The rise of influencer marketing has changed the way shoppers find must-have products. But you may have seen the headlines and claims that the influencer bubble is about to burst because an influencer with 2.6 million followers failed to sell a mere 36 t-shirts to her fans. But is that what’s really going on here? Let’s dig into the data to find out.
Influencer Marketing Is Still Growing
If you take a look at Google Trends, you’ll find that there were more than 60,000 searches per month for “influencer marketing” in 2018. That’s a 1,500% increase over the past 3 years. Similarly, Instagram’s user base (where the majority of influencer marketing takes place today) has exploded with more than 1 billion users. That’s 10 times more active users than they had in 2013. And Mediakix’s 2019 Influencer Marketing Survey found that nearly two-thirds of marketers are increasing their influencer marketing budgets this year.
Influencer Marketing Continues to Drive Business Results
With 80% of marketers finding influencer marketing effective, brands are seeing results. The Influencer Marketing Report from Business Insider shows that influencers generate higher engagement rates than content produced by brands (5.7% vs. 2–3%). But influencers can do more than create awareness and engage your target audience. They can also create content that converts, driving traffic and even sales.
Influencers Are A Crucial Piece of Your Social Commerce Toolkit
Mediakix found that 71% of marketers rate the quality of customers and traffic from influencer marketing as better than other marketing sources. And one Nielsen study found that influencer marketing can help brands earn 11 times higher ROI than traditional advertising media.
Influencers can accelerate social commerce by connecting with your audience in a way that is perceived as more trustworthy, credible and authentic. According to influencer software company TapInfluence, 40% of people say they’ve purchased an item online after seeing it posted by an influencer. Instagram has made it even easier for influencers to drive sales with the introduction of shoppable posts, giving users the ability to shop for inspiring looks from influencers they love.
So what’s the verdict here? Looks like influencer marketing isn’t going anywhere anytime soon. To ensure that your influencer marketing efforts remain successful, make sure you use influencer relationships correctly, according to our 5 JaRules to Take Your Social Media from Fyre Festival to Fire Emoji.
Contributed By: Maren Hamilton, Senior Social Media Manager, Integer Denver