“Over the last few years, brands have shown significant interest in influencer marketing. The pandemic has accelerated the adoption of influencer marketing by brands making it an integral part of the brand marketing strategy and is now an important part of our media mix recommendation to brands,” said Prasanth Kumar, CEO, of GroupM South Asia.
The bond of trust and authenticity that influencers share with their audiences has piqued the interest of companies, allowing them to harness the same by partnering with an influencer.
The INCA Influencer Marketing survey studied that influencer marketing was a high or top priority for 100% of marketing executives in 2021. The majority of respondents, i.e., around 50% plan to boost their influencer marketing budgets by 25–36%.
According to Influencer Marketing Hub,” Influencer Marketing Industry is set to grow to approximately $21.1 Billion in 2023" 63% plan to use AI in executing their influencer campaigns, and 2/3rd of these brands will use AI for influencer identification.
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Many organisations are already accustomed to working with social media influencers, but the industry is always changing, and brands must adapt their strategy appropriately. As influencer types have expanded, the market is fast increasing, with influencers catering to every imaginable niche and sub-niche interest. Each of these sorts has its own set of advantages and disadvantages for brands.
Brands are increasingly turning to micro- and nano-influencers, kidfluencers, gaming influencers, and virtual (computer-generated) influencers in addition to superstars with large followings like Kim Kardashian West and Kylie Jenner.
Influencer Marketing Spend
People are likely to be more engaged on social media, and at least that part of such time will be spent communicating with influencers. According to a GlobalWebIndex poll conducted in May 2020, 96% of US and UK customers who followed influencers engaged with them enough to quite the same amount as before the coronavirus pandemic.
Influencer Marketing Stats
Brands find it difficult to gain the same feeling of consistency as influencers, but courtesy to influencer marketing, that trust can be extended to your brand. As an advantage of influencer marketing, the brands now avoid wasting money on self-promotion, by having influencers speak on their behalf and communicate the message they want people to hear and believe. As per the research, around 70% of teens believe more in influencers instead of celebrities from the past.
These days, 78% of women use social media, with Snapchat and Instagram being the most popular. When it comes to influencer marketing, more than half of women have made purchases as a result of what they saw on social media. Being honest and motivating is the key to engage this niche through influencers.
Not only do 49% of people rely on influencer recommendations, but 40% have made a purchase after seeing something on Twitter, YouTube, or Instagram. Consumers are more inclined to make a purchase if they are confident about an influencer’s advice. The influencers’ already built trust can also be used to benefit brands.
Because organic development for firms has grown increasingly difficult without advertising and amplification, the fashion and beauty sectors rely significantly on influencer marketing. In this industry, 57% of businesses presently employ influencers as part of their marketing mix, with another 21% planning to do so in the following year.
Many firms are now leveraging influencers to tremendous success, such as Tropicana’s @foreveryoursbetty, Tess Daly’s Benefit offers, and Boohoo’s hundreds of thousands of Instagram followers. While many fashion and beauty firms want to use influencers, they want to make sure that the ones they hire are socially conscious in order to be successful.
Over the last two years, influencer marketing, as an industry, has grown at a breakneck pace. The sector, which was worth $1.7 billion in 2016, is expected to expand to $13.8 billion by 2022 as it experiences stronger returns and becomes a more effective marketplace. Because of this expansion, marketers will need to modify influencer marketing tactics in terms of how campaigns are monitored, generate analytics to scale campaigns, and consider how to manage relationships between brands and influencers.
