Social media is used to scale the effectiveness of influencer marketing, which capitalizes on word-of-mouth advertising. Because of this, in 2023 it will be a key marketing tactic.
Brands use influencer marketing to advertise their goods or services by hiring online influencers. Influencers become the go-between for marketers and their audience as a result of this.
Although a friend or family member’s advice is helpful, it is only a one-on-one exchange. This conversation, however, may involve hundreds of individuals, thousands of people, or even millions of people when influencers are involved.
Additionally, because influencers work so hard to earn the confidence of their followers, their suggestions are more persuasive than those made by other types of advertising.
Influencers are classified as different levels of “celebrity” according to the size of their audience. The macro, micro and nano kinds are the three most prevalent. Let’s examine each in more detail.
Macro Influencers: A tier below typical superstars and mega-influencers are macro influencers. They have a sizable online following, ranging from 100,000 to 1 million people. Additionally, because they address a variety of topics, they reach a larger audience than micro and nano influencers (instead of niching down).
Micro Influencers: Micro-influencers are used by more than half of marketers who use influencer marketing. Between 1,000 and 100,000 people follow a micro influencer. Because their writing frequently focuses on a certain subject, interest, or market, people see them as authorities in their industry.
Nano Influencers: Although they have the smallest audience of the three, nano influencers frequently generate the greatest interaction. These influencers work in a specialized community and have less than 1,000 followers. They have established a vibrant, devoted community that is receptive to recommendations. Nano influencers frequently collaborate with firms for little to no cost in exchange for free products in exchange for reviews or social media endorsements.
The Influencer Marketing Landscape:
1. The U.S. influencer industry was valued at a record 16.4 billion in 2022.
2. Currently, 1 in 4 marketers use influencer marketing.
3. On social media, 72% of Gen Z and Millennial users follow influencers.
4. In 2023, 89% of marketers who presently use influencer marketing will boost their investment or keep it the same.
5. In 2023, 17% of marketers intend to make their first investment in influencer marketing.
6. According to 38% of marketers, influencer marketing’s main objective in 2022 will be to increase sales.
7. Influencer marketing is considered an effective marketing strategy by 92% of marketers.
8. In the previous three months, 33% of Gen Z consumers bought a product based on an influencer’s suggestion.
9. In 2021, 86% of American marketers made shoppability features available in their Instagram influencer marketing campaigns.
10.An average of 38,517 people watch a TikTok posted by a macro-influencer (someone with 100,000 to 1 million followers).
11.In 2021, YouTube ranked as the top platform for users in the United States and Great Britain to watch gaming influencers.
12.In 2022, 52% of marketers ran influencer marketing efforts on Facebook.
Influencer Marketing Budgets:
1. In 2022, influencer marketing accounted for 10 to 20 percent of the marketing expenditure for 39% of marketers.
2. Businesses typically have seen a return on their influencer marketing investments of $6.50 for every $1 spent.
3. In the United States, influencer marketing spending increased from 3.69 billion to 4.14 billion in 2022.
4. In 2021, a TikTok mega-influencer (someone with one million or more followers worldwide) charged an average of $1,034 for each post.
5. In 2021, the minimum fee for a post from an Instagram mega-influencer (someone with one million or more global followers) was $1,200.
6. In 2021, the minimum fee for a sponsored video from a YouTube megainfluencer (someone with one million or more global followers) was $2,500.
We hope that this roundup provides you with a clearer understanding of the influencer marketing landscape in 2023 and a sneak peek at the platforms that can advance your influencer campaigns.
