In recent years, influencer marketing has become increasingly popular among brands as a way to reach their target audiences in a more authentic and engaging way. According to a survey conducted by Influencer Marketing Hub, 63% of marketers planned to increase their influencer marketing budget in 2021.
Another survey conducted by Linqia found that 86% of marketers used influencer marketing in 2020, with 94% of those reporting it to be effective. Furthermore, the same survey found that 57% of marketers planned to increase their influencer marketing budgets in 2021.
In addition, a report by Business Insider Intelligence estimated that the influencer marketing industry will be worth $15 billion by 2022, up from $8 billion in 2019. This suggests that the trend towards influencer marketing is likely to continue, with more and more brands recognizing the value of working with influencers to reach their target audiences.
While it is difficult to estimate the exact number of brands that prefer influencer marketing, the trend towards this marketing strategy is clearly growing, with more and more brands investing in influencer campaigns and increasing their budgets for this purpose.
here are a few more insights on the growing trend of influencer marketing:
- Effectiveness: One of the key reasons why brands are increasingly turning to influencer marketing is its effectiveness. Influencer marketing campaigns can help brands to reach their target audiences in a more authentic and engaging way, leading to higher levels of engagement, conversions, and sales. Studies have shown that influencer marketing can generate a return on investment (ROI) of up to 11 times higher than traditional forms of digital advertising.
- Trust: Another reason why influencer marketing is becoming more popular is that it can help to build trust with consumers. Influencers are often seen as trusted experts or authority figures within their respective niches, and their recommendations and endorsements can carry significant weight with their followers. This can help brands to build trust and credibility with their target audiences, leading to stronger brand loyalty and increased sales.
- Targeting: Influencer marketing also offers brands the opportunity to target specific demographic groups, interests, and behaviors. By working with influencers who have a large and engaged following within a particular niche, brands can ensure that their marketing messages are reaching the right people. This can help to improve the effectiveness of their campaigns and increase their ROI.
- Diversification: As traditional forms of advertising become less effective, many brands are turning to influencer marketing as a way to diversify their marketing strategies. By working with influencers on social media platforms like Instagram, TikTok, and YouTube, brands can reach new audiences and create more engaging content that resonates with their target consumers.
- Micro-influencers: In addition to working with larger influencers with millions of followers, many brands are also turning to micro-influencers – those with smaller followings of around 10,000 to 100,000. Micro-influencers are often seen as more relatable and authentic, and their followers tend to be highly engaged and loyal. By working with micro-influencers, brands can tap into these highly engaged communities and create more targeted, niche campaigns.
- Video content: Video content is becoming increasingly popular in influencer marketing, with many brands turning to platforms like YouTube and TikTok to reach their target audiences. Video content can be highly engaging and shareable, and it allows brands to create more immersive, storytelling-driven campaigns that resonate with consumers.
- Influencer fraud: As influencer marketing has grown in popularity, so too has the issue of influencer fraud. Fake followers, likes, and comments can be purchased cheaply, making it difficult for brands to identify which influencers are truly effective. To combat this issue, many brands are turning to tools and services that can help to verify an influencer’s engagement levels, audience demographics, and overall effectiveness.
- Brand safety: Another issue that brands must consider when working with influencers is brand safety. Influencers have been known to post controversial or offensive content, which can reflect poorly on the brands they work with. To mitigate this risk, many brands are turning to influencer marketing agencies and platforms that can help to vet influencers and ensure that their content aligns with the brand’s values and messaging.
Overall, the trend towards influencer marketing is likely to continue as brands seek to connect with their target audiences in more authentic and engaging ways. By embracing new technologies, strategies, and best practices, brands can maximize the effectiveness of their influencer campaigns and stay ahead of the competition.