The year 2017 was a major season for influencer marketing. Influencer Marketing Hub estimated Instagram influencer marketing to have worth $1.2 billion in 2017. That figure is set to jump up to $1.7 billion in 2018. That last figure correlates with what Mediakix reported late 2017: $1.8 billion.
Here’s why influencer marketing is getting all the Instagram marketing love now and in the foreseeable future:
The survey infographic, which also analyzed 100,000 influencer profiles, found:
- Every $1 spend on influencer marketing returned $7.65 in Q1 of 2017
- Influencer marketing is the fastest-growing customer acquisition technique at 28%—ahead of second-ranked organic search at 15%
Instagram is the most important social media customer acquisition method, ahead of Twitter and Facebook for anyone looking to sell anything to consumers online.
But, Is Instagram Influencer Marketing for You?
Surveyed (Instagram marketers) participants also expressed they were finding it difficult to measure influencer marketing ROI. 78% of marketers are not sure how to measure influencer marketing performance but are learning to.
A State of Influencer Marketing 2017 report by Later showed influencer marketing cost is also a major concern for Instagram marketers and influencer marketing shareholders across the board.
To top that off, there are a bunch of stories about fake Instagram influencers who are swindling trusting business owners and social media marketers. That, by botting or buying fake Instagram followers that do not add any value to the Instagram marketer.
So, do you need an Instagram influencer for your business?
To answer that, you might need to make several considerations.
With its 800 million following, Instagram is the biggest influencer marketing platform — followed not too far behind by giant video site, YouTube. 80% of Instagrammers follow a business, too.
And IG influencer marketing is right for you if:
1. Your Target Audience is of The Right Age
If you have a youthful target market, it is most likely on Instagram. And you want to find customers where they are instead of waiting for them to come to you—while your competition is doing all it can to draw the massive attention to their offers.
Also thanks to its highly visual approach, Instagram has continually swept top honors for reporting higher-than-average social media engagement levels—again, ahead of Twitter and YouTube.
2. You can Measure Influencer Marketing Performance
In 2018, more IG marketers and Instagram businesses have several options for finding the best Instagram influencers for their specific niche, can calculate Instagram influencer fees in advance, as well as measure influencer marketing ROI than ever before.
Later conducted a study about measuring Instagram influencer marketing impact and reported interesting results. Instagram brands can use the Instagram influencer metrics to choose ideal influencers to work with, as well as find out the influencer cost vs ROI they could reap from such a partnership.
3. You Have The Right Instagram Marketing Tools
If you have a Facebook business profile, you can easily link your friends and IG followers.
Also, thanks to the recent Instagram-Shopify partnership, Instagram brands can now use Shoppable Posts on Instagram to increase sales from IG leads and followers. Instagram Insights is also useful for analyzing IG analytics and discover what your target audience really wants in order to buy more from you.
Here are more awesome Instagram marketing tools.
4. You’re Specific About Your Marketing Goal
In September 2017 Mediakix found 60% of Instagram followers discovered a product to buy on Instagram. That product was, more likely than not, recommended to them by an influencer.
You do not need to be raking millions of dollars in annual revenue to take advantage of Instagram influencer marketing. You just need to have a specific marketing goal in mind before approaching an ideal IG influencer to grow your following, influence, credibility, traffic, engagement, clicks, sign-ups, or purchase.
5. You Understand That The Old Way is Losing Steam
Word-of-mouth recommendations influenced 91% of B2B buyers, and Local Consumer Review Survey found positive reviews made 74% of consumers trust a local business more—enough to buy from them.
Influencer marketing is quickly overtaking traditional advertising methods. It is also outdoing a majority of digital marketing strategies including organic search and PPC, according to several other surveys.
Instagram influencers are driving more business growth for influencer marketers because their followers trust their recommendations.
Young people are especially distrustful of traditional advertising methods such as a magazine, TV, and even digital ad. AIB found 26% of desktop users now use ad blockers on their internet browsers.
Verdict: Do you need an Instagram influencer?
Do you meet the criteria above? Then you need an Instagram influencer.
If you are still wondering if Instagram influencer marketing is a passing cloud you may not benefit from, the social media marketing technique is set to grow by 40% in 2018 alone. Only 22% of marketers are using influencer marketing for ramping up outreach and conversions for their businesses.
There is much room for growth and the shift is already happening. Besides, if understanding how to conduct Instagram influencer marketing could be the issue, you can contact us to help wrap your Instagram marketing strategy around it within no time.