(Updated Septemember 10th 2021)
A hubspot marketing report found that 59% of brands now have a seperate budget for influencer marketing. 70% of brands planned to set aside a budget for influencer Marketing in 2021. The sector is estimated at $13.8 billion for 2021.
When influencer marketing is discussed it refers to influencers with hundreds of thousands & even millions of followers. Influencers like PEWDIEPIE (108 MILLION) and ELRUBIUSOMG (39.5 MILLION).
However, working with influencers of this size is not possible for every business. What about the small and medium sized business' which cannot put aside £20,000 for a marketing campaign.
This is where micro influencers come in. They have a smaller audience but high levels of trust, loyalty and engagement from their followers.
Many marketing agencies and consultancies now emphasise the importance of engagement metrics versus sheer volume of traffic and fans when assessing the value of an influencer.
In fact, marketing research suggests that pushing promotional efforts through finely selected influencers is one of the most reliable ways to quickly bring brand awareness to a viral level.
More specifically, here are ten influencer marketing stats that shed light on the benefits and recent growth of micro influencer marketing:
1. Higher Customer Quality Reported by More than Half of Early Implementers
According to an influencer marketing study released by the Tomoson platform, roughly 51% of surveyed marketers reported obtaining better customers that engage and convert at a higher rate.
This indicates that influencers have an unmatched ability to facilitate rapid and effective social engineering.
2. Micro Influencers Encourage Purchases and Actions Frequently
Part of the reason smaller, more targeted networks are more efficient marketing channels is because micro-influencers are almost expected to recommend products and ideas to their followers and viewers.
More specifically, roughly 75% of micro-influencers regularly encourage their followers to take action. Such promotional efforts from larger stars seem to be less efficient at producing high engagement levels.
3. About 70% of Brands Engage with Influencers to Promote Content
According to a 2015 report from Schlesinger Associates and Agure, approximately 67% of marketers and brand communicators are using influencer marketing on some level.
Analysts estimate the figure has risen closer to 75% now. However, many of those brands have yet to discover the power of using micro-influencers.
4. Micro-Influencers Don't Have to Pay to Promote Posts and They're Less Expensive to Work With
More than 50% of micro-influencers have never had to pay to promote their content a single time. Platforms and blogs tend to welcome them with open arms because of the high-quality visibility they provide.
This makes smaller influencers easier and more affordable to work with, despite the fact that they bring in better leads when results are extrapolated on a larger scale.
5. Micro-Influencers with a Following Base of 1000-4000 Users Have a High Engagement Rate
A following of a few thousand seems to be the sweet spot, with micro-influencers in this range receiving more than 4.5% engagement from their followers and subscribers.
6. YouTube Micro-Influencers Have the Heaviest Influence on Younger Demographics
A study from Google and Ipsos Connect indicates that YouTube stars are becoming even more influential than conventional celebrities, especially with the younger generation.
Approximately 70% of teens said that they can more closely relate to their favourite YouTube channels than their favourite celebrity.
(Pictured below, Youtube Star & Comedian Miranda Sings)
7. Influencer Marketing Searches Tripled in the Past Two Years
During the past year alone, the number of Google searches for the term “influencer marketing” have tripled, going from about 4,000 annual searches in 2015 to more than 21,000 in 2017.
8. Supply and Demand for Micro-Influencers Increasing Exponentially
Perhaps even more interesting than the search volume is the number of agencies and platforms that have sprung up to accommodate the need to link brands with influencers, rising from only about 200 agencies in 2015 to more than 420 in 2017.
9. More than 80% of Consumer are Highly Likely to Consider Recommendations Made by their Favourite Micro-Influencer
Roughly 82% of consumers are very likely to consider and follow through with a suggestion made by a micro-influencer because they view them as being more “genuine” when compared to endorsements made by celebrities and larger influencers.
10. Almost 10% of UK Marketers Will be Spending More Than £100,000
A survey of 600 marketing and PR firms in the UK revealed that approximately one tenth of respondents will be spending a total of more than £100K on influencer marketing during the next year, and almost 40% will be spending up to £10,000. Such spending habits indicate that these brands have been achieving desirable returns on their investments.
Influencer Marketing Reaching Mainstream Heights
At this point it would be silly for any online business to ignore the power of influencer marketing and the social leverage that micro-influencers provide.
With the demand tripling and the supply doubling in the span of just two years, it's likely that influencer marketing will have a significant impact on internet economics and will probably become as popular as traditional marketing methods within the next 5 years.
Want to learn how to be an influencer?
These are the Top Influencer Marketing courses from Udemy.
Written by Cheryl A Clarke Chief Happiness Officer & Content Marketing Freelancer @ Ginger Marketing (unless stated otherwise)
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