As more marketers look for ways to resonate with their target audience, new research shows that they are putting more effort into influencer marketing as a tactic.
Influencer Marketing Hub recently published its “Influencer Marketing Benchmark Report” for 2020, and statistics showed that 91% of respondents now believe that influencer marketing is an effective form of marketing. On top of this, 78% of respondents stated that they will be dedicating a portion of their budget to influencer marketing in 2020.
Over the next 12 months, 66% of marketers said that they expect their influencer marketing budget to increase, while 17% stated that it will at least stay the same.
Overall, 78% of respondents claimed that they will spend at least 10% of their overall marketing budget on influencer marketing, in particular.
The Ongoing Growth of Influencer Marketing
Although influencer marketing may seem like a new trend, previous research shows that marketers have been deploying this tactic for months.
Linqia conducted the “State of Influencer Marketing 2019” report, and data suggested that 66% of marketers ran three or more influencer marketing campaigns in the previous year. About 74% of marketers use influencer content in other channels, and 57% said that the content outperforms brand-created content.
In 2019, the majority of marketers (22%) stated that they had an annual influencer marketing budget of between $250,000 and $500,000. This was compared to just 16% who said the same in the previous year.