When I sat down to write this blog, you can imagine that there were probably 100 different angles I could have focused on. After all, influencer marketing has deep roots! The earliest example of influencer marketing dates back to 1760 when a British potter used the royal family to promote his pottery business. The royal family – led by Diana, Kate, Meghan and even Queen Victoria – have of course continued their streak of being global lifestyle and fashion influencers.
Brand and retail influencers, however, come in all varieties and forms of celebrity – from global superstars like Taylor Swift and Christiano Ronaldo to retail creators like Stephanie Peña and Gyacey Ryback.
While the look of influencer marketing has changed over the years, its purpose has not. It’s a simple strategy: working with people who have a big following (preferably online) to authentically promote products or services. (Authentic being the key word!)
Influencer Marketing by the Numbers in 2024
I was curious about the state of the industry when it comes influencer marketing. So being the good PR person that I am, went straight for the stats. Here are a few key stats that I found interesting:
- In a survey conducted by Matter Communications, 69% of consumers trust influencers’ recommendations over information straight from a brand.
- The influencer marketing market size was projected to reach $24 billion by the end of 2024, up from $21.1 billion in 2023.
- 84.8% of brands report that their influencer marketing strategies are effective, with 36% stating that influencer content outperforms brand-created content.
- According to HypeAuditor, nano-influencers with fewer than 5,000 followers have the highest engagement rates (2.53%). This engagement appears to decrease as the follower count skyrockets.
- Data from Influencer Marketing Hub report that TikTok and Instagram lead the way in popularity. In 2024, 69% of brands use TikTok in their influencer marketing campaigns, making it the most popular channel.
- Gen Z shoppers say influencers are their primary product discovery channel.
- Nano-influencers on TikTok have 18% engagement rate, followed by Instagram’s 5% average and 3.5% for YouTube influencers.
My Personal Story to Social Media Influencers
I never really thought of myself as a shopper who relies on social media influencers to help me figure out what I needed for my closet, my kitchen pantry or my beauty and skin care routine. Afterall, I am a fully capable Gen X homeowner, wife, mother and PR executive! I had my go-to shopping haunts, and I didn’t need advice from someone in Instagram-land telling me about the best brands to invest my hard-earned salary on – boy was I wrong.
The first time that I “let my guard down” and watched an Instagram post from @lisa123marie, I was hooked. She was not only completely relatable, showing off cute outfits from her very stylish but very relatable bedroom, but the clothes were my kind of trendy and right on budget.
Now I follow at least a few dozen fashion, beauty and wellness and food-focused micro-influencers. All who have made a big impact on what I’ve purchased and or recommended to family and friends.
The buzz on these influencers is real, and I am living proof that they work. They’ve helped me to discover new brands I was not previously aware of and think outside of the box when it comes to fashion and/or beauty tips and tricks.
At the top of the “pro” list, influencers have saved me a ton of time otherwise spent shopping in-store or online for just the right look or product.
As Karen Freberg, a professor of strategic communication at the University of Louisville, said to the BBC, “In a world in where consumer attention is fragmented and fleeting, influencers are emerging as a beacon of authenticity and relatability, offering a human touch that conventional corporate communications often lack.”
A No-Brainer for Retailers and Brands of All Sizes
Retailers and brands who have not invested in some form of influencer marketing are missing the boat.
Take this example, profiled in Modern Retail, of a Sweety Ice Cream launch in 2023. The brand worked with four influencers on paid campaigns, resulting in Sweety selling out in all locations within three weeks.
Social media content was made by several Costco influencer accounts, and most of the videos were centered around influencers highlighting the product’s arrival at the retailer or telling followers what aisle it’s located in.
According to chief marketing officer Tiffany Yang, “We had over 600,000 views from the campaign, it shows an influencer campaign doesn’t need to be large or expensive to be successful — you just have to pick the right ones.”
They key to successful influencer marketing partnerships are all about building trust and credibility, reaching the right audience and finding just the right influencer that will give you the bang for your buck.
I might have been late to the social media influencer game, but it’s part of my shopping fabric now and I won’t ever look back.
Austin
