10 years ago, the marketing world would have never considered using an influencer to market a product. In 2017, we saw that influencer marketing on Instagram alone is worth at least $1 billion and that the industry will grow five times by 2021.
Some brands used to simply look at only reach, but now are moving beyond this as they become more intolerant of fake followers and likes.
It is now easier for brands to have access to tools that will help to evaluate whether influencer marketing is beneficial for their brand with engagement, deeper audience statistics and if each post from an influencer is gaining revenue.
While influencer marketing has become almost a normal strategy into a brands’ marketing plans, influencers are now looking for a more meaningful partnership with a brand that really connects with them and shares the same values. Therefore, it’s important for brands to select the right influencer for them and they will likely see better engagement and results from the influencers’ audience.
As social media expands, there are more opportunities for an influencer to promote a brand. Video content on both live and timeline streams can be twice as effective in driving sales; thus we will see more video-based sponsorship in our feeds.
We are now seeing influencer marketing beyond the social media universe with influencers used in podcasts, eDM’s and TV commercials. Marketers and influencers are collaborating more creatively and finding ways to market differently to achieve success.
With Instagram set to exceed 1 billion users in 2018, long-term relationships between influencers and brands continue to grow and tools to help reach target audiences, there is no sign that influencer marketing is going to end anytime soon.