Influencer marketing has grown a lot in the past couple of years. I've witnessed this change and closely observed how the evolution impacts marketing strategies. And I've also observed a change in the perception of influencer marketing even among marketers who were once skeptical about it. This change in perception is mainly fueled by the growing awareness of the actual benefits of influencer marketing. I've talked about how influencer marketing helps attract a new audience and win their trust. And I've also explained how influencers can drive engagement and boost conversions. Several studies such as Linqia's have proven these benefits. Another valuable benefit of influencer marketing is in lead generation and that's what I'm going to discuss in today's post. Lead generation involves creating customer interest in a product or service and initiating enquiries about it. Influencers can effectively do this because of a number of reasons. According to Think with Google, 70% of teenaged users on YouTube relate better to YouTube creators than to traditional celebrities. And four out of every 10 millennial YouTube users say that their favorite creator has a better understanding of them than their friends do. These numbers prove that influencers have a good understanding of their audience and they are relatable. So they know how to create content about a product or service in a way that would resonate with their audience. Instead of a celebrity posing with a product, the audience is more likely to be motivated by seeing an influencer using the product, reviewing it, showcasing how it can be used, etc. In fact, six out of 10 YouTube subscribers would even follow a creator's advice regarding what to buy over the recommendation of a celebrity. This proves just how powerful an influencer's content and opinion can be. Not only do they generate interest in a product or service, they can also influence people's decisions about said product or service and compel them to take action. The Collective Bias team also conducted a study using Data Science on the impact of influencers. This study showed that influencer marketing content was able to drive more product trials for a certain rice brand. With influencers promoting coupons for the product, the coupon redemption rate increased to 44.5% when previously their redemption rate stood at only 15%. In the same study, influencers were also shown to increase engagement in the form of foot traffic.
Almost 80% of brands say they dedicated budget this year to influencer marketing, according to Relatable's 2019 State of Influencer Marketing Report. By 2020, an estimated $8 billion is expected to be spent on Instagram influencer marketing alone. While these statistics clearly show the growth in influencer marketing, they do not tell us whether it's being done well. To determine the success of your influencer program, you need to track campaign performance and make sure the return is adequate for the investment. This step-by-step plan enables you to track your influencer campaign ROI.
Don't want to read the whole post and just want to download the free influencer marketing ebook? As I proceed forward in writing my book on influencer marketing, The Business of Influence, I continue to be amazed at how widespread influencer marketing has become today. I embarked on writing this book because it was the number one question I have been asked as a social media speaker. When friends of mine outside of social media began to ask me about the role of influencers, I knew that the topic had become mainstream. Of course, the topic of influence is not new at all.
By the end of this year, roughly 30 percent of all internet users will use an ad blocker. Furthermore, nearly 70 percent of Generation Z, which is currently comprised of teens and young adults, take active measures to avoid ads. These numbers are particularly notable considering that marketers have relied on online advertising for decades, and that Goldman Sachs recently released a report showing that Generation Z is the single most important generation for most businesses. So if online advertising doesn't work, what does? The answer, as you may have guessed, is influencer marketing.
The influencer marketing industry is on track to be worth $15 billion by 2022, according to Business Insider Intelligence, and many of us would like a slice of that pie. This ebook, based on the latest ZDNet/TechRepublic special feature, looks at how blockchain is shaking up the economy and changing the way individuals and enterprises conduct business. Almost nine out of 10 (86%) of Gen Z and millennials surveyed by Morning Consult said that would post sponsored content for money, and 54% said that they would become an influencer if they could. Aan influencer marketing platform has launched a limited public beta, which will empower fans to share campaigns and be rewarded for their endorsement. Blockchain technology is used to promote trust between suppliers and consumers.