Influencer marketing has become quite the buzzword lately. Wherever you turn, you’ll see things about social media influencers and the brands that partner with them. But just because something’s getting a lot of buzz doesn’t necessarily mean that it’s effective.
So, what do the social media influencer statistics say about how well social media influencer marketing works? In this blog, we’ll explore the statistics on influencer marketing and the impact of influencer marketing on consumer behavior.
Is Influencer Marketing Still On The Rise?
There has been incredible growth in the field of influencer marketing over the last few years. The influencer marketing market size grew from just $1.7 billion in 2016 to $16.4 billion in 2022. But, you may wonder — how fast is influencer marketing growing? Put simply, very fast. The influencer marketing industry grew to be around 10 times larger in just six years. And the growth isn’t stopping.
The industry is projected to grow significantly in 2023 to reach a new high of $17.4 billion. And by 2030, experts project that the market size of the influencer marketing industry will grow at a compound annual growth rate (CAGR) of 33.4% to reach $143.1 billion. So, yes, influencer marketing is still on the rise.
Is Influencer Marketing Worth It?
A big question that marketers and brands have to consider is — are social media influencers worth the investment? The industry is booming, but you may still wonder whether influencer marketing is worth it. Realistically, there’s no one-size-fits-all answer to this question. Influencer marketing may be worth it for some brands and not worth it for others. Some things you should think about to help you decide include:
- Are you looking to improve your brand awareness?
- Do you want to build trust and credibility with your target audience?
- Do you need a way to enrich your brand’s content strategy?
- Are you interested in boosting organic traffic and engagement?
- Is your overall goal to boost sales?
If you answered “yes” to one or more of these questions, there’s a good chance that influencer marketing is worthwhile for your brand. These are just some of the many benefits that influencer marketing can offer brands. To be more concrete, the average return on investment (ROI) for influencer marketing campaigns is $5.20 for every dollar brands spend on the campaigns. That’s a very strong ROI in the marketing world — much higher than the ROI for some other popular marketing methods like banner ad campaigns. It’s safe to say that influencer marketing is profitable for many brands that choose this strategy.
Does Influencer Marketing Actually Work?
Even though influencer marketing is already very popular and still growing every year, there are some people who still aren’t convinced. To anyone who still doubts the power of influencer marketing, here are some influencer marketing statistics that show how well this marketing method works:
- 80% of marketers say that influencer marketing is an effective or very effective marketing strategy for brands.
- 89% of marketers believe that the ROI on influencer marketing is at least as high as the ROI on other popular marketing strategies.
- 49% of consumers rely on recommendations from social media influencers they follow online when making purchasing decisions.
- 61% of people consider themselves likely to trust recommendations they see on social media, whether those recommendations are from a family member, friend, or influencer.
These statistics prove how effective influencer marketing can be. Still, there are a few things you can do to ensure your influencer marketing strategy yields the results you’re looking for. Before you launch your campaign, make sure you set clear goals, understand your target audience, and carefully choose the right influencers. Your brand’s target audience should ideally align with the influencers’ audiences to get the most out of your influencer marketing campaign.
How Lionize Can Help With Your Influencer Marketing Strategy
If you want to try influencer marketing and have the greatest chance of success, don’t do it alone. Influencer marketing platforms like Lionize can help you navigate all the steps required for setting up and managing a successful influencer marketing campaign.
Lionize is an automated platform that handles the heavy lifting needed to get an influencer marketing campaign off and running, from recruiting the right influencers to tracking the results of the campaign once it’s active. You get to focus on your business rather than devoting extra time and effort to running your campaign on your own. It’s influencer marketing simplified.
Book a Discovery Call today for a demo of the platform or to ask our expert team any questions you may have.
