Has it ever crossed your mind to include influencer marketing in your business campaigns? At least right now, influencer marketing has had a significant spike in popularity, especially as Social Media moves to the next stage of connection. Influencers are becoming the prime currency in the digital space, and there’s no better time than now to start learning the basics and reap the many rewards of influencer marketing.

Sway Financing

To help with this, a team from Clearcode shared the different key influencer marketing stats that you need to know this 2023 in an infographic. The creative overview breaks things down into the following:

  • Growth & Popularity

  • Effectiveness

  • Challenges & Opportunities

You can check out the full details here. The infographic basically attests to the rising popularity and dominance of influencer marketing as an advertising channel and conversion driver. The report claims that the influencer marketing industry is set to reach $22.2 billion by 2025.

  • 67% of marketers promote content with the help of influencers.

  • 57% of Fashion & Beauty companies engage in influence marketing.

Another section looks at and talks about the effectiveness of influencer marketing. 80% of marketers find influencer marketing to be effective, giving it quite the scope and reach. Meanwhile, 22% of them say that influencer marketing is the most cost-effective method to attract customers. Not only has influencer marketing proven effective, but it also delivers innately high ROI, allowing advertisers to earn as much as $6.50 for every dollar spent – a 650% profit.

Lastly, Clearcode’s infographic also touches on the main challenges faced by influencer marketing, with one of the most stand-out issues being fake Social Media followers. 50% of marketers report fakes as their main challenge. Meanwhile, around 84% of marketers experience difficulties in proving the ROI of influencer marketing. One of the biggest missteps almost every marketer or brand makes with influencer marketing is partnering up with the wrong influencers. Relevance matters, and teaming up with the relevant creators/influencers will dictate the success of your next moves.

The Wrap

If we could pretty much sum it up – the state of influencer marketing this 2023 is in a good position. Relatively, it’s probably at the best it has ever been, but that doesn’t mean that it’s not without its detriments. However, compared to the benefits, it’s clear that influencer marketing is at least worth the consideration. The best thing is that while you’ll have to somewhat spend on the talent you’ll be teaming up with, you don’t have to over-commit to paying insane amounts that you would otherwise have to if you go the celebrity endorsement route.

Sources

https://bit.ly/3nHFnh3