Influencer Marketing in 2024

Influencer marketing has grown astronomically. According to Influencer Marketing Hub, it is a $24 billion industry this year, from $1.6 billion in 2016.

Here’s what you need to know about Influencer Marketing in 2024:

What is influencer marketing?

In influencer marketing, businesses hire a person with a large, engaged group of followers on social media. In most partnerships, businesses pay influencers to make posts on social media about a product or company. Businesses can choose influencers based on their own target market. Pricing for influencer posts is based on their number of followers on social media.

Why is influencer marketing effective?

The reason this marketing works so well is that it allows businesses to connect with specific customer groups. And it gives the business a trusted voice through the influencer, who has already built a rapport with their followers. So they will likely trust what this person says more than a purchased ad on the page.

For example, an outdoor equipment company in Asheville may choose to work with an influencer who has an Instagram page dedicated to the best hiking spots in North Carolina. The company knows that the majority of the influencer’s followers are likely outdoor enthusiasts and living or traveling in the mountains of North Carolina. 

Are there other benefits to influencer marketing?

Yes, in addition to an increase in direct sales, one of the most coveted returns for marketers are seeing increases in customer engagement. That means, current and potential customers who interact with influencers are creating their own organic social media content. And, small budget companies can hire influencers. Because they charge for posts based on the number of followers they have on their platforms, small local businesses can work with smaller, more localized influencers. 

What platforms are most used?

Influencers work on almost every social media platform. The most reliable and profitable social media outlets are Instagram and TikTok. Although Facebook stories, YouTube and Snapchat are also contenders. 

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