Influencer marketing has seen a significant transformation recently. And even while it might not be the ground-breaking trend it once was, it can still be a useful component of your larger marketing plan.
Explore the eight most recent influencer marketing statistics in this post, learn more about the most popular influencer marketing platforms, and find out some of the latest trends and challenges shaping the industry.
Here are 8 influencer marketing statistics and benchmarks for 2024.
1. 80% of brands find influencer marketing to be an effective channel
Different companies use various metrics to gauge the success of their marketing initiatives. A marketing channel may be considered “effective” if it generates a strong return on investment or increases brand recognition significantly. Influencer marketing is likely to produce positive outcomes no matter what criteria you use to gauge performance because 80% of companies consider it to be a successful channel. 35% of the people said it was extremely effective.
2. 17% of brands spend over 50% of their marketing budget on influencer marketing
A sixth of marketers spend more than half of their budget on influencer marketing, compared to the majority who spend 20% or less. Additionally, 6% spend between 91% and 100% of their money on influencer marketing activities. This demonstrates the significance of influencer marketing as a platform for many firms today.
3. 89% say that influencer marketing ROI is better than other marketing channels
About nine out of ten marketers reported that their influencer programs produced revenue per dollar invested that was equivalent to or more than that produced by other marketing channels. If it isn’t a blatant indication that influencer marketing is still a powerful tool for marketing, I don’t know what is. To clarify, 48% of marketers claimed that their influencer marketing ROI was superior to that of other channels, while 41% claimed that it was the same.
4. 69% of marketers spend most of their influencer marketing budget on Instagram
Despite having a variety of social media platforms to pick from, many marketers decide to remain with Instagram since it is the most secure alternative. Around 70% of marketers spend the majority of their cash on Instagram, which continues to be the platform of choice for influencer marketers.
5. Instagram posts and stories are the most effective types of influencer marketing content
Regular Instagram feed postings were cited as the most successful content type by 78% of marketers. In addition, 73% of companies cited Instagram Stories as their second most successful kind of content. Instagram is a terrific platform for influencer marketing efforts, and many firms design their campaigns using both Stories and feed posts. As a result, their material has a wider audience overall, and the two forms of content work well together.
6. 80% of social media users have made a purchase recommended by an influencer
Users of social media frequently make purchases after listening to recommendations from influencers. 80% of respondents said they have purchased at least one purchase based on advice from social media users they follow. Therefore, influencer marketing is quickly rising to the top of the list of strategies used by businesses and brands.
7. 40% of Twitter users have made a purchase based on a Tweet from an influencer
Influencer marketing may be the best strategy for you if your primary marketing objective is to increase sales, as this is the focus of the majority of influencer initiatives. According to statistics, close to half of all Twitter users have made purchases based on advice from Twitter influencers. This statistic demonstrates the importance of an influencer’s perspective.
8. Most brands work with the same influencers for multiple campaigns
According to a report by Influencer Marketing Hub, 56% of businesses collaborate with the same influencers on many initiatives. In the influencer marketing sector, there is a rising trend toward businesses forging enduring public partnerships with influencers. Working with the same influencers for several campaigns has several advantages. Influencers that are dependable and simple to deal with are the ones that brands choose to collaborate with.
