Influencer marketing is not a new concept. Many people currently associate influencer marketing with the development of social media. This style of marketing has bloomed over the last decade to be one of the best ways to market a brand for a company. However, it goes back further than that. For example, during the 80s Wayne Gretzky became an influencer in a marketing world. Many kids would buy pro stars cereal with the picture of the “Great One” on it. Sharp used Gretzky to launch their first video camera and Wayne Gretzky was also the spokesperson for CocaCola and Ford for many years. By putting his face on these products, he was an influencer promoting what people will buy.
What is a social media influencer today?
A social media influencer is someone who has a loyal following on their social media platforms. When there is a large following, this creator is able to sway the behavior patterns of others. When used to promote brand recognition they become marketing influencers.
Is Social Media Influencer Marketing Worth the Money?
Over the last five years the influencers have used social media platform as a way to promote their favorite products. The attention that the general public has given these influencers has grown the market from a small percentage to a multibillion dollar industry. This year social media has added over four hundred million new users and now has just over four billion users. This means that your product can be seen world wide by millions of people following an influencer.
Increase of Influencer Marketing Budget to Increase
In 2020, 65% percent of marketers increased their influencer marketing budget this year, when compared to 2018 where there was only a 28% percent increase (among brands already using influencer marketing). Nineteen percent of the marketers will spend under $10,000, 18% will spend under $500,000 and 7% plan on spending over $1,000,000 on influencer marketing. Seventeen percent of this market believe in the effectiveness of this marketing style and spend over half their budget on influencer marketing.
Where to Spend Your Influencer Market Budget?
No matter what platform is used, it needs to hit the right demographic. This means choosing the right influencer to help market your brand. Almost 70% of the marketers plan on using Instagram as their primary platform. This is over six times more then the next leading platform of YouTube.
Social media is the modern way to communicate and also a way to promote your brand. Finding the right influencer on the right platform that will target the right audience can increase your brand recognition. Those who already use this style of marketing understand the importance and are willing to spend money to utilize this marketing tactic.
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