Do you think influencer marketing is a lucrative career?
Do you think influencer marketing is a lucrative career?
Influencer marketing has transformed into an extremely popular form of digital or online marketing across the globe. There are billions of internet users surfing social media every day, therefore, it has become necessary for marketers these days to make use of the internet’s familiar faces, inspirers, and motivators for promotion. The most recent data reveals that the marketing value of global influencer marketing has almost doubled ever since 2019. Because nowadays the digital landscape is growing at an exceptionally high speed, influencer marketing has become a vital element for businesses intending to boost their bottom line and stay aware of the latest things that are happening in the industry.
Here are a few fun facts and stats that we will explore
Influencer Marketing Stats
- The market size of influencer marketing across the globe has increased to $13.8 billion; the market size of Instagram influencers throughout the world is recorded to be $2.3 billion.
- Google Searches particularly for “Influencer Marketing” increased by 400% in the UK during the period 2016 to 2021
The above-stated data proves the fact that there’s considerable interest and enthusiasm about influencer marketing that increased Google searches by 400% in the UK alone.
- Approximately 44% of B2C Brands intend to Increase their budget for Influencer Marketing
As per the findings of a survey of business-to-consumer (B2C) brands based in Europe, roughly 44% of them accepted the plan of increasing their budget during 2021 in this segment. Conversely, only 7% wanted to lessen it and 29% of the brands wanted to maintain the same budget as in 2020.
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- Influencer Marketing Industry is estimated to reach around $16.4B globally in 2022
This industry segment increased from $1.7 billion to $9.7 billion from 2016 to 2020. Again, it amplified to $13.8 billion in 2021, signifying a steady progression. And, in 2022, the market for influencer marketing is estimated to magnify and reach $16.4 billion.
This growth is accredited to the growing attractiveness of short video formats on platforms such as YouTube, Facebook, and the like. The influence of the global pandemic on customers also prompted higher consumption of social media and the optimization of the collection of data that marketers used for social media advertisements.
- Maximum Marketers Have Chosen Influencer Marketing as a marketing strategy
This tactic is quickly becoming a key element in the marketing strategy of brands. 93% of businesses consider using influencer marketing in their campaign and consider it to be a groundbreaking strategy. Just 7% of businesses surveyed have never utilized influencer marketing.
- Cross-Channel Promotions are growing in the year 2022.
During the year 2014, roughly every individual had 4.8 accounts on social media. In the year 2020, this increased to approximately 8.4 accounts per/person. It is clear from this figure that social platforms and their use has increased significantly. Thus, it has become imperative for marketers to adopt a cross-channel strategy for improving the effectiveness of their marketing campaigns. Also, it is extremely important to craft compatible and customized content that can cater to the needs of different platforms of social media. The companies need to work cooperatively with the influencers who are experts in each social media channel and have the potential to engage and retain the targeted addresses within the digital sphere.
- Social Commerce is expected to reach $958B in terms of sales during 2022
These days, the social interaction of businesses is not limited to advertisements. Various social media platforms are offering a lucrative avenue for increasing the sales figures for businesses. The users of these social media networks can conveniently purchase things without navigating away from the app. Due to this, sales via social commerce boards are approximated to increase to $958 billion during 2022 and reach $2.9 trillion by the year 2026.
- Marketers Will Increase Spending on Influencers by 2023
This booming sector is expected to offer a high rate of return on investment. Therefore, marketers will inevitably increase their percentage of spending on influencers as per Statista and would require influence marketing managers for their operations. Certainly, this segment will become enticing for content creators and influencer marketing managers to get in on the act.
Based on the facts and figures presented above, it can be concluded that one of the main reasons for companies to use influencer marketing is to generate sales. A huge percentage of marketers have confirmed this fact as well. This tactic can prove to be effective if companies can find well-admired influencers and can develop a valuable advertising campaign. This strategy also needs to be handled by specialized professionals and many businesses are creating a position of influencer marketing managers for this sole purpose. This is comparatively a new profession and a job opportunity. The number of openings in the UK is rising. This implies that influencer marketing and management are in high demand these days. So, this answers the question raised in the beginning of the post. Certainly, it is both sustainable and a lucrative career. However, the newness of this profession also raises doubt if people can manage to cope with the accountabilities of the role.
Let us know more about the job role of influencer manager and the skills required to land a job in the upcoming post.
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