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10 Eye-Opening Influencer Marketing Statistics You Need To Know


Eye-Opening Influencer Marketing Statistics You Need To Know

Influencer marketing has fast become one of the most popular strategies for brands to enhance their awareness online and reach new customers. 

The industry shows no sign of slowing, in fact, influencer marketing statistics show that 90% of marketers affirm that it’s highly effective, and 72% state that the outcome provides high-quality customers and leads.

If you’re looking to better understand the value that influencer marketing can provide your business then you’re in the right place. In this article, we’ll be taking a look at some of the most eye-opening influencer marketing statistics that will help convince you that this strategy is an effective tool for brand growth. 

The Power of Influencer Marketing

The last couple of years have paved the way for an economic downturn that’s led to the cost of living skyrocketing. Consumers are finding it hard to juggle everyday costs which means that the perceived “extras” such as new makeup or clothes fall under bigger scrutiny. 

Because of this, a lot of brands are fiercely competing for consumers’ decreased percentage of disposable income, and those who are savvy have turned to influencer marketing as an effective strategy to stay in the race and grab attention. Businesses across the board are increasing their influencer spend and cutting costs elsewhere. 

The importance of influencer marketing is clear when we look at the projected growth statistics for 2024. According to Statista, the industry is forecast to reach a whopping $24 billion by the end of the year, meaning that the market size has tripled since 2019.

The Growing Importance of Influencers

There are a few influencer marketing statistics that highlight the growing importance of influencers. 

  • According to Morning Consult’s survey, 63% of millennials and Gen Z consumers state that they trust influencers’ recommendations. When compared to the 2019 data, the growth in consumer trust is evident.
  • Another important metric is the importance of UGC for brands’ social proofing. According to Nosto, 79% of consumers state that user-generated content influences their buying habits.

There’s still some confusion when it comes to the key differences between influencers and UGC creators, yet brands have found that using both in combination can be an effective strategy for social proofing, brand awareness, and trust building. 

The Impact of Influencer Marketing on Sales

There’s a direct correlation between influencer marketing and a brand’s sales. This is because creators have built rapport with their audiences who trust their reviews and recommendations, so when a brand endorses an influencer they can significantly shift their audience’s consumer behavior and purchasing decisions. 

Countless influencer marketing statistics underscore the increase in conversions and sales. For instance, 51% of businesses that implement influencer marketing are e-commerce brands. That metric wouldn’t be so high if it wasn’t an effective strategy for stores to grow their online sales. 

Something worth noting, if you’re considering the possibility of launching an influencer campaign in the future, is that Instagram continues to reign supreme as the platform that generates the best ROI for influencer marketing.

The Role of Social Media in Influencer Marketing

Social media has revolutionized the way that brands interact with consumers, therefore its role in the market as a whole can’t be overstated. It plays an intrinsic role in driving awareness, social proofing, content creation, and consumer trust building. 

There are a lot of influencer marketing statistics that show the role of social media in influencer marketing, but for the sake of this article we’ll focus on three:

  • According to Meltwater’s report, 68% of businesses vouch for Instagram as an effective social platform for influencer campaigns. However, 40% stated that TikTok was their preferred platform. 
  • TikTok’s growth as a popular social platform shouldn’t be ignored by marketers and brands, seeing as the engagement rate and users have grown by 6.6% in 2023 alone. It’s also important to note that consumer spending power is shifting to Gen Z, and TikTok seems to be their social hangout. 

The Benefits of Collaborating with Influencers

Now that we’re halfway through this round the value of influencer marketing should be apparent. However, if you still need convincing here are two influencer marketing statistics that showcase the advantages of collaborating with creators. The best part about these metrics is that they focus on the ROI businesses can expect if they implement an effective campaign. 

According to HypeAuditors report,  brands can expect to receive on average a return of four to five dollars for every dollar spent on influencer marketing. For example, if you spend $500 hiring an influencer to post about your services or products on TikTok then you can expect to see a return of approximately $2105.

When it comes to lead generation, 82% of brands stated that they gain better leads as a result of influencer marketing when compared to other funnels. But what exactly does that mean? In simple terms, it means that brands found that their acquired customer value, return rate, and conversion rate were better when the lead came from an active influencer campaign.

The Importance of Authenticity in Influencer Marketing

Consumers have become nauseated by traditional marketing methods. In-your-face and overtly salesy advertorials are a thing of the past, this has become evident given the rise of Gen Z on social media and their call for de-influencing, a trend that grew to impossible heights in 2023 intending to create more authentic social media environments and rid highly curated feeds. 

The reason that influencer marketing is so effective is that the creator has worked hard to gain the trust of their audience, there’s also an element of relatability and authenticity built into that relationship. 

The importance of authenticity shouldn’t be ignored, with 61% of consumers stating that if they find an influencer relatable and real they’re more likely to listen to their recommendations and take action. Proving that a-list celebs and macro-influencers might not always yield the best results. 

The Future of Influencer Marketing

Influencer marketing is here to stay, but what trends can we expect to see over the next year? One trend that’s becoming more and more apparent is the use of AI in influencer marketing campaigns. This is primarily due to the rise in open-access AI tools such as ChatGPT.

According to SocialPubli’s AI in influencer marketing report, 52% of influencers and 72% of marketers are using some form of AI in their work. 

That’s an impressive metric that without a doubt will continue to grow as marketers and influencers learn how they can streamline their tasks with AI. 

The Risks of Not Investing in Influencer Marketing

If you’re weighing up whether or not influencer marketing is going to be a worthwhile strategy for your brand then hopefully the statistics that we’ve discussed have helped to convince you. 

In 2024 influencer marketing should be the cornerstone of your brand’s digital strategy, especially when you take into consideration the economic shift in disposable consumer income and the competitiveness between brands for shoppers’ attention. 

Influencer marketing can help propel your business to new heights by reaching audiences and improving consumer trust, ultimately leading to a worthwhile ROI. You can no longer ignore this strategy as an option and those who choose to disregard it are snoozing on the opportunity to grow their brand’s sales and succeed. 

Romilly Anne Glenton

Romilly A. Glenton is a Spain-based writer with a deep passion for the influencer economy and creator space. Her writings offer insightful perspectives on digital trends and the evolving landscape of social media influencers. Living in the heart of Spain, Romilly's work is infused with a unique blend of traditional cultural insights and modern digital developments. She skillfully dissects viral trends and influencer marketing strategies, making complex topics accessible and engaging. Her articles are not just informative, but a reflection of her own journey through the rapidly changing digital world. When she's not writing, Romilly enjoys exploring Spain's rich culture, drawing inspiration for her insightful pieces.

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