Influencer marketing is a powerful marketing channel for businesses, enabling them to reach wider audiences and find new customers. Working with influencers has become an integral part of a brand's marketing strategy, and if this list of influencer marketing statistics is any indication, it shows no signs of slowing down. In fact, the 2023 Influencer Marketing Hub survey found that a whopping 90% of marketers believe that influencer marketing is effective and 72% of marketers agree that influencer marketing provides higher quality customers.
These influencer marketing stats clearly show the value of influencer marketing — and how it can help you increase sales, customer retention, and social media following. If you're not convinced, we’re pretty sure you will be by the end!
Table of Contents
Influencer Marketing Statistics You Need to Know in 2024
The Use of Micro-influencers Is On the Rise
Social Platforms Are Empowering Content Creators Like Never Before
Influencer marketing is actually nothing new, but how it’s valued from a public perception and how it’s utilized by brands. Before the internet, the power of influencer marketing rested solely in celebrities' hands. From endorsements like Jennifer Aniston for Aveeno, or Michael Jordan for Nike, there was very little in the way of what is commonplace today: using nano, micro, and macro-influencers for more targeted and authentic messaging to niche audiences.
The reach for this new class of influencers may be smaller, but their engagement rate is significantly higher, and the trust factor is astronomically higher for the up-and-coming purchasers of the future. In fact, 70% of teen YouTube subscribers say they relate more to YouTube creators than celebrities.
On that note, when online influencer marketing started, impressions were considered the most important metric. Everyone wanted as many eyes as possible on the content and on the product, and so massive impressions and reach numbers were sought after.
Today, engagement rate is considered far more valuable, as it tends to lead to more hard and cold ROI such as followers, clicks, web traffic, and sales. Just focusing on the number of eyeballs is a less strategic and less fruitful approach.
Nano, micro, and macro-influencers typically have a much stronger relationship with their audience and will only vouch for products and services that they love to retain their status as a trusted source of information to their loyal fan base. So, when reaching out to an influencer, particularly smaller influencers, don't be surprised if they aren't interested in promoting your product unless they can truly vouch for it.
Influencer Marketing Statistics You Need to Know in 2024
The value of influencer marketing cannot be understated as we head into 2024. Here are some top influencer marketing statistics to showcase the power they have in social media to influence purchases and other important KPIs for your team...
Reading Tips: Are you wondering how much influencer marketing costs? Learn more about influencer pricing. We also asked ourselves What Does ChatGPT Think About the Future of Influencer Marketing?
1. Today’s consumers are heavily influenced by reviews and recommendations from trusted friends, family members, peers, and influencers.
In fact, 49% of consumers depend on influencer recommendations, according to Digital Marketing Institute. Furthermore, 69% of consumers trust what influencers say and recommend.
Authenticity, transparency, and the ability to compare different products and opinions are vital for purchasers today, which is why finding trusted influencers to partner with as a brand is hugely important for influencing sales and customer retention.
2. Influencer marketing is considered a legitimate and mainstream marketing channel today
It wasn’t that long ago that influencer marketing through Instagram or YouTube was more of a fringe strategy. But today, nearly 40% of marketers say they use influencer marketing or plan to do so in 2024. (State of Social Media Survey, Meltwater).
Tip: Here you find more Instagram statistics and YouTube statistics
3. Marketing teams are more willing to put money behind their influencer campaigns
In 2020, the State of Influencer Marketing report found that 66% of marketers plan to increase their influencer marketing budgets. As 2021 rolled around, the report indicated that 75% plan to allocate more of their content marketing budgets toward influencers. Midway through 2023, Statisa research revealed that 78% of marketers plan to increase budget or keep it the same.
4. Through influencer marketing, you reach a more relevant target audience
51% of marketers say influencer marketing helps them acquire better customers. When you use influencers to promote your products or services, you’re skipping several steps ahead of the hurdle that is proving the value to a cold customer. In other words, you’re reaching potential customers who are already predisposed to be interested.
5. Companies like the idea of working with the same influencer for multiple campaigns
In 2021 Influencer Marketing Hub reported that 56% of surveyed marketers responded that they had worked with the same influencer multiple times. This is a great way to build even more trust with their audiences.
An underappreciated facet of influencer marketing is that audiences who follow influencers are less likely to be turned off by sponsored posts or videos when they know: 1) the influencer enjoys working with a particular brand and 2) that brand supporting the influencer allows them to continue making the content their subscribers and followers enjoy.
The 2023 Meltwater State of Social Media report revealed that most marketers who have an influencer program work with a small number, between 1-10.
6. Campaign-based influencer marketing is preferred by most marketers
While they might work with the same influencer on multiple occasions, over half (67%) of teams working with influencers prefer the partnerships to be campaign-based, rather than ongoing. Influencer marketing campaigns cover a very wide range of styles and KPIs, and they are a bit easier to manage expectations than an on-going agreement.
7. Email subscribes is a growing method for tracking ROI
In 2023, the number of marketers using email sign-ups as a way to measure ROI from influencer marketing nearly doubled, from 16% in 2022 to 31% in 2023.
8. Relatability is key
One of the reasons influencer marketing is so effective is their ability to be relatable to their audience. In fact 61% of consumers say those with relatable personalities are the most appealing to them. This further enforces that while celebrity voices can be important in the influencer ecosystem, you don't need to shoot for a celebrity endorsement anymore and finding an influencer your audience can actually relate will yield results.
9. Finding influencers is still one of the biggest challenges marketers point to
34% of brands say they have difficulty finding influencers. Part of this comes from the concern over fake influencers (67% of brands are concerned about influencer fraud), however actual reports of fraudulent influencer activity dropped massively as of 2021, from 68% to 38% according to Shopify.
If you’re struggling to find influencers and manage your influencer relationships, Meltwater's influencer marketing platform can help! Schedule a demo to see how. You can also compare the best influencer management platforms on the market.
10. An increase in brand awareness is the most valued KPI
According to the Meltwater State of Social Media report, over 60% of marketers say that the main goal of their influencer program is (or would be) increased brand awareness. This is followed by increasing followers and increasing sales.
11. Free samples are still the most common method of payment for influencers in the micro and nano sector
In 2021, 36% of State of Influencer Marketing respondents indicated that they compensated influencers with free samples. This practice is commonplace and has been around for decades. If you’re working with a new influencer, particularly a nano or micro-influencer this is an acceptable arrangement when you’re testing the waters of the partnership.
Learn more about why micro-influencers matter →
However, there is a strong movement among creators, especially those that make a living from being an influencer, to know their worth and to push back if “exposure” and “swag” are the only payment methods offered. If your marketing team is throwing a significant portion of your budget behind influencer campaigns, make sure you're truly valuing their time and effort with appropriate compensation.
Get more information about influencer gifting, and be aware of the influencer pay gap.
12. The typical budget for influencer marketing is less $10K
Influencer Marketing Hub found that most companies allocate around $10,000 or less for their influencer marketing program.
13. Instagram is the preferred influencer marketing channel by most marketers
68% of brands prefer Instagram for influencer marketing, according to the Klear State of Influencer Marketing report.
14. TikTok is coming up behind
40% of brands see TikTok as a valuable channel for influencer marketing, followed by Facebook (35%) and YouTube (32%).
Marketers should definitely keep an eye on TikTok as it has strong engagement rates and session durations, growing by 6.6% in 2023.
Tip: Read this blog for more dedicated TikTok stats.
15. Gen Z is an important audience
A driving force when it comes to engaging with influencer content, Gen Z are more likely to make purchases based on influencer recommendations. They also express interest in learning, and seek out influencers for skill and knowledge development. (Klear State of Influencer Marketing report)
The Use of Micro-influencers Is On the Rise
As we’ve hinted at, micro-influencers are where it’s at when it comes to influencer marketing. Here are some key micro-influencer statistics in case you’re still on the fence!
Learn more about what defines different levels of influencers in our Ultimate Guide to Influencer Marketing.
1. Micro-influencers inspire up to 60% more engagement than other influencers.
2. Cost is a factor with 44% of marketers saying they prefer micro-influencers because they cost less.
3. Micro Instagram influencers boast an average engagement rate of 3.86%, while mega-influencers see only 1.21%.
Learn more about why micro influencers matter →
Social Platforms Are Empowering Content Creators Like Never Before
There is a strong incentive push right now from top social media sites to keep creators making content for their platforms. These are largely coming in the way of “creator funds” and certifications.
What does this mean for brands?
The influencer market will continue to become more competitive and brands should pay close attention to where their target audience for influencer campaigns lives. Because now, influencers on those platforms now have more tools at their disposal to create even more engaging and high-quality content.
- TikTok, Reddit, and Meta have creator funds set up to nurture content creators and influencers.
- Pinterest launched “Creator Code”, a fund designed to elevate underrepresented creator communities
- Snapchat has a certification program to help advertisers achieve success on their platform
- YouTube introduced a Media Kit feature to their creator tools, as well as consistently providing more ways to break down and showcase engagement metrics.
See more about the creator economy and what it means for marketing in 2024 and learn how to create a media kit.
So there you have it! Will you be implementing an influencer marketing strategy in 2024 after reviewing these impressive influencer marketing stats? If the answer is yes, don't forget to contact a Meltwater representative to learn about our Meltwater influencer management solutions.
Tip: These are the best social influencer management platforms and social influencer marketing tools.
