Influencer Marketing: A Billion Dollar Industry
Over the last five years, social media changed the industry of marketing forever by enabling individuals to build and monetize their social presence and engagement. Brands collaborating with social media influencers grew from an auxiliary marketing approach to a $10 billion dollar industry. Today, there is even a name for the industry, Influencer Marketing.
Let’s set some context. A social media influencer is someone who
Leverages social media and storytelling to affect the purchasing decisions of others because of his or her knowledge, position, or relationship with his or her audience.
Grows a following in a distinct niche, with whom he or she actively engages.
Develops social relationship assets with which brands can collaborate to achieve their marketing objectives.
So, does influencer marketing really work?
Influencer marketing works because of two main reasons. Frist, accessibility, social media is one of the most accessible tools for bringing users together from around the world. Second, it's measurable. Social media data analytics provide brands with verified web traffic and customer spending.
Businesses are making $5.20 for every $1 spent on influencer marketing. The top 13% of businesses make $20 or more.
65% of marketers intend to increase their influencer marketing budget in the next year.
61% of marketers consider finding relevant influencers for a campaign difficult.
69.4% of influencers chose to be influencers so they could earn revenue
Engagement is the new impressions. It matters as much, if not more, than someone’s reach.
Influencer marketing isn’t going anywhere any time soon!
Ever wonder social media influencers start their accounts?
Check out our interview with a local Miami social media influencer that has grown his following from his honest reviews and active engagement with skincare products.