How important is influencer marketing in 2023?

Influencer marketing is still ‘hot’ it appears. A quick whizz around trusted sources this week reveals the following…

Rapid growth

88% of marketers will maintain or increase their investment in IM of which 17% will be trying it for the first time.

Influencer marketing is growing by 12% annually and therefore predicted to reach a spend of US $32.53bn by end of ’23.

It’s a trend

The top two marketing trends in ’23 will be short-form video and influencer marketing. The two go hand in hand. Check out this case study to see how.

Which social channel?

Overall, Instagram is the number one social channel used by consumers. Millennials still like Facebook. Gen Z don’t.

Interestingly, consumers still use YouTube to research products, but when it comes to buying, Instagram is where they do it.

What content?

Personally, 67% of consumers have a preference for humorous short-form video. But the main reason they’ll follow a brand is for product recommendations and deals.

How influential are influencers?

51% of consumers say they buy products due to Influencer recommendations. 71% say it does influence their decision. The bottom line for marketers (and accountants).

There are case studies of brands that have sold out of products using an innovative influencer marketing approach. Beekman 1802 for example. Their CMO urges marketers to think outside of their playbook when it comes to IM.

Where to find mum influencers

The average age of a first time mum in the UK is 30. Marketers will find them on Instagram (and on the ParentStars database ) 😉

The value of influencer generated content

Finally, none of the research mentions the incredible value of IGC – an inexhaustible pipe line of highly engaging branded content.

Sources: Statista, HubSpot, Traackr