Influencer marketing is huge. It started out as a novelty 15 years ago on Facebook and YouTube and now it’s a surging, thriving industry. It has grown from a $1.7 billion business in 2016 to $13.8 billion in 2021, and this year it is expected to hit $16.4 billion. There are anywhere between 5 million to 20 million influencers on Instagram, TikTok, and YouTube.
What is influencer marketing? Simply put, it is a relationship between a trusted figure on social media (the Influencer) and a product or service.
Find Famous Birthdays of Influencers.
The influencer promotes the product through different media platforms like Instagram, TikTok, and YouTube. An influencer typically has a large audience of 10,000 or more followers and has knowledge or appears to have knowledge of what they are promoting. There only requirement for an influencer is “trust.”
influencer marketing is like word-of-mouth advertising gone viral. 92% of buyers turn to their peers for advice and word-of-mouth advertising accounts for a big percent of all purchases – so you can see the “influence” that influencer marketing can generate. It is like a recommendation from a friend.
According to Sproutsocial, the average price to use an influencer to promote a brand is $271 per post. For influencers with more than 100,000 followers, the average cost is $763 per post. There are many companies like grin that can track your results so you can monitor your ROI.
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