Are you ready to take your influencer marketing knowledge to the next level?
You can think of this article as your ultimate cheat sheet because we’ve packed over 60 statistics into this post that will help you better understand the impact and benefits of influencer partnerships.
When you know how influencer marketing can impact consumer trust and engagement, you will be better equipped to make the right choices when hiring an influencer. Alternatively, if you are a content creator looking for business partners, then you probably want to know how much to ask for and where to find the best opportunities.
So, let’s take a look at the most important influencer marketing statistics in 2024.
List of Influencer Marketing Statistics for 2024
We recommend reading our list from top to bottom so you don’t miss any important details. But if you are in a hurry and need to find a specific set of influencer statistics, then feel free to click the links below to get to the section you’d like to read:
General Influencer Marketing Statistics
- As of 2024, it’s estimated that the influencer marketing industry is worth $21.1 billion, and that number is expected to grow over the next several years.
- 83% of business owners who have tried influencer marketing say it has helped grow their companies.
- According to 60% of marketers, influencer-made posts perform better than traditional branded content.
- The top 5 countries for influencer marketing are the United States, Canada, the UK, Australia, and Germany.
- Here are the top 6 influencer niches: lifestyle, fashion, beauty, travel, model, and health and fitness.
- 39% of brand leaders say they have only worked with 10 influencers or less.
- On average, influencers respond to brand proposals within 14 hours.
- Influencer fraud is down, with less than 37% of accounts impacted. This is impressive when you consider that this number was 50% in 2021.
- 89% of marketers who used influencer marketing last year say they will maintain or boost their spending this year.
There’s no doubt that influencer marketing is growing in ways we never would have imagined 10+ years ago. As of right now, the industry is worth over $21 billion, and we don’t see things changing any time soon.
Business leaders and marketers will continue working with influencers because it helps them boost sales, engagement, and brand awareness. All three of these factors are very important for their long-term success.
On the other side of things, people are also discovering that they can grow an audience and get paid to promote their favorite products and services. While many people already make a living by being influencers, more content creators are entering the arena every day.
Now that you are starting to realize the impact of influencer marketing, let’s dive in and look at some earning statistics.
Influencer Earning Statistics
- Most influencers are compensated with money (41.6%), free products (29.5%), a steep in-store discount (17.7%), and giveaway entries (11.2%). This means paying influencers cash for their services is the top pick.
- However, close to 85% of influencers say they are happy to work for free products if they know and trust the brand or if the product is a high-ticket item.
- A majority of businesses do both: pay for influencer services and include the product they want the person to promote in the package.
- Influencers with less than 10,000 followers charge between $20 and $100 for a post.
- Creators with 10,000 to 50,000 followers charge between $35 and $450 per post.
- Influencers with more than 50k but less than 500k followers charge $150 to $2,500.
- Macro influencers, meaning those with 500k to 1 million followers, charge between $250 and $7,000 for collaborations.
- Almost 75% of marketers have turned to affiliate marketing to boost their earnings.
- This makes sense when you consider over 80% of brands run affiliate programs.
- In total, 26% of influencers earn about $500 per month for their work.
- Meanwhile, 15% earn $5,000 or more each month through brand deals and content.
Influencers love what they do because they get cash payments, free products, and much more for working with partners in their niche. The statistics show that most businesses pay their partners for posts, which is great news for content creators.
However, it’s also worth noting that nearly 85% of influencers are more than happy to accept a product as compensation if it’s from a brand they trust. That means that working on your social proof could help your business build better relationships with influencers.
It’s also worth noting the different types of influencers and how the rates can change. For instance, someone with less than 50,000 followers is almost always cheaper than someone with over 1 million followers.
If you are an influencer, we recommend calculating your price by looking at your efforts, audience size, and reach. You will meet people who will offer you much more and much less than the median numbers we listed above, so don’t get discouraged if you get a few low offers.
If you run your own website, then we recommend using a tool like MonsterInsights to track your website analytics. This will give you access to plenty of data, including your pageviews, visitors, and most popular content. Then, you can use this information to negotiate a better deal with businesses that you want to promote and endorse.
For more details, just see our guide on how to track website visitors in WordPress.
Social Media Influencer Marketing Statistics
- Globally, 4.74 billion people use social media. That’s almost 60% of the population!
- The average person spends around 2 hours and 30 minutes on social media every day.
- 43% of people turn to social media sites when they are thinking of buying a product but don’t know where to start.
- 89% of marketers say Instagram is the best place to work with influencers.
- YouTube and TikTok are also extremely popular places to connect with influencers.
- Don’t be afraid to diversify your strategy because omnichannel marketing gets 90% more engagement and customer retention when compared to single-channel marketing.
- There are over 100,000 self-described TikTok influencers in the United States.
- The majority of these influencers have between 50k and 100k followers.
- Instagram boasts an impressive 500,000 influencers, which is why it’s one of the most popular platforms.
- On average, influencers use 2 or more social media accounts to build and maintain their reputations.
- Over 75% of all influencer marketers use social media engagement metrics to track their performance.
Nearly 60% of the world has at least one social media account, and the average person spends over 2 hours a day on these sites.
Due to the popularity of these platforms, you would struggle to find influencers who don’t use social media to build and maintain their audiences.
Despite there being many platforms to choose from, three clear winners shine above the rest: Instagram, YouTube, and TikTok. These platforms have massive audiences, and most of them are willing to listen to influencers they trust and check out their product recommendations.
If you are an influencer with a website, then you probably want to know how to bring your site and social media together to maximize conversions. Luckily, the answer is easier than you might think.
You can easily harness the power of social media on your site with Smash Balloon. It is the best social feed plugin that works with all the popular social media platforms, including Facebook, TikTok, Instagram, and YouTube.
You can use Smash Balloon to embed your social feeds into your website and show visitors what’s happening on your social media accounts. This is a great way to transfer energy and excitement, which means a more engaged audience. Plus, you can allow people to follow and like your social content from your website, which can grow your audience.
Influencer Costs and Engagement Statistics
- Most companies spend less than $50,000 per year on influencer marketing, but about 11% spend $500k or more.
- The average cost of working with an influencer is $257 per post, but that number can vary wildly based on audience size, industry, and reach.
- About 61% of people work with the same influencers multiple times instead of constantly seeking new partners.
- The two most common challenges that businesses have when looking for influencers are finding someone who has a similar audience and partnering with influencers who create high-quality content.
You may be shocked to learn that about 11% of businesses report spending over $500k on influencer deals. It’s safe to say that these are probably companies that are working with celebrity-level influencers. It’s not uncommon for people in this category to get paid $5,000 or more for a single post!
But don’t worry. The majority of marketers spend less than $50k a year to maintain influencer partnerships. This is partly due to the fact that influencers and marketers prefer long-term arrangements.
Partnerships like this allow both sides to benefit. The influencers work with a company they are familiar with and may get access to new products in advance. Meanwhile, businesses and marketers can work with someone who genuinely understands their products and is able to connect with their target audience.
Influencer Benefit Statistics for Businesses
- In 2023, 80% of online business owners who tried influencer marketing decided to dedicate a budget specifically to this strategy.
- This makes sense when you consider that influencer-generated content sees 8x more engagement compared to traditional social media posts.
- The top two reasons brands partner with influencers are that they want to expand their reach and generate more sales.
- Over half of all marketers say influencer partnerships have helped them find people who are genuinely interested in their products or services.
- 68% of marketers say they prefer working with influencers for brand collaborations.
- There are many ways to measure the success of your influencer campaigns. The three most common facts include views, reach, and impressions.
- 75% of businesses track influencer sales individually so that they can work with people who deliver the strongest return on investment (ROI).
- 72% of businesses have an in-house influencer marketing campaign, as opposed to hiring an agency to find partners and establish deals.
- On average, successful businesses that use influencer marketers earn $5.78 in revenue for each dollar spent.
When we look a little deeper, it’s clear that there are plenty of benefits for brands that partner with influencers. A whopping 80% of leaders who have worked with at least one social media influencer said it was worth pursuing.
One of the main reasons for this is that user-generated content, on average, sees 8x more engagement than normal posts and other branded content.
Businesses also have plenty of tools at their disposal to ensure they can find and keep the best influencers for their business. If you allow your influencers to also become affiliates, then we recommend keeping track of how everyone is doing with AffiliateWP.
AffiliateWP is the best self-hosted affiliate plugin that lets you set up your own affiliate program and track your affiliate partners. This allows you to see who is driving the most traffic and sales to your website. Once you know who your top performers are, you can prioritize them for new projects.
Influencer Content Statistics
- Almost 90% of consumers say they have engaged with an influencer at some point.
- 60% of online shoppers say they are more willing to trust an influencer if they regularly engage with comments on their content.
- 90% of shoppers say user-generated content (like influencer reviews) impacts their shopping habits.
- In the same group of shoppers, 61% say they trust reviews from reputable influencers just as much as a recommendation from friends and family.
- 32% of Gen Z claim they bought something they didn’t know existed because of an influencer.
- More than 40% of these people say they prefer watching reviews made by influencers they know and trust.
- 91% of people want to see more interactive content.
- Video content is a popular choice for influencers because the average person watches 100 minutes of content online every day.
- Nano influencers have a content engagement rate of 5%, which is significantly higher than the industry average of 2.2%.
- 98% of businesses will not reach out to an influencer if their content isn’t relevant to their target audience.
Influencer content comes in many different shapes and sizes. The most common format is video, but it’s not uncommon to see content creators use images, social media posts, and articles to promote partner brands.
When it comes to the type of content, reviews have the number one spot. Nearly 90% of people say reviews from influencers have a direct impact on how they shop. If someone’s favorite influencer tells them your product is the best, then there’s a good chance they will visit your website and make a purchase.
Reviews also act as social proof for business owners. People are more likely to think you are trustworthy if people they trust say you are great. So, even if the customer is not ready to buy right this second, they will remember your company in the future.
This works similarly to displaying testimonials on your website. So, we recommend using both strategies to get the most sales.
It’s also common for influencers to create a website where they can promote products and services.
Then, they could use a tool like OptinMonster to create a popup that invites users to join their email list in exchange for exclusive coupons that the subscriber can use on partner sites. This strategy helps influencers connect with their audience and allows them to understand which content resonates with their readers.
Technology and the Future of Influencer Marketing
- 63% of businesses say they use artificial intelligence (AI) to streamline their influencer marketing campaigns.
- The three main reasons for using AI and machine learning technology in this field include identifying influencers (64%), finding and distributing relevant content (13.3%), and identifying spammy influencers and fake engagement (5.6%)
- Over 50% of influencers think natural language processing (NLP) will make their jobs easier in the future.
- About 30% of influencers have invested in premium marketing software so they can manage and automate their campaigns.
- By the end of 2024, it’s estimated that brands will spend $7.14 billion on influencer marketing.
- Experts believe that the influencer industry will be worth an impressive $22.2 billion by 2025.
- The market for influencer marketing software is predicted to grow by $223.7 million by 2025.
Businesses and influencers are using AI and machine learning to make their jobs easier. We expect to see both groups continue using these tools to do things like finding relevant partners, distributing content, and scheduling posts.
When it comes to the future of influencer marketing, things are looking bright. It’s estimated that the industry will be worth $22.2 billion by 2025. Plus, the need for influencer marketing software is expected to grow by $223.7 million in just one year.
It doesn’t matter if you are an experienced influencer, thinking about entering the industry, or a business looking for influencer partners. There are more opportunities than ever before, and we expect the industry will keep growing in the future.
Sources
WPBeginner, AffiliateWP, TrustPulse, Smash Balloon, RafflePress, WPForms, OptinMonster, PushEngage, SeedProd, AIOSEO, InfluenceKit, Influencer Marketing Hub, Startup Bonsai, Goat Agency, Grin, Sprout Social, The Social Shepherd, HubSpot, Statista, Shopify
We hope this list of influencer marketing statistics and trends helps you improve your strategy as a business owner or increase your sales as an influencer. You may also want to see our list of affiliate marketing statistics or our expert pick of the best affiliate marketing tools.
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The post 60+ Influencer Marketing Statistics You Should Know (2024) first appeared on WPBeginner.