When it comes to return on investment (ROI), influencer marketing campaigns are some of the best in the business.
Compared with expensive outbound marketing campaigns such as TV adverts, inbound influencer marketing directs your brand’s message straight to your target audience and develops meaningful long-term relationships with consumers.
Good value.
It's difficult to arrive at an exact average ROI, because as influencer marketing evolves, so do the metrics used to measure success. Differences between industries - and, indeed, campaigns - can also be explained by differences in the objectives set (e.g. reach vs engagement). But no matter how you sift the numbers, the final figures are impressive.
According to Influencer Marketing Hub, last year businesses earned an average of $7.65 for every $1 spent on influencer marketing. Influencer Intelligence (formerly Celebrity Intelligence) puts the figure as high as £17.21 per £1.*
Growing budgets.
It's boom time for influencer marketing. According to Adweek, the influencer industry itself was estimated to be worth $2 billion in 2017, rising to $10 billion by 2020.
And budgets are rising too. In the beauty industry, 70% of marketers expect their influencer marketing budget to rise in the next 12 months - and over half believe the increase will be between 10% and 30%.** Among marketers as a whole, 42% expect their influencer/celebrity/entertainment marketing budget to increase 'moderately or significantly'.*
So how do you turn your influencer marketing budget into a magnificent ROI? Talk to us. We can use social follower analytics to select the best influencers for your brand, and our social media, marketing, and creative teams are there at every step to ensure your campaign is a knockout.
Sources:
*‘The Age of Social Influence’, Celebrity Intelligence, November 2017
** Influencing Beauty’, Celebrity Intelligence/Fashion and Beauty Monitor, 2018
