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10 Influencer Marketing Stats For 2020
October 27, 2020
2020 has been a crazy year. With all of the changes that have been going on globally, people are using the power of social media more than ever to purchase, connect, and gather information. Content creators have been central to how we consume information in 2020, with many people leaning on social media platforms to maintain a social life during this period.
This boost in social media usage has been important for brands and has shifted how marketers use influencer marketing. Here we’re looking at the top 10 influencer marketing statistics from 2020 and considering how they will impact marketing strategies in 2021.
17% of companies spent over half their marketing budget on working with content creators.
This might seem a slender percentage, but it demonstrates how essential influencer marketing is for certain enterprises in 2020 that they’re willing to spend over half their overall budget on creator campaigns. These companies are often e-commerce, fashion, gaming, or lifestyle brands who perform well online and were able to stay in business during COVID-19.
Instagram ranks #1 for the most important and impactful channel
Although other apps like TikTok have done very well in 2020, Instagram remains a key player. The key to Instagram’s success in 2020 is the ease with which users can share photos and stay connected. Instagram has been used as a vehicle for social change, a communication tool, a platform for expression, and much more.
70% of teens trust YouTube creators more than traditional celebrities.
A recent study found that the majority of teenage YouTube subscribers claimed to relate to YouTube Creators more than traditional celebrities. The next generation of digital natives give more credibility to social media creators than more traditional celebrities like TV or sport stars.
65% of influencer marketing budgets are set to increase
According to recent research, almost two-thirds of marketers are planning to benefit from the wave of influencer marketing by spending more in 2020. As e-commerce becomes one of the only ways that businesses can engage with consumers, it matters more than ever to have a healthy marketing budget to allow you to thrive following the changes of 2020.
An average Instagram post contains 10.7 hashtags in 2020
This might seem like a lot, however, this figure is down from previous years. Instagram is synonymous with the hashtag, however in 2020 brands and creators have picked up on the fact that upping your hashtags doesn’t always mean upping engagement.
The engagement of a post tends to drop off after 6 or more hashtags are included, according to HubSpot. This may explain why hashtags are decreasing in 2020.
The influencer marketing industry is set to hit $15 Billion by 2022
This stat comes as no surprise as current social media usage is ever-increasing. As social media touches all corners of consumers’ lives, analysts anticipate the role of creators to be increasingly-important in society. They will be the vital connection between brands and users.
8 out of 10 customers have purchased something after seeing it on a content creator
The power of influencers is wide-reaching – almost all customers from a recent survey admitted they have chosen a product based on the credibility of a creator. Creators are central to consumer purchasing decisions in 2020, and this trend is set to continue.
54% of social browsers use social media to research products
These days, many consumers use social media to research their next purchase. This shows that although the ways in which brands are getting creative with brand promotion is changing, promoting products is still an essential part of the social media landscape in 2020.
67.6% of marketers consider finding relevant content creators to be their biggest challenge in influence marketing
According to stats by Milkwhale, nearly seven in ten marketers claim to struggle finding relevant content creators for their campaigns. One of the big challenges marketers have is discovering authentic creators to promote their brands.
In 2020, consumers don’t want anything other than authenticity, so choosing creators who truly align with your brand values and lifestyle is essential. Working with an Influencer Marketing Platform helps to create long-lasting creator-brand partnerships.
Use of #ad in UK drops by 35% in 2020
In May 2020, the use of #ad was down 35% compared to the previous quarter. While the may be in part due to marketing budget cuts following the coronavirus outbreak it could also be because creator content has shifted away from sales-based content and towards more personal storytelling.