Influencer Marketing, the Buzz word around the whole fashion and digital industry is projected to a be $15 billion industry by 2022, up from $8 billion in 2019. Would you believe that? No!
Brands going after influencers is much around the corner, but the markets are continuously going under constant change and the Brands are expected to evolve their Influencer strategy accordingly.
Advertisement involves concept and Strategy, but with the increasing presence of Brands in the digital world, people often tend to use Adblockers. There is so much noise on the web, that customers get frustrated and here they find the escape in their influencers. Their power and message are so strong that it builds the connection needed and the magic happens. This is Influencer marketing, where the magic happens when applied meticulously.
That’s it! After much praise about Influencer Marketing, Here are some stats you want to know.
Influencer Marketing Stats and Trends
According to Statista, About 2/3rd of the CMO’s said that their main challenge in influencer marketing lies in spotting fake followers and dubious engagement. Rising influencer costs were a serious issue for 38 percent of marketers, and moving influencer efforts in-house was a challenge to 12 percent of respondents.
The Markets are constantly diversifying and here the Influencers are too proliferating in every niche and sub-niche, thereby creating competitiveness not only among the Brands but also among the Influencers.
In addition to the Influencers who have a massive following like Kim Kadarshian, Kylie Jenner, etc, Brands are targeting micro as well as Nano influencers to reach a very specific mid-sized audience. The results obtained from these micro and Nano influencers have resulted in a major increase in engagement as well as conversions for Mid-Sized Brands.
As Social Media seems more penetrating in the lives of the people, Influencer Marketing is undoubtedly to grow. Almost all Social media channels have spaces for Influencers with Tik-Tok starting the trend to Instagram being the gold mine of Influencers. The future of Influencer marketing will remain vibrant as it is today. Influencers are going to act as the bridge between the Brand and the Customers. According to the Influencer Insights report by Gartner, 79% of the Customers claimed that they follow Influencer content and 43% desired more content than they usually see, at least in one product category.
Influencer Marketing Recommendations
Here is a way you can categorize your influencers
Below are a few tips and suggestions for Influencer Marketing that might help you in better strategizing your Social Media for your Brand.
- Include Potential Influencer Marketing in your Media Mix if there is scope for a potential lift in engagement metrics by assessing sector-specific performance against Brands organic posts.
- Before pursuing a partnership, brands and influencers alike should ensure brand fit, meaning that an influencer is aligned with the brand and product.
- Focus on creating a long-term partnership with Niche Influencers.
- Increase sponsored posts of Activity, if the current share of voice, via organic and Paid brand Mentions falls short by assessing consumer demand and competitor activity for the sector.
- Adopt a test and learn approach when launching influencer marketing by starting with smaller influencers with low risk and high reward potential.
According to a white paper published by CISCO, 82% of the Consumer traffic will be video by 2021, therefore leveraging influencers who use video content to engage with their audience will be a great driver for Brands. A study found that 4 out 5 Millennials trust unboxing videos and products used by influencers in making purchase decisions.
Having said a lot about influencers, Small and Mid Sized brands often find it hard to reach out to influencers and get in touch with them.
Here I would use Buzzsumo, a tool that allows you to search influencers by topic and simultaneously analyze their followers and reach.
Second, I would personally suggest a tool named Voila Nobert which allows you to upload the name or handle of the Influencer and get the Contact details of each.
Once you’re ready with your Influencer list you can get started with your influencer campaign, But wait you need to figure out your overall budget as well as the per Influencer price, for this purpose Influencer Marketing Hub’s Instagram Influencer Earnings Calculator might come in handy, this tool breaks down the user’s follower count, number of posts, number of likes, number of comments, estimated earnings per post, and the extremely helpful engagement rate.
Lastly, monitoring the Goals and KPIs per influencer campaign is extremely important. Here are the important KPIs which every Marketer needs to follow for a perfect influencer campaign.