Influencer marketing spending to increase by 87%
Social media marketing continues to grow in an ongoing battle to win over consumer time and attention, and along with it, the market demand for influencers. Brands continue to pump money into influencers, as the form of advertising becomes increasingly validated and more readily available, with an estimated $8 billion in projected investments by the end of the 2019 and $15 billion by 2022, according to Business Insider Intelligence and Mediakix data.
Names with massive followings like Kylie Jenner and Kim Kardashian West are not new to brand deals, but as the market evolves and expands, so must the marketing strategies of companies. As the number and types of influencers grow at an increasing pace, there is now at least one influencer to fill every niche and sub-niche interest imaginable. Besides the mega-stars of the influencer world, brands are broadening their strategies to tap into emerging, yet crucial, influencer types, such as nano- and microinfluencers, gaming influencers, kidfluencers, and virtual (CG) influencers. This approach allows companies to create marketing campaigns that intentionally target a more narrow audience; one that is most relevant to the advertised product or brand.
Social media is already deeply rooted into people’s day-to-day activities, and its functionality is expanding to cover more practical directions besides communication, such as shopping. This will only lead to an increase in influencer popularity and brand marketing strategies which will implement influencers as key players. According to Influencer Marketing Hub, the social media “gold standard” for brands is currently Instagram, with near 80 percent of companies using the platform for their marketing campaigns, while Facebook, YouTube, Twitter and LinkedIn are at 46%, 36%, 24%, and 12%, respectively.
As the line between e-commerce and social media continues to blur on a yearly basis, the role of influencers in marketing is likely to become increasingly vital. Influencers provide an authentic and direct connection between brands and consumers, and will continue to do so while providing companies with immediate and substantial returns.