A wealth of data backs the ability of influencers to sway the purchasing decisions of their followers. If you’re still on the fence about integrating influencer marketing into your strategy or simply seeking to understand its impact better, we’ve got you covered. In this blog post, we delve into 15 crucial influencer marketing facts that every marketer should know.
15 influencer marketing facts you need to know
Keep these stats in mind when planning 2024 influencer campaigns.
Influencer marketing is growing
The effectiveness of influencer marketing hugely is on display. Spending on brand sponsorships was projected to reach $6.16 billion in 2023, representing a 23.4% increase since 2022, according to Insider Intelligence.
Consumers trust influencers
More than half (50.2%) of U.S. consumers said they purchased a product after seeing a post from an influencer in the past year, according to IZEA’s 2023 Trust in Influencer Marketing report.
Instagram Reels are still growing in popularity
Instagram Reels are increasing in popularity among social media marketers, with 53.7% of marketers using Reels as part of their strategies, according to Insider Intelligence. The prevalence of Reels is projected to grow to 58.2% in 2024, outpacing TikTok and YouTube in popularity with marketers.
Instagram is king for both creators and marketers
Most creators (99%) and most marketers (97.6%) included Instagram in their plans for creating content or building a marketing mix. The diversity of types of media offered by Instagram, with Stories, Reels, and photos, underlines the platform’s effectiveness for either group.
TikTok drives engagement
TikTok’s engagement rates were found to be higher than those of other platforms. According to a 2023 report by Rival IQ, the average engagement rate per follower on TikTok is 5.7%.
Engagement rate remains a key metric for marketers
While other platforms have made some gains on TikTok in other metrics, the engagement rate remains highest with TikTok. Success with engagement rate can be a thin margin, with social media marketers considering 4 to 18 percent a good engagement rate on TikTok, according to Adobe Express.
YouTube Shorts can be a cost-effective way to leverage YouTube
YouTube Shorts, which debuted in 2020, have shown to be a cost-effective way for marketers to collaborate with YouTube creators. Content rates between $0-100 for YouTube Shorts represented 25.5% of charges recorded by Insider Intelligence, while 25.3% of Shorts cost $101-250. The same cost ranges represented fewer YouTube videos, with 18.4% of creators charging $0-100 for videos and 16.2% charging $101-250.
YouTube Shorts is growing in popularity
It may be hard to believe given the popularity of TikTok presently, but YouTube Shorts may develop into an even bigger platform. Insider Intelligence expected 152.9 million U.S. consumers to watch YouTube Shorts at least once per month in 2023. TikTok’s viewership figure was estimated at 102.3 million. The fact that many YouTube Shorts creators also create long-form content suggests it will be a smooth transition for viewers to check out YouTube Shorts.
Gen Z flocks to TikTok
TikTok is the No. 1 social platform for Generation Z (people between ages 15-26), with 38.5% of Gen Z respondents to an Insider Intelligence report saying it’s their go-to. More than two-thirds (68%) of Gen Z respondents said they used TikTok in the past month.
Instagram and YouTube are keeping up among Gen Z users
Significantly fewer Gen Z respondents reported Instagram or YouTube as their go-to social platform. However, Instagram and YouTube are keeping up, with 62.9% of Gen Zers reporting they used Instagram in the last month and 57% of Gen Zers reporting they used YouTube in that time frame, according to Insider Intelligence.
YouTube faces cost barrier issue
YouTube is an important social platform with a massive reach, but 64% of creators charged $250 or more per YouTube video in 2023, according to Insider Intelligence. The high entry cost and level of production for long-form videos seem to trouble YouTube’s ability to stay in the top tier of social media platforms for marketers.
Creators can earn more by posting multiplatform video content
On average, creators can earn up to 3.9 times more when working with brands to create videos posted to multiple platforms, IZEA found in its 2023 State of Influencer Earnings report. Short-form video, especially that which can pivot to multiple social platforms, is a lucrative style of content for creators.
Social media searches are skyrocketing
A difference in searches on social media is a major recent trend worth marketers’ attention. Searches on TikTok rose from an average of 18 per user in a month in 2022 to more than 100 per month as of January 2023. That’s a 455% increase.
User-generated content is authentic and effective
User-generated content is a cornerstone of effective social media marketing. UGC influenced the purchasing decisions of 79% of people, IZEA observed in a report on social media marketing trends.
Influencers are more persuasive than A-listers to most users
The authenticity and relatability of influencers are evident in the way people perceive their product recommendations. A majority of people (62.4%) said they would be more likely to purchase a product endorsed by an influencer than by an A-list celebrity, per our Trust in Influencer Marketing report.
Final thought: figuring out the influencer marketing facts
The fact is, figures aren’t the whole story. Different surveys use different samples, which skew the results and lead to contradictory information. Moreover, influencer marketing can reap huge rewards for marketers prepared to embrace the strategy. Partnering with the right influencers, and gaining a clear idea of what you want to achieve will make your business flourish.
