The Influencer market size has been growing substantially since 2016 at an average 157% per year. In 2020, the predicted growth, based on a survey of 4,000 marketing agencies, brands and other industry professionals, suggest another 140% growth this year to $9.70 billion, as can be seen in the chart below.
Instagram is one of the largest social media platforms in the world, with 1 billion monthly visitors and 500 million daily viewers of Instagram stories. The average person spends 28 minutes per day of their leisure time on the app and follows several influencers.
In this blog we discuss the latest trends in influencer marketing based on the above 2020 research report by Influencer Marketing Hub.
The key findings are:
What this Means for Your Business
The market is growing and the strategies are changing to involve a larger variety and number of influencers at all sizes. Instagram influencer marketing is becoming an integral part of any digital marketing strategy, with an average 10% of the total budget being spent on campaigns.
Issues with influencer fraud and difficulty finding influencers to collaborate can discourage anyone to tap into the full potential of this channel. Our experienced instagram influencer marketing team can help you overcome these issues with ease. We have worked with many influencers and have a database of thousands of influencers that are trustworthy, professional and experienced in brand collaborations. We manage the goods, payment and execution of the campaign to run in a timely, orchestrated manner. Interested to learn more? Read our case study and inquire about our services .
Source: Influencer Marketing Hub, 2020