The advent of social media and its popularity has helped many small and new content creators to show their talent to the world. Earlier only stars and people who got covered by mainstream media channels are stated to be influencers but social media has changed the concept of influencers nowadays. Now with the help of these platforms,Guest Posting anyone can show their talent and can become an influencer.
When companies realized the power of these content creators, they started collaborations with these influencers. Most benefitted from this marketing are small and medium businesses whose marketing budget is limited. Influencer marketing has become the most preferred tactic for brands to connect with their target audiences.
At a fundamental level, 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. Influencer marketing works because of the high amount of trust that social influencers have built up with their following, and recommendations from them serve as a form of social proof to your brand’s potential customers.
During the pandemic, the culture of online shopping has risen a lot. People spend a considerable amount of time online. This habit had led to shopping through this medium has increased. When it comes to influencer marketing, businesses have to identify the influencer in their niche and ways to collaborate.
Many agencies and platforms have come forward to provide a solution where companies can easily find influencers in their niche and collaborate. These platforms also provide analytics to measure influencer marketing strategies.
How Influencer Marketing Benefitted Companies?
Nike has collaborated with a YouTube channel “What’s Inside?”, run by a father and son duo, for their product Air Vapormax series. This campaign helped Nike to gain 3.6 million views with more than 32,000 likes.
YouFoodz an Australian fresh meal company has partnered with 81 influencers who have created more than 300 pieces of content across Facebook and Instagram which has helped them to get more than 70,000 direct engagements and more than 500,000 impressions.
Kettle & Fire sells traditional, high-quality, grass-fed bone broths to health-conscious foodies. They collaborated with many influencers who help them to create high-resolution Instagram posts for their campaign which give them an incredible result. Kettle & Fire earn $4 for every $1 spent on Facebook ads.
Warby Parker, an eyewear company, collaborated with 7 micro-influencers on Instagram and YouTube for their campaign. The ads reached more than 800,000 people and have a 3.4% engagement rate.
As you can see from the above example, influencer marketing has shown an impressive result with high ROI and due to that many companies are spending on influencer marketing.
Key Players
Izea reported an increase of 62% in their revenue to $10.3 million in Q4 2021 compared to $6.4 million in Q4 2020.
Quotient Technology has reported revenue of $ 0.52 billion in 2021 in comparison to $ 0.44 billion in 2020.
Marketing platform Launchmetrics raises $50M in 2018.
Julius is acquired by Triller
Market Prospects
The future of influencer marketing platforms holds many opportunities and we will see tremendous growth in this market in the coming future. As per the market report by Delvens, the global influencer marketing platform market has reached USD 7.2 billion in 2021 growing at a CAGR of 32.4% during the forecasting period, 2021-2028. Various brands are understanding the importance of the influencer marketing platform as the end market is more focused on digitization. The influencer type of consumer is mostly followed in the field of entertainment (approx. 45.0%) and beauty influencers (approx. 42.5%).
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