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:
- Instagram Influencer marketing market is growing
- Brand spending is increasing to an estimated $9.70 billion globally in 2020
- The average number of activated creators per organization is increasing, from 320 in 2017 to 660 in 2019 (CreatorIQ, 2019)
- The engagement rates for smaller influencers are better than macro
- 7.3% average engagement for nano-influencers vs. 1.1% for macro influencers
- More and more micro influencers are employed in campaigns vs. before, compared 2016 the ratio was 1 macro to 3x micro influencers, om 2019 it stood at 1x macro to 10x micro influencers (in this context marco influencers are those with over 1 million followers and micro with less than 100K followers, Creator IQ study)
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