning and context from consumer dialogues.
- A new generation of influencers is emerging
While traditional influencer categories such as beauty and lifestyle influencers remain popular, new influencer categories such as financial influencers (called finfluencers), skincare influencers (called skinfluencers), and pet influencers (petfluencers) are growing in popularity.
Furthermore, as influencers branch out into categories other than their primary specialization, lines are blurring. Beauty influencers, for example, have also addressed topics such as travel, food, and fitness.
Influencer marketing is a highly effective marketing strategy. Companies that use influencer marketing are much more likely to be successful, especially if they can form strong, long-term relationships with artists. While influencer marketing may not be appropriate for every brand or company, testing is the best method to find out.
Take your time to locate influencers that have your voice and style, as well as those who will take the time to learn about your product and promote it uniquely and creatively.
The influencer marketing sector will undoubtedly shift dramatically by 2022. We hope that this blog will assist you in staying organized as the year progresses.