How big is influencer marketing?

March 27, 2020

Influencer marketing is already a huge market and is only growing by the day. It is expected to soon be a 10 billion dollar industry!
Influencers do exactly that, influencer their followers into making a purchase, whether it be a product, a service or some type of program. Young audiences especially put great trust in what influencers have to say. Around a fifth of young adults have made a large purchase because of an influencer.This is why more and more brands are turning to influencer marketing over traditional methods.It has also been noted that 70% of teens trust influencers more than traditional celebrities.

Measuring this ROI is crucial in the ongoing growth and success of influencer marketing. This can be difficult depending on the type of business involved. It can be much easier to track results if a product is involved. However, trying to track this growth for a cafe proves much harder. Getting an influencer to post a photo of the milkshake they purchased from your cafe in Manly, may not bring many benefits to their followers in Melbourne.

In the early days, businesses looked to work with accounts with a larger following, genuinely over 50k followers. These days brands have realised that working with ‘micro’ influencers can bring just as good if not better results. These smaller accounts can tend to have a higher engaged audience and also are much cheaper to work with. An account with over 100k followers will most likely request payment for promotion. However, an account with 15k followers may only ask for a very small fee or free product which can work out much cheaper than forking out a large amount for promotion on a larger account.

So how much are businesses spending on influencer marketing?Marketers have spent $25,000-50,000 on influencer campaigns. This has seen a significant rise in the last few years and looks to only increase further.

How far can the industry grow? It’s hard to say, considering it barely even existed a few years ago and now it’s expected to be a 10 billion dollar industry! Quite incredible and definitely something worse investing in if your business isn’t already looking into it.

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