Influencer marketing is a powerful tool that you should consider using in your campaigns if you haven’t done so already.
We’ve put together a top 10 list of the biggest reasons why it works and how you should approach it to grow your business.
Here’s how much influencer marketing has grown:
1. According to Pixability’s 2016 Beauty Study, the beauty-video YouTube videos alone that influencers produced have increased by 65 percent annually.
2. Duke’s Fuqua School of Business reports that the percentage of company budgets devoted to social-media advertising has risen from 3.5 percent in 2009 to 11.7 percent and higher in recent years.
3. Other sources referencing Google Trends charts note that the rise in influencer marketing between 2014 to 2016 is a perfect mirror of the decrease in print advertising that happened at the same time.
In addition to our own experiences, these influencer marketing statistics also prove just how valuable influencer publicity is for your bottom line:
4. Google has done a lot of research on the value of social-media engagements, especially concerning the growing market of millennial buyers.
They published a report that almost half of all millennial subscribers feel like the creators of the YouTube channels they follow understand them “better than their friends.”
YouTube video creators are attracting the strongest engagement rates and successful marketing campaigns online.
Even compared to videos made by celebrities, the videos produced by the top 25 YouTube influencers earned “three times as many views and twice as many actions.”
5. A whopping 80 percent of all women surveyed in this study commented that they regularly ask their peers on social media for opinions before making purchases.
Additionally, they consider the personal experiences of others more important than any other type of product recommendation.
Women are also the most vocal about their opinions of products on social-media channels too.
At least 72 percent of the women surveyed said that they give their advice and recommendations in social-media posts almost every day.
6. Companies earn $6.50 for each dollar they spend on influencer-marketing campaigns, according to a poll by Tomoson.
They also found that influencers are undoubtedly the fastest-growing online customer-acquisition channel.
All their influencer marketing statistics show that this approach will be more valuable than email marketing and organic search results.
7. Twitter is such a tremendous referral base that 40 percent of all Twitter users admit that they’ve bought something simply because of an influencer’s tweet about it.
When you’re ready to work with an influencer, how do you choose the right influencers, and how much should you pay them?
Use Influence.co’s insightful influencer marketing statistics to answer these questions. Our industry-analysis charts of influencer marketing help you accurately calculate rates and gauge the progress of your campaigns.
8. In today’s marketing climate, the Influence.co engagement map shown in this chart shows that a good average engagement rate on Instagram is 3.9 percent.
Such accounts tend to have some of the most-responsive owners and top-quality content.
Few accounts ever reach an engagement rate greater than 10 percent, which is extremely rare and often requires celebrity status.
Just in case you’re not familiar with it, let me tell you how to calculate your engagement rates per user.
The general idea is to add up all of the likes and comments per post, and then you divide that number by your most-recent follower count.
9. I can also tell you that Influence.co found that the average social-media influencer receives around $160.32 on average per post.
The influencers who charge less than $50 per post have the lowest amounts of followers and lower engagement rates.
Only around 500 or less of the top-tier influencers charge $500 and more per post, and the biggest influencers with the most followers can charge more than $1,000 per post.
10. By studying Influence.co’s in-depth analysis of Instagram ads in terms of which were the most successful, I can also tell you that nearly 69 percent of all the best Instagram promotional photos have a portrait-style product view that displays the brand in action.
Plus, the companies that get the most engagements on Instagram are those in the fashion industry, department stores and electronics-related businesses.
If you sign up to join our Influence.co influencer marketing platform, I think the options for promoting your brand organically through influencer collaboration will surprise you.
This is the all-important first step that I find has taken online-marketing campaigns to a whole new level.
Finally, consider these important steps before working with influencers:
When you sign up at Influence.co with your company’s active Instagram account, you should select the option to set up a brand account so that you can search for the right influencers to collaborate with and start contacting them.
A brand account is the ideal one to also allow you to accept applications from influencers who are interested in working with you too.
Now before you jump into contacting prospective influencers, here’s what we recommend you analyze first to narrow down your influencer search a whole lot faster. It’s no use working with an influencer who isn’t reaching your ideal market.
For example, let’s imagine that you’re a business in the fashion industry looking for a fashion influencer.
First, consider the audience’s price range.
How much does your audience spend on the clothing and the accessories you sell?
Now when looking at your influencer candidates, check the price ranges of the items they’ve promoted before to make sure they’re within the same price range.
Check their natural category fit.
Browse your prospective influencer’s social-media account photos and ask yourself if they’re already showing off anything that’s somewhat similar to your products.
Do they already include tags and keywords in their posts naturally that people also use to describe your brand, like “casual,” “vintage,” “artsy,” “hipster” or any other category-specific words that you typically rank for?
Is your influencer likable to your audience?
Check the profiles of those who are already following you on social media.
See who else they are following to get an idea of the kinds of influencers they would like to engage with.
You can read more about this kind of influencer strategy planning on our blog.