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How Successful Is Influencer Marketing?
Influencer marketing burst onto the scene as one of the most exciting forms of digital marketing, and it isn’t going anywhere anytime soon. The global influencer marketing market size keeps growing every year and doubled since 2019 to reach $16.4 billion in 2022. This growth shows no signs of slowing down in 2023.
Despite this impressive growth in the industry, many people are still curious about the success of influencer marketing. Common questions people ask include, “is influencer marketing actually effective?” and “how effective is influencer marketing?”
To clear up these and other questions, we put together this guide to the impact of influencer marketing. Here’s what you need to know:
Is Influencer Marketing Effective for Brands?
There’s a reason why influencer marketing has become so popular. The simple answer to the question, “is influencer marketing effective for brands?” is yes — it is. And influencer marketing statistics back that up.
71% of marketers say that influencer marketing produces higher-quality traffic and customers than other marketing sources.
Even better, 80% of marketers attest that influencer marketing is effective.
It’s important to note that there are several types of influencer marketing and multiple types of influencer categories. The key to getting the most out of influencer marketing is choosing the right types of each. Now, you may be wondering, “what are the four types of influencers?” They are:
- Nano influencers- These are influencers who have more followers than the average person but still have a fairly low follower count (typically between 1,000 and 10,000 followers).
- Micro influencers- Influencers who have between 1,000 and 100,000 followers on a social media platform are called micro influencers. They generally post content geared toward a specific area or niche, acting as an authority in that area.
- Macro influencers- An influencer who has between 100,000 and one million followers is a macro influencer.
- Mega influencers- Mega influencers have the largest followings of all influencers, generally over one million followers.
How Successful Is Influencer Marketing?
To create a successful influencer marketing strategy, you must consider all the types of influencers and decide which will work best for your brand. More broadly, you have to decide what kind of influencer marketing campaign you want to run. These are all factors that will impact the effectiveness of your specific influencer campaigns.
In general, it’s clear that influencer marketing is an effective way for brands to tap into their target audiences and achieve a strong return on investment (ROI). For every dollar spent on influencer marketing campaigns in 2022, businesses earned $5.78 on average, and these numbers are only trending upward for 2023. How’s that for effectiveness?
How Does Successful Influencer Marketing Impact Consumer Behavior?
The success of influencer marketing is due to its ability to effectively shape consumer behavior. So, how does influencer marketing affect consumer buying behavior?
Think about who influencers are. These are people who have successfully built up a group of followers who care about them and the content they produce. They create a meaningful relationship with their audience which means their followers often value and trust their opinions.
When an influencer says that they recommend a product or service, their audience takes that recommendation seriously. Social media influencer statistics show that almost half of consumers depend on influencer recommendations to decide what to purchase. Further, 40% of consumers have actually purchased something online after seeing an influencer on Twitter, Youtube, or Instagram recommend it.
These days, consumers take a suggestion from an influencer almost as seriously as recommendations from friends and other people they know in real life. Brands can utilize that to effectively promote their products and services. The top social media influencers have audiences of millions of followers that brands can tap into, and micro influencers are powerful, too.
Specifically, influencer marketing impacts consumer behavior by:
- Building product awareness- When influencers publish sponsored posts about your brand, you expose a whole group of customers to your product/service, enhancing brand awareness.
- Using social proof– Influencer posts about your brand acts as social proof that your products/services are really as good as you claim they are.
- Engaging audiences- Traditional ads are much less engaging than sponsored posts from influencers — over 40% of internet users block them. Influencer marketing helps you avoid ad blocks and engage your target audiences.
Influencer marketing success has the power to shape customer behavior in favor of your brand.
How Lionize Can Help Your Brand Be Successful at Influencer Marketing
Lionize makes running successful influencer marketing campaigns easier than ever for brands. As an influencer marketing platform, Lionize handles everything from recruiting the right influencers for your campaign, to managing those influencers, to managing your influencer marketing budget, and eventually reporting the results of your campaign. It’s the ideal combination of top-of-the-line technology and human expertise.
Book a Discovery Call to learn more about how Lionize help your brand create the perfect influencer marketing strategy.
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