Influencer marketing was seen by many as a risky venture in the months leading up to COVID19, but it turned out that this phenomenon isn't going anywhere anytime soon. Sure, some industries have had their fair share of woes due primarily to airline travel cutbacks and decreased tourist visits post-COV1D.
However, others were able to adjust through these challenges with just minor tweaks here or there.
As consumers become savvier, they are looking for recommendations from people they trust before making a purchase. That's where influencers come in. The influencers have built up trust with their followers, and are seen as credible sources of information. If you're not yet using influencer marketing, now is the time to start!
The influencer marketing industry reached $13.8 billion in 2021 as projected by studies. That's a huge growth from the $1.7 billion it was worth in 2016! This growth can be attributed to the increasing popularity of social media, and the shift towards more visual content.
The growth of influencer marketing is undeniable. From a mere $1.7 billion in 2016, influencer marketing took an unexpected turn to reach $9.7 billion by 2020 and even soared higher reaching a record-high $13.8 billion in2021 (Geyser, 2022).
Though the conventional wisdom suggests that bigger is better, nano and micro-influencers with followers ranging from 1,000 to 100,000 followers are offering many benefits to brands. By catering their content towards highly specific interests and delivering it via social media platforms like TikTok or Instagram where users are already congregating in droves. These particular influencers will be able to see your product advertised to the right audience for less.
Influencer marketing is becoming more successful due simply because the new form of marketing on social media has become so popular over recent years.
Brands such as Coca-Cola and Gillette can be seen partnering with micro-influencers with a direct-to-consumer interaction and it is greatly increasing their reach without spending too much on advertisement costs (Jacobs, 2021).
The influencer marketing process has become more organized and streamlined as the industry matures. Brands can now easily find support for their needs, whether it's through organic search or apps that simplify this tedious work!
In a world where people are more connected than ever, influencer marketing has become an integral part of connecting brands with their customer base. According to Forbes, brands are projected to spend $15 billion on influencer marketing during 2022 (Qudsi, 2022).
Influencer marketing spend isthe payments made by companies and brands for influencers, who then promote their products on social media. The definition does not include non-cash remuneration such as free products or trips; it only focuses on cash disbursements that are used to attract more consumer attention towards your business's product/service offering!
Influencer Marketing Hub says that the global influencer marketing industry is projected to reach $16.4 billion in 2022. This growth can be attributed largely due to the increasing popularity of short video formats on platforms like TikTok and Facebook as well as the pandemic that catalyzed social media consumption among consumers more often than ever before (Santora, 2021).
Also, 240 new influencer marketing-focused platforms and agencies aresaid to have entered the market between 2021 and 2022 (Geyser, 2022).
Influencer marketing in the United States grew to $3.7 billion in 2021 from $2.76 in 2020. It is projected that the drastic growth in influencer marketing was accelerated by the Coronavirus pandemic in 2020. The upward trendis expected to continue as social media use and word-of-mouth recommendations become more important to consumers when making purchase decisions.
According to eMarketer, spending on influencer marketing in the United States is expected to rise by 12.2% to $4.4 billion from $3.7 billion in 2022 (Jacobs, 2021). This growth can be attributed to the increasing popularity of short video formats (reels) on platforms like Facebook and Instagram, as well as a rise in brand collaborations with social media influencers.
So, there you have it! The Influencer Marketing Industry is expected toreach $16 billion during 2022 - so get your campaigns ready! It's only going to become more important for businesses to connect with their customers through these methods as time goes on. Stay tuned for more information about how you can jump on this bandwagon and start seeing results for your own company!Thanks for reading!
References
Geyser, W. (2022, February 8). The state of influencer marketing 2021: Benchmark report. Influencer Marketing Hub. https://influencermarketinghub.com/influencer-marketing-benchmark-report-2021/
Jacobs, K. (2021, December 22). Small influencers poised to win more brand followers in 2022. Insider Intelligence. https://www.emarketer.com/content/small-influencers-poised-win-more-brand-followers-2022
Qudsi, I. E. (2022, January 17). The state of influencer marketing: Top insights for 2022. Forbes. https://www.forbes.com/sites/forbesagencycouncil/2022/01/14/the-state-of-influencer-marketing-top-insights-for-2022/
Santora, J. (2021, April 22). Influencer marketing stats | 100 influencer marketing statistics for 2021. Influencer Marketing Hub. https://influencermarketinghub.com/influencer-marketing-statistics/
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