5 Reasons that Would Convince Anyone to Invest in Influencer Marketing

Ever try to win an argument by sprinkling in some stats? Right, probably didn't work. If we’re being honest, statistics don't usually convince anyone, it's good storytelling that changes people's minds.

The problem is that when you enter budget approval conversations with decision-makers, they need to see proof to back up your claims. This blog may feel like we’re stating the obvious (we’re an influencer marketing company—we think you should work with influencers), but maybe the decision-makers at your company don’t see eye to eye.

If you're interested in trying influencer marketing as a brand but the budgeting conversation has yet to go anywhere, consider using these five points as a starting point to discuss why and how investing in influencer marketing for the long term can make sense for your marketing strategy.

5 Reasons to Invest in Influencer Marketing

Influencer marketing is estimated to reach $23B in revenue in 2023, with +17% year-over-year growth despite economic headwinds. According to a new report released by Ogilvy UK, 75% of B2B marketers are now investing in influencers.

The influencer marketing industry is growing at lightning speed. You're already behind if you’re not on top of your brand strategy. Influencer marketing spend is expected to grow to $21.1B in 2023, reaching a whopping $92B by 2030.

Here are the five reasons your brand should consider investing in influencers:

1. Brands report influencer marketing achieves their goals: Influencer marketing ranked #1 as the top trends marketers currently leverage.
2. Social is where consumers discover new products: 81% of consumers report that social media posts from influencers drove interest in an item or service this past year.
3. Social is also where consumers make their purchasing decisions: 80% of consumers purchased products in direct response to social content.
4. Influencers have two things brands lack: trust and attention: 7 out of 10 consumers trust influencers’ recommendations just as much as the opinions of real-world friends.
5. Influencers help you enter the conversation, not interrupt it: More than 40% of internet users have ad blockers installed.

Reason 1: Brands report influencer marketing achieves their goals

Should your brand invest in influencers just because others are? Not necessarily.

And yet, if you evaluate your brand goals and what you’re looking to achieve, maybe that’s brand awareness, a shift in brand perception, a way into an audience you’re looking to target, more user-generated content (UGC), and premium assets to use across channels, web traffic, or conversions. Influencers can help you achieve any one of these goals.

Want to find influencers who are the right fit for your brand? Book a demo to trial Fohr's influencer marketing platform today.

Influencer marketing ranked #1 as the top trend marketers currently leverage.

According to a HubSpot survey, influencer marketing ranked #1 as the top trend marketers leverage, ahead of SEO, experiential marketing, and short-form video content. The following trends marketers leveraged ranked as mobile-friendly website design (2), short-form video (3), virtual events (4), and experiential marketing (5).

And brands aren’t just jumping on the bandwagon to check a box—they’re reinvesting because it’s working to achieve their goals.

According to Influencer Marketing Hub, 67% of respondents who budgeted for influencer marketing intend to increase their influencer marketing budget over 2023.

95% of those using influencer marketing report that it has helped them achieve at least one of their marketing goals.

Reason 2: Social is where consumers discover new products

Gone is the time when television, print, and radio dominated the advertising industry. The channels where consumers spend most of their time? Social media.

That’s why multiple staple brands and companies, like Anheuser-Busch, pulled out of once tried-and-true big-budget advertising opportunities like the Super Bowl.

When interviewed by AdWeek, here’s what Spencer Gordon of Anheuser-Busch had to say about pulling out of their Super Bowl ad spot:

“Where are evolving our investments so that our brands reach the right consumers, at the right time, in the right place, with the right messages.”

- Spencer Gordon, Anheuser-Busch

According to MarTech Series, 13% of consumers discover new products through TV ads, whereas 28% discover through influencers.

81% of consumers report that social media posts from influencers drove interest in an item or service this past year.

When there are so many products to sift through, consumers get decision fatigue and analysis paralysis. Who better to help them weed through what to buy than the influencers gifted a wide array of these products?

The same report from Matter Communications detailed that consumers are looking to influencers as an educational resource—42% looking for how-to content like recipes and tutorials, 35% preferring Stories with digestible bits of information, and lastly, 33% seeking photo or image-based posts with information in the caption.

At least 15 percent of product discoveries are happening on TikTok, with one in three people buying a beauty product just because they saw it in their favorite short. The same goes for fashion. Four in five TikTok users actually buy an item directly after searching for it.

Reason 3: Social is where consumers make their purchasing decisions

It’s not just a (discovery) phase. It’s also where the research, consideration, and ultimate purchases happen—right on the apps.

Today, ‘TikTok Made Me Buy It’ is common vocabulary. TikTok has made impulse buying a new and exciting fad for younger consumers who establish their own roster of trusted brands and pinpoint their styles and aesthetics.

80% of consumers purchased products in direct response to social content.

It’s not just a win for consumers and brands—we’re happy to see creators ‘get the bag.’

Online creators and influencers recommending products to their followers using the shopping platform LTK sold $3.6 billion worth of goods in 2022.

Even if they’re not ready to buy, they’re doing their research here. 93% of consumers turn to social media platforms like YouTube and TikTok to get questions answered and get the most out of a product or service.

Reason 4: Influencers have two things brands lack: trust and attention

Influencers are universal, reaching across every industry and vertical. An IZEA report stated that 78% of all respondents and 92% of all respondents ages 18-29 follow social media influencers.

Forbes reported a study from Sideqik that proved the trust and attention influencers possess. Sideqik claims that 50% of millennials feel that they know the influencers they follow on social media better than their friends.

7 out of 10 consumers trust influencers’ recommendations just as much as the opinions of real-world friends.

The impact influencers can have should not be ignored. Forbes reported that in the past year, 72% say their trust in influencers has increased, 66% say purchase decisions are often driven by influencers, and 64% say that influencers even help them discover new brands.

Sideqik data also supports this; its findings placed great value on authenticity, stating that for 94% of consumers, it is a crucial reason they follow influencers.

According to Edelman, two out of every three consumers say they trust influencer messages about a brand more than a company’s advertising about their brand.

“Influencer marketing doesn’t just get you in front of the audience you’re trying to reach — it gets you there in a way that feels authentic and human.”

‍- Annabelle Nyst, Senior Content Manager, Brand Social

Reason 5: Influencers help you enter the conversation, not interrupt it.

With traditional ad media, you are interrupting content someone wants with content they do not want. Sit through this ad to return to the game; flip past this ad to finish the article. Advertisers are forcing themselves into places where people don’t want them but must tolerate them.

More than 40% of internet users have ad blockers installed.

Influencers help dodge these and get your content to consumers on social media.

Not only that, but you may be wasting your paid advertising dollars. A report from Juniper Research found that $84 billion will go to ad fraud this year, with expectations to increase.

Ready to find influencers who are the right fit for your brand?

Now you have the stats to back you up in that next budget meeting. We hope you can use these five points to support your argument the next time you try to secure an additional brand budget. The statistics used here are just a cherry on top.

Fohr is an influencer marketing agency and a self-service platform that can help with all things influencer marketing. Reach out to us to schedule a demo today.

‍

Photo thumbnail source: Unsplash