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The impacts of influencer marketing
- 1. The Impacts of Influencer Marketing MARGARET ELLIS GOFF BUS 271
- 2. What is Influencer marketing? Influencer marketing involves a brand collaborating with an online influencer to market one of its products or services. Some influencer marketing collaborations are less tangible than that – brands simply work with influencers to improve brand recognition.
- 3. Influencer Marketing Constantly Growing There has been a 465% increase in searches for the phrase "influencer marketing" on Google alone since 2016. Also, Influencer marketing is expected to grow to be worth $13.8 billion in 2021.
- 4. Instagram and Influencers Instagram has seen an explosion of use over the last few years. Photo posts now make up 64.4% of all Instagram main feed posts. These posts were further expected to rise substantially to 6.12 million sponsored posts in 2020. With the increase in influencer marketing since the pandemic these posts are expected to keep growing.
- 5. Increase in Influencer Marketing Companies obviously see a benefit too Influencer marketing. As you can see on the graph companies intend to increase their influencer marketing budget by 62% and only 7% intend to decrease the budget.
- 6. Competitive advantage Marketers believe that Influencer Marketing is extremely effective. 90% believe that influencer marketing is the most effective way to market. This positivity towards influencer marketing will continue into the future.
- 7. The Overall Impact Overall, Influencers work because they are people, and "people trust people." Influencers are entertaining and provide valuable insight into products and brands. In the past year, Influencer marketing has been the fastest growing method of customer acquisition. Influencers and their followers have a relationship "not a one-way sales channel that brands and agencies have been accustomed to in the past," which makes it work well.