The Astounding Growth of Influencer Marketing
Martech Outlook | Thursday, December 01, 2022
Influencer marketing is partnering together with other social media users and content producers to build connections that benefit both parties. One or more of the aforementioned objectives may constitute one or more of the advantages for brands. Influencers are generally paid in cash, free products, or a combination of both.
Remarkable rise of influencer marketing
Sizable Increase in Searches for "Influencer Marketing”: Since 2016, searches on Google alone for the term "influencer marketing" have increased by 465percent. It is obvious that this is a current hot issue, which has increased interest in learning more about influencer marketing and locating influencer marketing platforms and firms.
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Influencer marketing grows to $16.4 Billion in 2022: Influencer marketing grew rapidly in 2020, and this trend is expected to continue in 2023.
Influencer Marketing Focused Platforms and Agencies have more than Doubled in Two Years:
Influencer marketing has grown so common that businesses are constantly developing platforms to aid in the discovery and selection of influencers, as well as to make the system more transparent and user-friendly for both brands and influencers.
High Average Earned Media Value per $1 Spent on Influencer Marketing: Companies obtain $5.78 in promotional exposure for every $1 spent on influencer marketing. Some businesses earn up to $18 EMV for every influencer dollar invested, while 25percent lose money or barely break even.
Many Firms Now Budget for both Influencers Marketing and Content Marketing: Content marketing has become so well-established that 59percent of marketers have dedicated expenditures for it. Some businesses that utilize content marketing support it through a consolidated marketing budget.
The Majority of Firms Intend to Increase their Influencer Marketing Budget: Companies clearly perceive influencer marketing as a path in which they aim to go, with 62 percent presently paying for influencer marketing planning to raise their expenditure in 2023. Only 7percent of companies would reduce or eliminate their influencer marketing spending.
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