Everything You Need To Know About Influencer Marketing In 2020

Everything You Need To Know About Influencer Marketing In 2020

In this digital age, advertisements come in all shapes, sizes and across multiple channels.

It’s a statistical improbability to spend a day without seeing a single ad. This ever-growing rise of social media has given way to a new wave of bloggers called “influencers”, with the power to influence their followers into buying decisions with their credibility, knowledge and expertise in different industries and niches. Influencers have changed the marketing game by connecting and tapping into audiences that some brands never could.

Here’s an in depth look at influencer marketing and the essential facts you need to know for your next campaign.

Influencer Marketing and Businesses

Businesses Turn to Influencers

  • 6% of marketers consider finding relevant influencers to be their biggest challenge for influencer marketing campaigns.
  • 86% of marketers used influencer marketing in 2017.
  • 51% of marketers believe they can acquire better customers with influencer marketing.
  • 71% of marketers believe that an active partnership with an influencer is the most effective tactic in influencer marketing.

 

An Influential Investment

  •  $25, 000-$50, 000 is the money spent per influencer marketing program by a majority of marketers in 2016.
  • $255 million is spent on influencer marketing every month, but that number is set to rise drastically over the next few years according to Bloomberg.
  • 73% of all marketers claim they have allocated a budget for influencer marketing.
  • 67% of marketers report that they plan to increase their influencer marketing budget this year.

 

Worth A Splurge

  • 96% of influencers reported that they charge less than $1000 for a single sponsored blog post.
  • 90% of influencers reported that they charge $250 or less for a single paid promotion on Facebook and also less than $150 for every sponsored tweet.
  • 53% of micro-influencers surveyed said that they have never posted any type of paid promotion or endorsement on their social media.

 

A Billion Dollar Industry in The Making

  • For 2020, influencer marketing is likely to become a $5-$10 billion-dollar industry.
  • For every $1 spent on influencer marketing, businesses are making $6.50.
  • Influencer marketing content delivers 11X higher ROI than traditional forms of digital marketing.
  • Successful YouTubers earn millions from their videos.

 

Platforms for Influencer Marketing

More Isn’t Always Better

  •  Instagram has 700 million monthly users, mostly ranging from 16-24 years old.
  • Influencers on Instagram with more than 10 million followers see an engagement rate for only 0.04% (the average is 3%), meaning their audience doesn’t interact with the influencer.
  • As an Instagram influencer’s following increases, the rate of engagement (likes and comments) with followers decreases
  • Influencers in the 10K-100K follower range offer the best combination of engagement and broad reach.

 

Influential Tweets

  • 40% of Twitter users purchased something as a direct result of an influencer tweet.
  • Purchase intent increases by 5.2X when Twitter users are exposed to promotional content from influencers on the platform.
  • 68% of marketers consider Twitter as a key channel for influencer marketing.

 

Appeal of Video

  • 150 million people use Snapchat every day, making it a highly feasible influencer marketing channel.
  • 18% of consumers are influenced by YouTube videos from influencers, making the platform the second most influential social media platform when it comes to convincing purchases.
  • 64% of brands use Snapchat, which now has at least 301 million users per month.

 

Keeping It Real

  • 89% of micro-influencers said that they post content on blog platforms such as WordPress or Blogspot according to a study by Bloglovin’.
  • According to Influencer Central, mommy bloggers rank at #3 when it comes to influencer purchasing decisions.
  • 30% of consumers are more likely to buy a product recommended by a non-celebrity blogger.

 

The Impact on Consumers

Influencers To The Top

  • In the last year, Google searches for the term “influencer marketing” has increased by 325%.
  • More than 230 influencer marketing dedicated agencies have appeared in just 24 months.
  • 93% of marketers reported that influencer marketing has helped them get results in improving their visibility.
  • In 2015, retailer Lord & Taylor partnered with 50 influencers to wear the same dress, which promptly sold out.

 

Shopping Advisor

  • 74% of people trust social networks to guide them through purchase decisions.
  • 86% of females turn to social media for options and advice on what to buy.
  • 6 in 10 people trust advice from their favourite creators on what to buy then recommendations from celebrities.

 

The Bandwagon Effect

  • 40% of people say they’ve purchased an item online after seeing an influencer on Instagram, Twitter, Vine or YouTube use it.
  • 92% of consumers trust recommendations from their peers on social media than any form of advertising.
  • 56% of consumers are more likely to buy a product after seeing it in a positive or relatable light on social media.

 

Emotional Attachment

  • Men are 2X more likely to be influenced by blog reviews while shopping in-store than women.
  • 40% of millennial YouTube audiences feel that their favourite YouTubers understand them better than their friends according to a report.
  • Only 20% of Facebook posts generate an emotional response while no ads did.
  • Teens are 7X more emotionally attached to YouTube stars than traditional celebrities.

 

Major Influencer Industries and Niches 

Influencer Partnerships: Top 10 Industries

  • Fashion & Accessories
  • Beauty & Cosmetics
  • Food & Beverage
  • Automotive
  • Consumer Electronics
  • Travel
  • Entertainment
  • Retail
  • Tech
  • Fitness & Wellness

 

Industry: Transforming Force

  • 50% of owners who post about their pets said that their pets get more attention than they do on social media. Pet care brands can leverage celebrity pets as influencers to grab attention with ease.
  • Influencers with 10K-100K followers (micro-influencers) have the highest engagement and reach.

 

Influencer Marketing VS Traditional Marketing

Social Media Trumps (Traditional) Ads Any Other Day 

  • 92% of consumers trust the recommendations of people they follow on social media then advertising from brands.
  • Respondents trust images from other consumers on social media 7X more than traditional advertising.
  • There has been a drastic 30% increase in the use of ad blockers in 2016. This makes it more difficult to get results from traditional advertising according to a report on ad blockers by Page Fair.

 

SOURCES

 

Medium

Milk Whale

Social Media Today

Influencer Marketing Hub

Neo Reach

Convince And Convert

The Leverage Way

Klear

Shane Barker 

 

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