#10things marketers must know about influencer marketing
Influencer marketing is expected to grow in value in the market to $84.89 billion by 2028, compared to a market valued at $16.4 billion in 2022, says Cindy Laufs, founder of Hustle Media.
Brands everywhere are clamouring for consumers’ attention, and consumers are looking for authentic connections with brands – but it can be challenging to stand out in an already crowded digital space. Enter influencer marketing. Founder of Hustle Media, Cindy Laufs, predicts that 2023 will be a watershed year for influencer marketing and that businesses that don’t recognise its potential will be left in the dust.
The number of influencer marketing platforms and agencies has more than doubled in the previous two years, and most businesses intend to increase their spending in this area. These are Hustle Media’s key influencer marketing shifts for the near future, including the value of the market and percentage of marketers and brands prioritising influencer marketing:
- The influencer marketing market was valued at $16.4 billion in 2022 and is expected to grow to $84.89 billion by 2028.
- A significant 93% of marketers have incorporated influencer marketing into their overall plan.
- An estimated 44% of B2C companies say they will boost their spending on influencer marketing in the future.
- While only 38% of people trust branded material, 61% believe influencers’
- In a survey, eight out of 10 consumers said they made a purchase based on an influencer’s endorsement.
- In fact, 72% of marketing professionals agree that influencer-generated content is more effective than branded postings.
- Women make up 84% of Instagram’s global influencer population, dominating the influencer marketing game.
- As much as 86% of marketers cite expanding brand recognition as a key priority.
- The prevalence of video media is only expected to grow. Short-form videos, like reels, will continue to be the preferred format to showcase your brand’s offering
- Instead of working with influencers on isolated initiatives and campaigns, brands will build lasting relationships with content creators that align with their brand and target audiences.
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