According to data from Statista, in 2016, influencer marketing had a global market size of $1.7 billion. It was an industry that hadn’t found its legs yet. Some marketers were experimenting with it, and the odd forward-thinking influencer marketing firm was sprouting up. Still, it wasn’t something the mainstream public was particularly aware of for the most part.
According to Google Trends, in 2016, the term “influencer marketing” had a Google Search score of 12. This means it was a lightly Googled topic, which wasn’t a significant part of the public discourse. By December 2020, it had reached 100, meaning searches for this topic had nearly doubled. This is also reflected in the industry’s global market size, which Statista projected to reach $13.8 billion by the end of 2021.
Influencer marketing has had a meteoric rise. It is now something most active social media users are aware of and something brands in every industry imaginable have keyed in on. Almost everyone uses social media and follows public figures they’re interested in. Influencer marketing is capitalizing on this in a major way and is now an advertising staple.
Let’s look into some of the reasons influencer marketing has gone from a sparingly used, niche marketing format to a mainstream marketing format everyone from the biggest corporations to local businesses is emphasizing.
Accommodates a Variety of Budgets
One of the driving appeals of influencer marketing is that it is entirely up to you how much you spend. There are various types of influencers out there, ranging from social media superstars like the Kardashian family to micro-influencers with 10,000 followers. Each influencer has different prices.
Some influencers, typically nano-influencers or micro-influencers, will accept products for posts, which is known as influencer gifting. That means that companies with smaller budgets can work with a micro-influencer marketing agency and promote through more cost-effective social media creators. Meanwhile, companies with larger marketing budgets can target massive influencers with wider reach or promote with a massive number of smaller influencers. There is an option for companies with any budget.
Much like the budgetary options are dependent on the choices brands make, the entirety of the campaign is up to the brand’s discretion. Influencer marketing campaigns are deeply customizable, with an array of options available to brands or the influencer marketing firm they are working with. If you are looking to target certain kinds of influencers that best fit your brands, you can. If you want to promote in a certain content format, you can.
There are a huge variety of influencers in a massive array of niches. You can find different kinds of content creators on every social media platform, which allows you to build a customizable campaign based on who you select. You also have the option to utilize different channels with different content formats on each social platform. For example, if you want to emphasize short-form video to promote your product, TikTok influencer marketing may be for you.
If influencer marketing wasn’t a marketing format that was proven successful, it likely wouldn’t have caught on the way it has. Numerous marketing teams have achieved massive growth through influencer marketing, which you can see in various influencer marketing success stories. But it isn’t just the biggest marketers that have had success; it is a significant number of the brands that embark on influencer marketing journeys.
According to Single Grain, a recent poll indicated that for every dollar spent on influencer marketing, businesses generate $5.20 in revenue. This is a major ROI. Not only does influencer marketing have a massive ROI, but it also increases brand awareness and helps businesses expand their social media reputation. Long story short, it works.
Reaches Ideal Prospective Customers
Because of the customizable nature of influencer marketing, it allows businesses to better target the kind of customers they want to go after. If you are a business that sells a product designed toward a specific consumer, you can utilize influencer marketing to find that consumer. For example, if you are selling a protein powder or growth supplement, there are countless fitness influencers on social media you can look to partner with.
Chances are, there is a social media influencer out there that aligns with your brand, whatever it may be. Influencers are typically followed by people interested in the same types of things that they post about. If you want to target a customer interested in a specific niche, influencers are an incredible way to do this.
If you’re looking for a top influencer marketing agency to partner with, Influence Hunter is the team for you. Influence Hunter has worked alongside brands in a massive range of industries to develop high-quality, highly effective influencer marketing campaigns that deliver major results. We work alongside our clients to create a customizable outreach that increases brand awareness and generates sales.
To learn more about how we can help your business, get in touch today.