Influencer marketing allows brands to reach a wider audience, driving more sales and conversion. Stay hooked to this guide to know influencer marketing stats that are relevant for your business and how these can help lift your brand significantly in 2023. So before you make your next social media plan or update the current one, give this a read.
Introduction
Influencers are everywhere. All social media platforms. Every one of them. At some point, we have all been convinced to buy a healthy cereal here or a home cleaning service there just because an influencer raved about it on their channel/page. You might be following some influencers, too. It’s highly likely that you don’t purchase a product or service which one of your favourite influencers doesn’t recommend or has nothing good to say about.
Today, Influencers influence many of our purchase decisions. Over time, influencer marketing has proved to be an excellent marketing technique for brands and businesses to reach their audience and find more potential customers. After looking at the below-mentioned stats, you will definitely want to consider collaborating with an influencer for your brand because it gets great results.
What is Influencer Marketing?
Influencer marketing is a type of social media marketing. It refers to the marketing done by influencers on social media platforms in order to promote and advertise a brand’s products and/or services to the larger market. As witnessed by influencer marketing stats, this type of marketing has been growing rapidly and getting great results for brands and businesses.
In simpler words, influencer marketing means when a brand collaborates with an influencer to reach the brand’s target audience.
Why does Influencer Marketing work?
It works great because influencers are viewed as experts or trustworthy by their social media followers. Their followers trust them enough to buy the products and/or services they review and provide positive feedback.
Influencers are individuals who have a social media following of huge numbers and have the power to influence their followers’ decision-making process. Because of this, brands working with the influencer can drive more sales and engagement as their products and/or services reach more new people.
29 Influencer Marketing Stats to Know in 2023
These statistics share with us an overview of how influencer marketing is performing in the marketing world. Below-mentioned are twenty-nine stats that one should know in 2023
1. It is estimated that the influencer marketing industry will be worth $24.1 billion in the coming two years.
Looking at the pace at which the influencer marketing industry is growing, it is no wonder they can reach this potential. There will be an increase of $18.1 billion between 2020 and 2025.
2. Everybody prefers Instagram over all the other social media platforms.
According to the influencer marketing stats, it has been observed that around 73% of marketers used Instagram for influencer marketing campaigns in the last year, and this number is only going to increase in 2023.
3. Around 50% of the brands working with influencers have an E-commerce store.
This is a complete win-win situation as both the company and the influencer aren’t restricted by any external factor (such as – location) to reach the larger market. Brands operating from any part of the world can collaborate with an influencer to share their message with the target audience so that if any potential customer wants to purchase anything from the brand, they can do so, irrespective of the location.
4. 63% of brands are highly likely to increase their influencer marketing budget by the coming year.
At the moment, brands know the potential of influencer marketing, and it will only get better with time. Therefore, their decision to increase the influencer marketing budget in the coming year will be an excellent move.
5. Around 90% of brands have already used influencer marketing.
While browsing through different influencer marketing stats, it has been observed that approximately 90% of marketers have already tried their hand at influencer marketing and got great results. The remaining 10% are yet to try and see incredible results.
6. Brands prefer working with micro-influencers over mega-influencers.
Influencer marketing stats reveal that brands now know the importance of allocating their influencer budget among various micro-influencers rather than spending all of their budgets on a single mega-influencer or celebrity. It has been observed that around 91% of engagement posts come from micro-influencers.
7. 51% of marketers believe that because of influencer marketing, they can obtain more customers.
Influencer marketing has the potential to increase brand awareness among the target audience. There’s a wider audience that the brand could have never reached if it didn’t do influencer marketing, and it is true. Because of influencers, brand awareness and visibility is improved considerably.
8. In terms of influencer marketing, Instagram is everyone’s go-to.
It is an indisputable fact that whenever we talk about influencers, the first platform that comes to our minds is Instagram. It is where influencers have created reliable connections with their following, making it an appropriate platform for influencer marketing.
9. Influencers considerably influence GenZ and Millennials.
More than millennials, Generation Z are influenced by influencers. According to the influencer marketing stats, it has been observed that around 30% of GenZ make their purchasing decisions based on an influencer’s recommendation.
10. Using 3-4 hashtags has proved to be more beneficial than using hundreds of hashtags.
Using lesser but significant hashtags on a post gets more engagement than using numerous irrelevant hashtags, which receives a lesser engagement rate.
11. Influencer marketing is viewed as an authentic and recognized marketing channel.
There was a time when just a few brands were collaborating and partnering with influencers to do their marketing; fast forward to today almost every other brand we see on social media platforms is working with an influencer and trying to get their message across. It has been observed that around 80% of marketers use influencer marketing.
12. Around 56% of marketers who use influencer marketing work with a micro-influencer.
Working with micro-influencers is a great move if the brand wants to reach a wider audience within a budget.
13. Around 48% of marketers consider audience relationships to be the primary factor when running influencer campaigns.
The audience’s relationship with the particular influencer will indeed decide how well the campaign does. Here, the followers’ number doesn’t play a significant role, but the relationship that the audience shares with the influencer does. That’s why people relate more with micro-influencers than mega-influencers or celebrities; thus, better engagement posts come from micro-influencers.
14. Around 84% of Instagram influencers are women.
These particular influencer marketing stats prove that the influencer community is women-dominated. It is true because we generally see women influencers all over social media platforms.
15. Influencers are becoming the backbone of increased marketing ROI.
Investing in partnering and collaborating with influencers is the smartest move a brand can make to increase its ROI. Influencers are no less than an ROI-generating marketing channel, as observed by 42% of marketers. Along with that, they contribute to improving brand awareness too.
16. Besides Instagram, brands use other social media platforms for influencer marketing
Although Instagram is everyone’s go-to social media platform for influencer marketing, brands keep other platforms on the list as well. Facebook and Youtube could be the other two platforms that get results for the brand.
17. Around 30% of brands use IGTV to advertise and promote.
A smart move! IGTV videos are longer, giving the brands a chance to provide every detail about their product and/or services.
18. Around 42% of brands determine the success of influencer marketing by tracking conversion and sales.
Influencer marketing stats reveal that tracking and measuring conversions and sales are a primary way of determining how great influencer marketing is performing for the brand. Likes, views, shares, reach, and visits are some ways success can be determined.
19. Many businesses that use influencer marketing have trouble discovering fake followers.
Many times, influencers buy followers to have a huge following. Still, brands might not know this and collaborate with them. This ends up with the brand not getting the desired results.
20. Around 60% of viewers trust the influencer’s recommendations.
It is because of trust that viewers blindly follow the influencer’s recommendation and buy that particular product and/or service without any second thoughts.
21. Around 38% of marketers say that their primary goal for investing in influencer marketing was to improve their sales.
Improving sales and conversions through influencer marketing is a definite way to get more growth in the business.
22. Around 43% of marketers agree that collaborating with a micro-influencer is affordable.
According to influencer marketing stats, working with micro-influencers as a brand has a lot of benefits because they don’t charge a crazy amount of money and bring more engagement to a post.
23. 60% of marketers believe that influencer content does much better than branded content.
Today, most influencer-related content is more engaging and interesting than branded content, and that could be the reason behind its performance so well.
24. At least 8 out of 10 people purchase something after watching an influencer’s recommendation.
Through influencer marketing, generating more sales and conversions is an easy job. Individuals are more inclined to buy a product after seeing their favourite influencer’s recommendations about it. Therefore, it wouldn’t be incorrect to say that an influencer has the potential to influence the audience’s purchasing decisions.
25. Viewers are more inclined towards following influencers they can relate with.
Some influencer marketing stats show that the chances of viewers following influencers they resonate with are pretty high. Therefore, brands should smartly partner with micro and nano-influencers more.
26. A huge number of people will identify themselves as content creators in the coming years.
Looking at how uncomplicated becoming a content creator is, it has been estimated that this number will only increase in the coming years. This community is only going to get bigger with every passing day.
27. Around 56% of the brands use the same influencer for different campaigns.
This is a great thing to do as forming a long-term relationship with the influencer will only benefit the brand. Also, by working with the brand for a longer time, the influencer will better understand its goals, vision, and objectives and align with them to get great results.
28. Around 70% of marketers measure ROI from influencer campaigns.
Measuring ROI from the influencer campaign is a great way to know what kind of results the influencer has garnered for the brand. Through this, the brands also know if the influencer is a great fit for them.
29. Around 67% of marketers prefer working with influencers on a campaign basis.
Marketers have been observed to prefer working with influencers when it’s campaign-based. They might collaborate with the same influencer every time, but they would like to keep the agreement campaign-based.
Final Words
After going through certain influencer marketing stats, it’s implied that influencer marketing is growing rapidly. A brand that wants to see immense growth, reach a wider audience, and drive more sales and conversion shouldn’t think twice about trying its hands-on influencer marketing. But before collaborating with an influencer, one should take all the time they need to do the background check and to ensure that everything is fine.
And in terms of influencer marketing, Instagram is the platform that performs the best, brings great results, and perfectly suits influencers. Influencer marketing is much more effective and gets great results for the brand when coupled with a strategy to follow.
FAQs
What is influencer marketing?
Influencer marketing is a strategy where brands collaborate with influential individuals on social media platforms to promote their products or services to a specific target audience.
Why is influencer marketing important?
Influencer marketing has become a crucial element of digital marketing due to its ability to reach niche audiences, build trust, and drive authentic engagement with consumers.
What are the key benefits of using influencer marketing?
The benefits of influencer marketing include increased brand awareness, higher conversion rates, improved brand credibility, and the ability to access a highly targeted audience.
