Influencer Marketing: What Is It & How Does It Work?

What is influencer marketing?

Influencer marketing is a type of marketing that involves partnering with individuals who have a notable social media following and influence over their audience. As much as many of these individuals may not like, they are often referred to as “influencers” and can include real world and social media celebrities, athletes, photographers, experts and bloggers.

Influencer marketing can take all sorts of shapes and sizes, including sponsored social media posts, podcasts, product reviews, and affiliate marketing partnerships. The goal of influencer marketing is to leverage the influencer’s audience and reputation to promote a brand, product, or service and ultimately drive sales or engagement.

Does influencer marketing work?

The short answer is yes, done right influencer marketing can be a highly effective marketing strategy. Here are some statistics to back up that claim:

1. Firstly 80% Of Australians Are Active on Social Media. The numbers are expected to hit 90% by 2025. 

2. 73 per cent of Australians aged 15-40 follow at least one influencer. 

3. 68% of Australian consumers have made a purchase based on an influencer’s recommendation.

4. The same study found that 43% of Australians trust influencer recommendations over traditional brand advertising.

5. Globally influencer marketing spend is projected to grow 23.4% and 15.9% YoY in 2023 and 2024, respectively. The total projected revenue by 2024 for influencer marketing spend would be $7.14 billion (vs $4.99 billion in 2022).

These statistics show that influencer marketing can be an effective way to reach and engage with Australian consumers. However, it’s important to note that not all influencer marketing campaigns are created equal. To be successful, an influencer marketing campaign should be carefully planned, executed, and measured.

Here are some tips for creating a successful influencer marketing campaign:

1. Choose the right influencers. Look for influencers who have a genuine connection to your brand and a highly engaged audience that aligns with your target market.

2. Be transparent. Make sure that any sponsored content is clearly marked as such to maintain transparency and trust with your audience.

3. Set clear goals and metrics. Determine what you want to achieve with your influencer marketing campaign and how you will measure success.

4. Track and analyse results. Use analytics tools to track the performance of your campaign and make adjustments as needed.

So with the right planning, execution, and measurement, influencer marketing campaigns can help brands reach, engage and convert their consumers and as spend increases, it’s important for them to consider how they can incorporate influencer marketing into their overall marketing strategy.