From the Influencers

Influencer Marketing Budgets Growing

March 30, 2017

The practice of using market influencers to promote brands is still a relatively new practice in the field of marketing. Marketers are still working out the finer points of this practice in order to maximize their return on investment. It seems that marketing departments across the United States are beginning to concentrate more on influencer marketing, according to a recent study from Marketing Dive.

According to the survey, 32 percent of marketers believe that influencer marketing has become an essential part of their marketing strategy. Forty-one percent said that they have already experienced better results from their early attempts at influencer marketing than their other, more traditional marketing campaigns. Two thirds said that leveraging market influencers allowed them to reach their target audiences.

With this in mind, marketers report that they are willing to devote more resources to the practice of influencer marketing. Sixty-three percent of those in the survey reported that they had planned to increase their influencer marketing budget for 2017. Simply put, money talks, and the fact that such a large percentage of marketers are willing to devote more money to their influencer marketing efforts is indicative of the success they can have.

With that being said, it is important to note that part of the allure of influencer marketing is the relative cheapness when compared with other, more traditional forms of marketing, specifically celebrity endorsements. Thirty-six percent of the marketers in the survey reported that they had spent less than 5,000 dollars per influencer marketing campaign, showing that these types of marketing efforts can be very effective without breaking the bank.

The use of market influencers remains a relatively new process, and, as with any new process, there is still a need for refinement and fine tuning. Despite this fact, there is little doubt that marketers across all industries have realized the high potential for return on investment that market influencers can offer brands. This upward trend of greater time and money being spent on influencer marketing campaigns is one that should only continue as marketers discover the most effective ways to harness the power of influencers.

Edited by Alicia Young

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