Influencer Insights: 5 Stats to Know About Influencer Marketing in 2024 

Whether you’ve got quality promotional merchandise to share with your target market or a brand-new product to highlight, you want to explore the most effective advertising and marketing methods. In 2024, influencer marketing can tick that box.

Influencer marketing describes a relationship between brands and popular social media users to show off products and services. The hope is that fans of those social media users will buy what they see in the content they publish.

As one of the most recent players in the game, it’s natural to be wary of influencer marketing. However, the following statistics may give you the confidence to try it. You may be surprised by how effective it can be.

Most Consumers Trust Influencer Recommendations

Building trust with consumers through advertising can be challenging. However, it may be much easier through influencer marketing than many other marketing types. According to recent surveys, 69% of consumers trust influencers’ recommendations. This can mean that if you use an influencer to market a product, you may find it easier to sell your product to a new group of consumers. They may be less likely to question the legitimacy of your offerings.

This is often because influencers build an audience of consumers with whom they form bonds and develop mutual trust. If an influencer says a product or service is worth buying, many of their loyal followers will believe them.

Influencer Marketing is Worth $24 Billion

If you don’t think influencer marketing is worth your time, the global influencer marketing value may change your mind. According to the most recent statistics, influencer marketing around the world is worth $24 billion.

It was worth $21.1 billion by 2023, having tripled in value since 2019. It’s believed that the industry will continue to expand each year, meaning that collaborations between social media content creators and brands will continue to be effective and profitable.

Majority Think Influencer Marketing is Effective

According to a benchmark report by Influencer MarketingHub, 85% of survey respondents believe influencer marketing is effective. That’s a significant increase in confidence from previous years.

This may be because influencers build trust in consumers. Influencer marketing is also cost-effective and adaptable compared to transitional marketing methods. Many business owners believe influencer marketing can help increase sales.

TikTok is the Most Popular Influencer Marketing Channel

While YouTube, Facebook, and Instagram still have their place in the influencing world, TikTok is leading the way. Alongside having 150 million users in the United States, TikTok is used by 69% of the brands that currently use influencer marketing.

If you haven’t yet explored TikTok for your business, now might be the right time to create an account. You may soon find the most influential content creators who can take your business to new heights.

Many Businesses Plan to Increase Their Influencer Budget

Most well-established businesses have marketing budgets, which are figures specifically for marketing costs. These budgets can be further divided into categories like radio, TV, newspaper, and digital.

While many innovative businesses already spend money on influencer marketing, they plan to spend more in the future. Nearly one-quarter of Influencer MarketingHub survey respondents said they intended to spend over 40% of their entire marketing budget on influencer campaigns. Moreover, 60% of influencer marketing respondents said they plan to increase their budget for 2024.

Influencer marketing may be a foreign concept, but it’s worth learning more about. Influencer marketing is an effective marketing strategy for any business to build trust and spread the word about its products and services.