Does Influencer Marketing Still Work in 2024?

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The marketing world is constantly evolving, and with the rise of new social media platforms and changing consumer behaviors, it’s natural to wonder if established strategies like influencer marketing still hold water. 

The answer? Influencer marketing is alive and well.

With over 60% of the global population actively using social media and a significant portion of them making purchasing decisions based on influencer recommendations, influencer marketing offers a powerful way to reach your target audience and boost brand awareness. 

However, the question remains:

Where should you focus your influencer marketing efforts in 2024?

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Is Influencer Marketing Still Viable in 2024?

Yes!

With over 61.4% of the world’s population on social media, there is plenty of opportunity to leverage influencer marketing for your brand. 

Not only that, but 56% of young Americans alone have purchased a product after seeing a post from someone they follow (i.e., influencer marketing)

And 85% of Gen Z say that social media influences their purchasing decisions.

Add to this that, on average, businesses earn $5.78 for every dollar they spend on influencer marketing;

‍36% of brands say influencer content outperforms branded content; it is clear that there is still a demand for influencer marketing.

The data is clear—influencer marketing is still viable in 2024. 

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What Social Media Platforms Are the Best?

Now that we know influencer marketing is still a good solution, what platforms should you target with influencer marketing? 

Well, that largely depends on who your audience is. 

For example, 45% of Gen Zers say that TikTok and Instagram are the top platforms that influence their purchasing decisions. 

According to the same research, the best options were YouTube at 38%, Facebook at 24%, and Snapchat at 17%. 

For millennials, the top 3 social media platforms are Facebook at 87%, Instagram at 72%, and YouTube at 66%.

However, for all demographics, Instagram reigns supreme. 

Instagram is the Most Important Channel

It turns out that 79% of marketers consider Instagram the most important influencer marketing channel. 

When polled, instagram also had the highest average ROI of any platform.

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A great example of why Instagram is such a powerful influencer marketing tool is Dyson’s IG influencer campaign. 

Dyson leveraged help from pet influencers to showcase the fantastic features of their vacuum cleaner. 

Dyson created a specialized influencer marketing campaign on Instagram to push product awareness. They partnered with just five pet influencers on Instagram to target dog owners. They allowed the influencers to get creative, and the results were incredible. 

-1 million views

-115,000 likes

-10% engagement rate across the campaign.

However, even for smaller brands, Instagram is an excellent option.

Some brands shy away from using influencing marketing out of fear that they don’t work for small brands. The good news is that influencer marketing levels the playing field for e-commerce brands to compete with more prominent brands. 

Combine this strategy with marketing via micro-influencers, and any sized brand has real potential for growth. 

TikTok Holds the Crown on Engagement

When it comes to engagement, however, TikTok sees insane numbers. 

For example, TikTok influencer engagement rates far outpaced those of Instagram influencers.

TikTok influencers with 0—50,000 followers had an engagement rate of 30.1% compared with 1.8% for allInstagram influencers. 

That rate is astronomical and shouldn’t be overlooked. 

Also, 78% of users have purchased a product after seeing it featured in content from a TikTok creator.

However, the gap between Instagram and TikTok is close in terms of follower counts.

Affiliate links from influencers perform better on TikTok than on Instagram when an influencer has 50,000 to 100,000 followers

(14.5% on TikTok, 2.5% on Instagram) versus 100,000 to 200,000 followers (7% on TikTok, 2.3% on Instagram). 

YouTube Accounts with Fewer Followers Win

Interestingly, follower count does matter, but not in the way you’d expect, especially on YouTube. 

62% of companies now use YouTube as a place to post content and improve brand awareness.

However, it’s the micro influencers that really shine here.

Statista revealed that influencers with fewer than 15,000 followers have the highest engagement rates. 

If you use YouTube to educate your audience and boost brand awareness, fewer followers result in better outcomes. 

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Facebook Is Less Popular, But...

Regarding influencer marketing, Facebook is the least used platform, though 57% of marketers still leverage it for influencer marketing.

In addition, some 18% of marketers said it is the most accessible platform to work with when collaborating with influencers and creators. 

It goes without saying, Gen Z and millennials don’t use Facebook as often. Go where the buyers are with your own marketing campaign!

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Tracking Success—What Metrics Define ROI in Influencer Marketing?

Only 30% of marketers consider sales a direct indication of ROI with influencer marketing. So, what is an excellent ROI to look out for? 

Engagement = Rate of Success

The reach and brand lift are more accessible to track and mean more success for an influencer campaign. 

Engagement rates tell brand partners, account managers, and anyone else in the digital marketing world how well your audience is responding to the content produced.

You can learn how many people connect with your audience and how often they comment, like, and share your content.

Earned Media Value is Important

Earned Media Value (EMV) is the publicity garnered from promotional efforts besides advertising. It is considered “free advertising” via a brand’s PR. 

According to HypeAuditor, retailers will get $4.12 of earned media value for every dollar they spend on influencer marketing through Instagram.

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The Limitations on Influencer Marketing

So, those are the benefits of influencer marketing, but what about its limitations? 

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Monitoring ROI Isn’t Easy

One of the most significant challenges brands face in influencer marketing is tracking ROI. 

For example, not every follower who checks out your sponsored post will make a purchase. Instead, they may view the post once, visit your website, and then come back sometime later to hit the “buy” button. 

For this reason, over 60% of marketers say that tracking and measuring the ROI of their campaign is the greatest challenge they face.  

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Fake Followers are a recipe for disaster.

Some marketers pay influencers with fake followers, which is a huge no-no.  

Data shows that some 9.5% of Instagram accounts are bots.  However specific accounts can have up to 50% fake followers or more.

This means as a brand, it’s up to you to make sure what you see is authentic and worthy of your investment—but that’s not easy.

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AI-Powered platforms like PartnerUp get this fake follower stat for you, up front.

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But if you find an influencer on your own, keep these red flags in mind:

-Their following & follower ratio is high—This means they use a follow-to-follow strategy to get followers. 

-Their posts have tons of spam comments—Random engagement = lousy engagement. 

-Sudden jumps in followers—Gaining 100K followers overnight is a clear sign they’re doing something not-so-ethical. 

-Low engagement—If they have tens of thousands of followers and only a few comments on their posts, chances are they aren’t a ‘real’ influencer. 

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What To Expect in 2024 for Influencer Marketing

Influencer marketing has changed dramatically over the past decade, but in 2024, significant changes are coming. Here’s what the experts predict for 2024 and beyond. 

25% of brands will spend 40% of their marketing budget on influencer marketing

Through stats and data, we see that influencer marketing is profitable. And more retailers than ever are becoming aware of that fact.

This is why some 25% of marketers plan to spend more than 40% of their marketing dollars on influencers—up 5% from 2023. 

$7.14 billion is expected to be spent on influencer marketing. 

In 2024, some $7.14 billion is expected to be spent on influencer marketing.

That is nearly a 16% increase from 2023. 

AI is expected to come to the rescue.

Some 70% of marketers want AI to help them find the right influencers, and in 2024, they expect that to be a big part of their marketing strategy. 

Influencer Marketing for B2B

B2B brands are beginning to see the potential for their own marketing activities.

B2B-focused influencers can promote to niche, specialized audiences that businesses seek. Some 73% of B2B marketers cited increased interest in influencer marketing activities in 2024.

Short Video Marketing is on the Rise 

The video almost always outshines text content. Some 72% of social media users prefer video to text posts.

Not only that, but video content also takes up some 80% of all global internet traffic—with this percentage only set to increase in 2024 and beyond. 

Live Shopping Will Continue to Rise 

Live shopping provides a unique experience for customers, and in 2024, live shopping will continue to gain popularity, especially with influencers.

Creating a real-time, immersive shopping experience is the key to maximizing this trend. 

Influencer Marketing in 2024: A Thriving Landscape

Influencer marketing has entered a brand-new era, and the future looks bright.

With the rise of AI, increasing B2B adoption, and the continued dominance of short-form video content, influencer marketing offers exciting opportunities for brands of all sizes. 

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Here are some key takeaways to keep in mind:

Focus on Engagement—While follower count plays a role, prioritizing engagement rates is crucial for campaign success. 

Embrace New Platforms—While Instagram remains a powerhouse, explore platforms like TikTok and YouTube to reach specific audiences. 

Embrace Authenticity—Partner with genuine influencers who resonate with your brand values and voice. 

Track and Analyze—Utilize data to measure campaign performance and refine your strategy for future success. 

By following these tips and staying informed of industry trends, you can leverage influencer marketing to achieve your brand goals and connect with your target audience meaningfully. 

Take your influencer marketing to the next level by checking out our influencer tools on our website.