Influencer Marketing Statistics
- When social media is part of their buyer’s journey, customers tend to convert at a 129% higher rate.
- They are also four times as likely to spend significantly more than those without a social component.
- Customers acquired through word-of-mouth (such as influencer marketing) are retained at a 37% higher rate than those acquired through other means.
Brands are spending a lot on influencers
- Globally, marketers spent $570 million on influencer marketing last year… on Instagram alone.
- In 2016, brand sponsored influencer posts cost $9.7 million. By 2019, it’s expected to rise to $32.3 million. (Source: Media Kix)
- On average, brands spent $25,000 – $50,000 per influencer campaign in 2016.
- Some companies charge a minimum of $10k to run a campaign but results can be seen with a smaller budget.
- Ideal partnership between brand and influencer allows for transparency within the campaign terms and analytics.
- Bloggers should disclose their exact number of followers and degree of influence.
- Brands should clearly identify their content needs, specifically if there are any legal mentions such as #ad or #sponsored and pay influencers on time.
Campaign Tracing and KPIs
- Brands and retailers should have a real-time view into how well the campaign is performing.
- KPIs should be agreed upon before the campaign and measured fairly throughout.
- Some influencers are better at driving sales and conversions while others are best for engagement and user acquisition.
- KPIs should be unique to the campaigns.
Influencer Marketing will be a large part of the overall marketing strate
- A recent Influence 2.0 study shows that influencers will play a role in the overall customer journey through content, engagement and community.
- It is by engaging influencers in authentic, long-term relationships and creating value within the relationships between influencers and their communities, that CMOs can impact sales, satisfaction, retention and overall customer experience
- Budget of < $10k
- 10 style influencers created outfit posts featuring the products provided by brand.
- Influencers shared all posts to their blogs, Instagram, Pinterest, Facebook and Twitter, with full tracking functionality through Stylinity’s Go2Buy platform.
- The duration of the campaign was 3 months.