As the headline suggests, influencer marketing (IM) is here to stay – we’ve got PR and marketing professionals on our side for this! For those who once thought that influencer marketing was merely a fad, here are some numbers to show that IM has proven its worth to become to next big marketing strategy.
Influencer Marketing budget is increasing
Taking a step back to look at the state of influencer marketing in 2017, a research conducted last year shown that most marketers spent between USD25,000 – 50,000 per influencer marketing program, of which this budget was likely to double in 2017 and continue to rise.
A recent survey with UK PR and marketing professionals also supported the above view. It revealed that 39% of them planned to spend up to USD10,000, while a further fifth estimated their budget to be between USD10,000 and 100,000.
We are more than halfway through 2017 and it has been a year of exciting experience with IM. We have seen numerous brands, large international enterprise and even small local businesses, engaging in various forms of IM to generate authentic content and increase brand awareness. Only about 19% of respondents of a study stated that they had not previously run any IM campaign of sort and only 4% stated that they would not allocate any budget for IM at all.
That leaves about 90% of brands who believes strongly in the potential of IM and would continue to explore its endless potential to create refreshing experiences for their consumers. With over 67% of marketers indicating that they will increase their IM budget in the next 12 months, we can only expect to see more interesting content on our social media with our favorite personnel.
Influencer Marketing is considered to be more effective
No longer just a fad, 26% of PR and marketing professionals now believe IM is more effective in targeting consumers than traditional advertising in the digital space – eg: banners ads. 43% also agreed that IM is more effective especially so for millennial audiences in the current digital generation (PR Week).
One of the key reasons why IM is performing surprisingly well in the current age is due to the fact that digital users are becoming more aware and avoiding ads that scream out loud to them. IM provides a medium that allows for a more genuine sharing of experience that engages users themselves in a conversation with their favorite online personalities.
As visual content becomes increasingly important to attract social media users attention among the sea of online information, IM proves to be one of the perfect solution with influencers creating captivating visual content catered just for their followers.
In addition, among the same group of PR and marketing respondents, more than 60% of those who ran IM campaigns said that they prefer working with micro influencers with below 250,000. As compared to big celebrities, these smaller but sometimes niche influencers have proven to be more effective in engaging their audience.
It is safe to say that IM has become one of the most effective marketing strategy on social media in this digital age, with it earning an average of $7.65 media value for every $1 spent on the IM campaign.
Influencer Marketing is no long just about guessing, it’s hard science
Brands and marketer used to feel that IM was all about trial and error, engage what was thought to be the best influencer and hope that the campaign/content created would perform. However, that those uncertainty are a thing of the past. 61% of professionals in the field said that they were confident they could now accurately measure their influencers’ engagement and ROI on the campaigns.
As IM has proven itself with its performance in the recent years, there has been the rise of several tech solutions provider that aims to solve all the challenges and uncertainty brands face. For example, Popular Chips here in Singapore is offering an effective solution for every brands’ IM campaign journey. Backed by big data and in depth analytics, it seeks to provide brands with the ease of mind to source for, monitor, analyze and co create the perfect content for any IM campaign.
For more detailed coverage on the hard science behind IM, check out our previous article here.
As the results of influencer marketing shows, it has become clear that it is definitely here to stay. Both brands and influencers are recognizing its true value and potential, hence dedicating huge budget and effort towards it.