What is Influencer marketing?
Influencer marketing is a type of social media marketing that uses endorsements and product mentions from influencers–individuals who have a dedicated social following and are viewed as experts within their niche. To put it simply, Influencer marketing involves a brand collaborating with an online influencer (someone who can influence others) to market one of its products or services. Celebrity endorsements were the original form of influencer marketing. An Influencer Marketing Statistics report figured out that influencer marketing was valued at $13.8 billion in 2021. Businesses are making $5.78 ROI for every $1 spent on influencer marketing.
Dept look in the growth of Influencer Marketing
Sizable Increase in Searches for "Influencer Marketing"
Influencer marketing is becoming a hot topic since people want to now educate themselves about influencer marketing and find influencer marketing platforms and agencies. There has been a 465% increase in searches for the phrase "influencer marketing" on Google alone since 2016.
The bloom of social media platforms, Influencers, and Agencies
Influencer marketing has become sufficiently mainstream. Influencers, unlike celebrities, can be anywhere and grow fast. What makes them influential is their large followings on the web and social media. The important is they have developed a reputation for being the experts in their field and have systematically built a keen and enthusiastic audience that brands want to target.
According to Google Trends, a website by Google that analyzes the popularity of top search queries in Google Search reported Vietnam had approximately 22,000 influencers by last August. From 180-280 new influencers emerged every quarter, a huge number of them on TikTok, where influencers and hashtag challenges take us by storm.
Quite a few agencies have now also opened that specialize in providing influencer marketing services. Not wishing to lose clients, quite a few traditional agencies have added influencer marketing to the services they offer. Social media will be a “gold mine” for marketing that influencers are part of it.
Influencer Marketing is worth billion-dollar and is expected to grow
Influence marketing is not only highly evaluated but also brings significant profits. Brands can gain highly average earned media value per $1 spent on Influencer marketing. The majority of firms intend to increase their influencer marketing budget. Companies clearly see influencer marketing as a direction where they intend to focus in the near future.
The influencer marketing style trending at the moment is affiliate marketing. Brands used to pay for KOLs (key opinion leaders) for photos featuring its products, reviews, posts, checks-in at events. Now, they shift to KOCs (key-opinion consumers) who have little followed and smaller coverage but have a huge influence on their followers that leads to higher purchases.
Influencer marketing is increasingly vital for brand success. But one size definitely does not fit all—successful influencer marketing depends on the channel you are targeting and the influencers that your brand collaborates with.