13 Influencer Marketing Trends and Statistics to Know in 2023
MARKETING - TRENDS - STATISTICS
Published On: August 30, 2021
Influencer marketing has always played a big role in digital marketing and it's getting even bigger. With new products surfacing the industries, the struggle to find the most relevant and impactful influencer begins. As the social media trends are changing with the transforming demographics of the digital marketplaces, it's time you stay tuned with the most important influencer marketing trends to follow in 2021.
How Effective Is Influencer Marketing?
The 2019 Influencer Marketing Survey, gathered many statistics that depicted the effectiveness of influencer marketing. Almost 80% of marketers find it a sound means of promotion. The trend of utilizing the reach and persuasive skills of influencers to garner the attention of the target audience has seen a teenage growth spurt. More than 71% of marketers find the quality of lead generation through influencer marketing is good. In recent years, the trend of influencers promoting online coupons of eCommerce businesses has gained some traction.
Moreover, social reach, engagements, sales, brand lift, signups are a few key performance indicators that improve as you begin to rely on influencer marketing.
Influencer Marketing Usage Rate in the US
The penetration of influencer marketing in the United States has been huge since 2019. At present, over 69.9% of the U.S marketers belonging to giant companies rely on it. Over 100 employees in large scale marketing firms count on influencer marketing and utilize its attributes to reap out the results. Furthermore, on a global level, the Influencer marketing industry was valued at 6.5 billion U.S. dollars in 2019.
Marketers are using social media tools to market their products by involving influencers in them. Reviews, interesting games, polls, and video content are some of the marketing means used. Influencers are also being provided with coupons to help online retailers in their sales promotion campaigns. This new marketing strategy has further popularized influencer marketing.
Trends and Statistics of Influencer Marketing in 2021
The unexpected outbreak of the pandemic has shaken the world devastating many industries and transforming the digital landscape with a massive blow. During this time, where consumers are panic buying, marketers are finding smarter ways to capture the marketplaces. In the year 2020, the majority of brands have invested in influencer marketing as the trend steeped high bringing more targeted leads and better sales. The same trend is seen in the year 2021. So, let's dive in to learn about the top influencer marketing statistics and trends of 2021.
1. Influencer Marketing is expected to cross $13.8 billion in 2021
Marketers were a bit anxious at the onset of COVID-19 that involving influencers to the marketing game will not be fruitful. However, the opposite was seen. The market in the year 2020 grew to $9.7 billion, which is now expected to reach $13.8 billion in 2021.
2. Around 70% of brands have dedicated a budget for Influencer Marketing in 2021
As per the survey conducted in 2020, brands have dedicated 59% of their budget to content marketing while the rest of the 70% was dedicated to influencer marketing in order to maximize lead generation and brand awareness.
3. Marketers will be focusing on Performance-Based Deals
In 2021, it is expected that performance-based deals will increase. The influencers will be asked to quote an exact number of leads or sales they will be bringing in for the brands. They will have to be more targeted and calculated with their promotions.
4. Influencer Marketing with Promo Codes Will Increase
When it comes to influencer marketing, using promo codes and discount vouchers play a significant role in attracting customers. In the year 2021, the trend of offering discount codes is going to increase with greater returns guaranteed.
5. 38.5% of brands receives success in terms of conversion and sales through influencer marketing
As brands are putting more focus on influencer marketing it has been observed that over 38.5% view these marketing tactics to bring a notable increase in sales and conversions. It can generate more than 29% clicks and impressions on brand activities.
6. Brands Are Focusing On Influencer Marketing Due To Tangible Results
Over 38.5% of companies are generating better engagements and receiving an increased click-through rate.
Whereas, 32.5% are using conversion rates to gauge the outcomes. Over 29% are only interested in getting better impressions through influencer marketing.
7. New Platforms And Types Are About To Surface In Influencer Marketing
More than 240 new platforms are about to surface in the industry that will power strike the outcomes generated through influencer marketing. It rightly shows how much the industry has matured.
8. Instagram Is The Top Social Media Platforms For Influencer Marketing In 2020
As per the survey conducted in 2020, Instagram became the top platform for influencer marketing followed by YouTube and Facebook. Instagram has an over 89% reach.
9. Micro-Influencers Can Offer Higher Engagements On Social Media Platforms
Along with influencers, micro-influencers are generating greater leads as well. It has been observed that they can increase engagements.
10. TikTok Is Emerging To Be The Best Platform In 2021
TikTok after Instagram is becoming one of the top platforms for influencer marketing in 2021. It has been observed that renowned influencers are utilizing TikTok to maximize the reach.
11. Google Search Reported The Search Query For The Term “Influencer Marketing” Increased By 5000%
As per the Google report, searches made for the term "Influencer marketing" back in 2018 increased by 1500% which now has crossed about 5000% each month.
12. More Than 50.7% Of The Ecommerce Brands Are Working With Influencers
Influencer marketing is effectively used in the ecommerce industry. More than 50.7% of the brands are relying on it and generating better outcomes.
13. Brands Are Generating Over $5.20 For $1 Spend On Influencer Marketing
Businesses are pouring themselves into the industry to hunt the most relevant influencers for their brands and in return, they are generating $5.20 for every $1 spent on the campaign.
When you plan to initiate an influencer marketing campaign you need to dive into the social media platforms to select the one that suits best with your brand. You need to hunt the influencers who can offer you a more prospective target audience. Arm these influencers with coupons, vouchers and promo codes and see your sales increase significantly. Apart from that, do keep a watch on the changing demographics of the market to follow the latest trends.