From Instagram to TikTok to YouTube, users find it nearly impossible to scroll through these online platforms without interacting with a sponsored post or brand partnership. Thanks to the rise of influencer marketing, businesses have another route to reach their target audiences while generating leads, building brand awareness and boosting sales.
Graduates of Concordia University Chicago’s online MBA in Digital Marketing equip themselves with the skills to take their organization’s digital marketing to the next level.
Right now, marketers all over the world are digging into a massive trend: influencer marketing.
This growing arena of digital marketing combines critical soft skills with marketing know-how to form relationships with influencers and win more business from customers.
What Is Influencer Marketing?
Influencer marketing is when an organization teams up with an individual who has a large following on a social media platform. The goal is for the individual, or “influencer”, to share the product or service with their audience in hopes of creating more business or awareness around it.
There are five types of influencer marketers based on the number of followers:
- Nano influencer: fewer than 10,000 followers
- Micro influencer: 10,000 to 50,000 followers
- Medium influencer: 50,000 to 100,000 followers
- Macro influencer: Over 500,000 followers
- Mega influencer: Over 1 million followers
You’d think all businesses would want to land the mega influencer to work with, but this isn’t always true. Marketing teams see the benefits of working with nano and micro influencers because they typically have a more genuine following of people who engage regularly with sponsored or brand partnership posts.
How Influencer Marketing Came to Be
So, how did influencer marketing grow from a $1.7 Billion industry in 2016 into an estimated $21.1 Billion industry in 2023?
The amount of social media platform users has increased exponentially since 2009, so it’s no wonder the influencer marketing industry has grown alongside them. Businesses need to reach people where they hang out the most, and that’s on the internet. According to HubSpot, the top social media platforms used for influencer partnerships are Instagram, YouTube, TikTok, and Facebook.
Instagram or TikTok may be top of mind for many, but marketers need to consider their specific brand audience when deciding which platform to partner with top influencers.
Influencer Marketing Statistics to Know
The State of Influencer Marketing 2023: Benchmark Report from Influencer Marketing Hub presents eye-opening data from their survey of about 3,500 people of different marketing backgrounds:
- 82% of respondents report having a specific budget for influencer marketing in 2023, an increase from the prior year of 77%
- Nano and Micro influencers were the top choice of brands, with 39% and 30% choosing these as preferred partners for influencer marketing
- Almost half of the respondents say they measure the success of influencer campaigns by views/reach/impressions, with about 25% tracking engagement, and 25% tracking conversions/sales
Influencer marketing has proven to be a strong strategy for many businesses. As long as social media platforms exist and continue to be places where ideal audiences spend time, then smart businesses will use these platforms to engage with potential customers and secure sales.
Boost Business And Marketing Skills With An MBA Degree
Influencer marketing is not a one-size-fits-all marketing strategy. You must consider your target audience, determine campaign goals, choose the right influencers, measure results, and more. Digital marketers who arm themselves with top business and marketing knowledge are prepared to work in several top marketing roles, such as an influencer marketing manager.
An influencer marketing manager is responsible for creating influencer strategies and overseeing chosen influencers they decide to partner with. Influencer marketing managers have excellent communication, time management, tech, strategy, organization, and community-building skills. According to ZipRecruiter, they can earn an average salary of $84,827 in the U.S.
Learn more about Concordia-Chicago’s online MBA in Digital Marketing degree program, and start your digital marketing leadership journey today!
