New year, new strategies. We recently launched The State of Influencer Marketing 2023, our annual industry benchmark report. This year, we compiled internal data from our platform and surveys of over 700 marketers and creators to gain insights into the ever-evolving influencer marketing industry. Keep reading to get a sneak peek of the 10 most noteworthy influencer marketing statistics from our new report.
For a complete analysis of the social media ecosystem, download the report for free.
1. 68% of brands plan to increase their influencer marketing budgets in 2023.
Despite navigating a challenging economic climate, the majority of brands are planning to increase their influencer marketing budgets in 2023, indicating the value and effectiveness of this channel.
2. 69% of brands are working with smaller creators.
Nano and micro-influencers consistently achieve the highest engagement rates across all platforms, which is why the majority of marketers are working with these smaller creators. This also showcases a bigger shift in the industry, as marketers focus more on authenticity over follower count.
3. Instagram continues to be the most popular channel for influencer marketing.
As the tried-and-true channel for influencer marketing, it comes as no surprise that 87% of brands and 90% of creators are planning to invest more into Instagram in the next year. Explore our complete guide to Instagram influencer marketing.
4. 70% of creators have increased their rates.
In the past year, the majority of creators have increased their rates to fit their growing audience and boosted engagement. See more on how much to pay influencers in 2023.
5. At the same time, 83% of influencers are willing to work with a brand for just free products.
Contrary to popular belief, creators are still willing to work with brands for just free products, as long as they love the brand or the product value is high. That being said, it’s important that marketers compensate creators fairly for the time and effort they put into creating content. Avoiding influencer payment in the long run is unethical and can tarnish your brand’s reputation. Learn more about the right ways to use product seeding to grow your brand.
6. YouTubers achieve a whopping 50% engagement rate.
In the era of short-form video, YouTube’s longer format is still incredibly popular among marketers, creators, and viewers alike. Our internal data shows that YouTubers garner a 50% engagement rate on average, which is well above engagement metrics on other platforms.
7. 68% of brands and 80% of creators plan to increase their presence on TikTok.
As TikTok continues to play a key role in driving sales for brands, the platform remains extremely popular among marketers — and even more so among influencers. Download our ultimate guide to going viral on the world’s fastest growing social media platform.
8. 94% of brands are planning to invest more into video content.
The high engagement rates that YouTube and TikTok garner validate that videos present a bigger opportunity in the future. That’s why nearly every brand plans to create more video content going forward.
9. 52% of brands are already running brand ambassador programs to build deeper, more genuine relationships with creators.
In addition to their influencer partners, more than half of brands worked with brand ambassadors in the past year, indicating a growing shift to evergreen campaigns and long-term brand partnerships. Meet the 5 types of brand ambassadors that will transform your long-term influencer marketing strategies.
10. Social commerce is on the rise.
Social commerce is a subset of ecommerce that entails selling products directly on social media, allowing the entire shopping experience — including product discovery, research, and checkout — to take place on a social media platform. Brands already leaning into this strategy attribute 29% of their sales to social commerce — that’s nearly a third of all of their sales!