Influencer Marketing Statistics in 2023

Influencer marketing has been one of the hottest digital marketing trends for the past few years. Compared to social media marketing or video marketing, influencer marketing is still considered relatively new, but influencer marketing stats show that an increasing number of businesses are making it a marketing priority. Influencer stats can guide marketers when creating their influencer marketing strategies.

Key influencer marketing statistics 2022

Influencer marketing is expected to be worth $13.8bn in 2021

Our first influencer marketing statistic is that influencer marketing is expected to grow rapidly. Despite concerns that the impact of influencer marketing and its worth might decrease during COVID restrictions, influencer marketing is worth more than ever before. The influencer marketing industry is also expected to hit $15bn by 2022.

92% of marketers believe influencer marketing is effective

Nearly all marketers believe influencer marketing is an effective marketing strategy. Influencers generate higher user engagement than content published by brands themselves.

For every $1, you can expect a return of $18

The return on investment for influencer marketing is incredible. While you may not receive $18 every time, you can guarantee you will be experiencing relatively high returns across the board. Many marketers believe influencer marketing ROI is even higher than traditional marketing tools such as SEO, email marketing and SEM.

Instagram is the most popular influencer marketing channel

There are many options of influencer marketing platforms, but Instagram is the most popular globally. 97% of marketers regularly use Instagram as part of their influencer marketing strategies. 

The second most popular influencer marketing channel is Instagram Stories, followed by Facebook and YouTube.

8 out of 10 consumers have purchased something based on an influencer recommendation

An impressive influencer marketing statistic is that 8 out of every 10 consumers have made a purchase as a result of influencer marketing. Women more frequently make purchases inspired by influencers (89%) compared to men (83%).

Top Influencer marketing trends

Micro-influencers

The increased use of micro influencers is first on our list of influencer marketing trends. Micro influencers may have smaller follower counts, but their engagement rates are higher than influencers with larger followings. Micro influencers are becoming a trending choice for marketers as their engagement rate averages at nearly 4% on Instagram.

On TikTok, micro influencers have a significantly higher engagement rate at around 18%. This is even more impressive when compared to mega influencers who only have 5%

Ongoing partnerships

Brands have begun preferring ongoing influencer partnerships as opposed to one-off projects. Influencers with the most engaged audiences still have trouble making a real contribution when used for a single post. Using influencers over several posts gives your brand legitimacy and social proof.

Social commerce

The increase in social commerce capabilities across various social media platforms has presented new opportunities for influencer marketing. Shoppable videos and posts have created a seamless user experience. Influencer marketers should consider seeking partnerships with brands that are willing to include shoppable content in their influencer marketing campaigns. 

The benefits of influencer marketing

The benefits of influencer marketing vary from brand to brand and depend on what brands are hoping to achieve with influencer marketing. Some general benefits of influencer marketing include:

High ROI

As we mentioned in one of our influencer marketing statistics, the ROI when using influencers is high. The average ROI per $1 is $5.20 but can be as high as $18.

Increased credibility and trust

Partnering with an influencer marketing agency to your business that is trusted within a niche and by your target market can increase confidence and credibility in your business. When consumers believe a message is genuine, they are more inclined to pay attention and engage. 

Higher conversion rates

An impressive influencer marketing statistic is that 50% of consumers will take some action after reading a positive review. An influencer post is essentially a wide reaching recommendation for your brand or product. This can be the deciding factor for consumers considering making a purchase. 

Influencer marketing best practices

Influencer marketing is a tried and tested method of marketing. There are key influencer marketing best practices that will ensure the success of your influencer marketing campaigns. 

Identify your influencer marketing goals

Before you implement your influencer marketing campaign, you need to know your precise goals for using influencer marketing.

Having SMART goals will help you identify the key social media metrics and influencer marketing statistics to monitor. This way, you can improve your influencer marketing as you go.

Select niche influencers

Niche influencers not only have higher trust and engagement with their audience, but they are positioned as experts in their fields. By working with niche influencers, you are associating your brand with their expertise. Their audience will trust your brand and consider you an industry leader. 

Select influencers with the same culture and values as your brand

Authenticity is the new buzzword in influencer marketing. Brands need to ensure the ethos, personality and attitude of their partnered influencers align with their brand values in order to deliver authentic endorsements.

FAQs

How effective is influencer marketing?

Influencer marketing is incredibly effective. 8 out of 10 consumers have made a purchase from an influencer’s recommendation. 

92% of marketers believe influencer marketing is an effective form of marketing. 

Why is influencer marketing important?

Influencer marketing is important because it helps brands harness the reach, authenticity and personality of influencers popular within a niche. Influencer marketing helps increase credibility in a brand and provides social proof. 

What is the future of influencer marketing?

Influencer marketing is expected to grow to be worth $15 billion by 2022. As more social platforms emerge, there are more influencer marketing opportunities for brands to seize.

Our Influencer marketing agency and Social agency are located worldwide, with our agency network based in the USA, UK, UAE and China.

If you want to receive our industry insights, visit our Influencer Marketing & Social Media blog.

@ Socially Powerful

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