If you’re embarking on a marketing campaign and unsure about direction, influencer marketing could well be the best option. This growing area is delivering some powerful results – with plenty of influencer marketing statistics to back it up.
Whether you’re unsure about your marketing strategy altogether or already considering influencers but need to figure out the specifics, these key influencer marketing stats can guide the way…
1. There are millions of influencers!
With everything from nano- and micro- to mega-influencers – and various platforms – it’s hard to say exactly how many influencers there are in the world. What we can say is there are lots, and the number is increasing. Earth Web estimates that there are between 3.2 million and 37.8 million influencers in the world. For you, that means there’s definitely someone out there that matches what your brand is looking for.
2. The market is growing
In 2016, the global influencer marketing market was worth $1.7 billion. Sounds like a lot already, doesn’t it? By 2022, it’s shot up to $16.4 billion. That’s not just great news for influencers and influencer marketing agencies. It’s a sign that this kind of marketing is becoming increasingly popular. After all, companies don’t continue pumping money into something that doesn’t provide returns.
3. 80% of marketers say it’s effective
The influencer marketing stats above are backed up by the marketers themselves. In a survey by Mediakix, 35% of marketers said that influencer marketing is very effective. A further 45% said that it’s effective. That’s a total of 80% who advocate the efficacy of influencer marketing, with just 5% saying otherwise and 15% having a neutral stance.
4. 43% of internet users follow influencers
As of July 2021, an impressive 43% of internet users follow at least one type of social media influencer online. Those figures vary by country, with the UAE, Indonesia and India particularly influencer-friendly (75%, 73% and 71%, respectively). That’s followed by China, where 64% of internet users follow influencers.
5. 63% trust influencers more than brands
Oracle found that 37% of consumers trust social media influencers more than brands. Those figures are much higher for Millennials and Gen Z, who are twice as likely as Boomers to trust influencers. That’s backed by Edelman, who found that 63% of consumers aged 18-34 trust what influencers say about a brand more than what the brand says about itself.
6. Relatability is twice as important as popularity
When it comes to influencers, it’s easy to lean towards those with the most followers. After all, more followers equals more influencer, right? Maybe not. Edelman found that relatability was ranked nearly twice as important as popularity in terms of what attracts 18-to-34-year-olds to influencers. So, while mega-influencers can reach greater numbers, those nano and micro influencers might have a little power in pulling people towards your brand.
7. 58% of people buy because of influencers
Another of Edelman’s influencer marketing statistics is that 58% of people (18-34) surveyed had bought a new product in the past six months because of an influencer. Additionally, 40% said they now trusted the brand that was promoted by the influencer and a third said they talked about the brand to others. Quite simply, influence leads to action.
8. Instagram leads the way
If you’re looking to dip your toe in the influencer waters, Instagram is the leading platform for influencers and their content. In 2020, 89% of marketers said that Instagram was an important platform for influencer marketing, with YouTube next at 70%. The same year, the number of influencer posts sponsored by brands passed six million.
9. But TikTok is gaining pace
It’s also worth noting where the momentum lies. While Instagram is top at the moment, TikTok is the fastest growing platform for influencer marketing. It went from 16 thousand influencers in 2018 to 35 thousand in 2019 and over 100 thousand in 2020. It’s most popular amongst Gen Z, 63% of whom use the app. As the youngest people entering the market (and adulthood), this number will only grow in importance.
10. And YouTube still packs a punch
YouTube is the third big player in the influencer marketing arena – and it has its own powerful niche. While Instagram and TikTok are about short, snappy content, YouTube is the go-to platform for longer videos of 5, 10 or even 30+ minutes – ideal for more in-depth reviews of beauty and fashion products, for example. Most importantly, spending is still growing from $5.5 billion in 2019 to over $6 billion in 2020.
11. Beauty and fashion top the charts
While we’re on the subject, beauty and fashion are seen as the two top sectors for influencer marketing. In a survey of internet users, 53% said that they thought influencers are most effective for beauty and personal care products, while 45% named clothes and accessories as a leading market.
12. Budget allocation is increasing
All of the influencer marketing stats above have resulted in one clear trend – brands are dedicating more of their marketing budget to influencer campaigns. The proportion rose from 24% in 2017 to 40% in 2019, according to a global study by Rakuten.
13. 29% of marketers are unsure on results
The same study by Rakuten found that 29% of marketers couldn’t tell whether an influencer marketing campaign drove sales. That an improvement on 38% from two years before, but still means that almost a third of brands aren’t sufficiently tracking (and consequently optimising) their influencer marketing campaigns.
They also reported that 30% of UK marketers rely last-click attribution – a metric which attributes sales to the last marketing touchpoint a customer clicked on before buying. While this is one option, it doesn’t measure the real impact of influencer marketing on the customer journey.
Get the most out of your influencer marketing investment
This collection of influencer marketing statistics shows just how quickly the market is growing, how powerful it can be for customers, and how brands are reflecting that with more investment. But there’s still plenty of room for improvement if you want to get more out of it.
As influencer marketing specialists, Hoopla Marketing can help you do exactly that. From tailored influencer sourcing and campaign design to tracking, optimisation and amplification, we leave no stone unturned to make sure your influencer marketing campaigns are a success.
With monthly reports outlining reach, impressions, engagements, traffic, leads, sales and ROI, you can be absolutely sure you’re getting the most back from your influencer marketing investment. Sound good? Contact us today to arrange a discovery call.