Global influencer market was valued at USD 13.3 billion in 2021, and it is expected to reach a value of USD 109.37 billion by 2028, at a CAGR of 35.12% over the forecast period (2022–2028).
Westford, USA, Aug. 04, 2022 (GLOBE NEWSWIRE) -- In recent years, influencer market has become increasingly popular as a means of reaching consumers. Influencers are individuals who have an abundance of followers and can effectively promote brands or products through their social media channels. By using influencers, brands can ensure that their messages are reaching a wide audience and that the influencers themselves are credible sources of information.
There are many benefits to using influencers in marketing campaigns. For one, influencers can build trust and credibility with their followers. This makes them more likely to recommend products or services to their friends and family members. Additionally, the vast majority of consumers in the global influencer market trust what they see on social media platforms from well-known celebrities or experts. By using an influencer in a marketing campaign, brands can tap into this trust and reach a wider audience than they would be able to otherwise.
Increased Focus on Authenticity and Transparency
As the influencer market continues to grow, brands are becoming more cognizant of the importance of authentic and transparent information when working with influencers.
In order to create a trusted relationship with influencers, brands are ensuring that their disclosures are clear and accurate. Many times, influencers post products they have not actually used or endorsed, which can cause confusion among loyal followers. For instance, one brand may post a photo of an influencer wearing their product, but not reveal that the influencer was compensated to wear the product. This could lead followers to believe that the product is unbiased and recommend it to others.
Today, brands in the influencer market are becoming more mindful of how they communicate with influencers. In some cases, communication between brands and Influencers can involve direct payments or gifts in order to obtain favorable coverage. This creates an ethical dilemma because it can be difficult for brands to be transparent about their payment methods without appearing coercive or unethical. Furthermore, these payouts can distract from the authenticity of content produced by influencers who may subsequently endorse products they have not really used or seen in action.
To help achieve this goal, many are turning to third-party authentication platforms, such as DoubleVerify. According to a study by DoubleVerify, 73% of consumers say that they want to know the qualifications of the influencer before following their advice, and 79% say that they want to know if the influencer is being authentic. The study also found that almost half (47%) of consumers would be less likely to trust an influencer if they could not find any information about their qualifications or background on their website or social media account.
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Growing Attention of Brands to Micro Influencers
As the social media landscape continues to evolve, so do the strategies that brands use to reach their target audiences. One trend that is gaining traction in the global influencer market is the use of micro influencers.
Micro influencers are defined as individuals with a relatively small but engaged following on social media. They typically have high levels of influence within their niche and can be very effective in promoting products or services to their followers. Brands around the globe are starting to recognize the value of working with micro influencers and are allocating more of their budgets to this type of marketing. There are several reasons for this shift:
Micro influencers typically have higher engagement rates than celebrities or other types of influencers. This means that brands can reach a larger portion of their target audience with each micro influencer campaign.
Micro influencers tend to be more authentic and relatable than other types of influencers. Their smaller followings also make them more accessible, which allows brands to build stronger relationships with them. As a result, micro influencers can be extremely effective in promoting brand messages and increasing brand awareness.
Micro influencer campaigns are often less expensive than traditional celebrity endorsement deals. This makes them a more cost-effective option for brands.
A recent study by SkyQuest analyzed the social media platforms of 100 top micro influencers in the influencer market and found some interesting statistics. The study found that YouTube is the most popular platform for micro influencers, followed by Instagram and Snapchat. The report also found that micro influencers are particularly effective at driving conversions, with 49% of surveyed marketers saying they were more likely to make a purchase after seeing a product recommended by a micro influencer.
Video Content is Emerging as the Most Popular Choice for Influencer
As social media platforms continue to grow in popularity, so does the use of video content among influencers. In fact, according to a recent study by SkyQuest, video content is now the most popular choice for influencers when it comes to creating content.
But why exactly is video so effective in the global influencer market? Well, for one, it's highly engaging. People are more likely to watch a video all the way through than they are to read an entire blog post or article. And since videos can be emotional and entertaining, they can also create a strong connection with viewers.
Plus, videos are easy to share, which means they have the potential to reach a wide audience. And with platforms like YouTube, Facebook, and Instagram offering built-in editing tools, anyone can create professional-looking videos without spending a lot of money or time.
According to a study conducted by SkyQuest, 86% of marketers in the global influencer market plan to use video more frequently in 2022 And while this preference might come as no surprise, what is interesting is that video content is becoming increasingly effective at driving engagement and sales. In fact, the study found that videos featuring original content are 3 times as likely to result in a sale as those featuring clips from other sources. In addition, videos that are optimized for social media platforms like YouTube, Facebook and Instagram are 12% more likely to result in a purchase than those without such optimization.
SkyQuest Technology has published a new report on global influencer market. The report covers consumer behaviors, current market trends, brands’ marketing strategies, pricing analysis, market dynamics, threats, challenges and opportunities. To understand how video emerged as the leading segment and gets insights about its growth forecast in the global influencer market,
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Brands get more creative with their campaigns, partnerships, and activations
As brands become more aware of the power of social media and influencer marketing, they are getting more creative with their campaigns, partnerships, and activations. We are seeing a trend of brands working with influencers to create content that is not only entertaining but also informative. For example, Dunkin' Donuts partnered with YouTube personality Lilly Singh to create a series of videos about how-to run-on coffee. The videos were not only humorous but also provided valuable tips for viewers.
A survey conducted by SkyQuest on influencer market with over 1,000 marketing professionals from around the world, and found that the most successful campaigns are those that take a creative approach. This could involve working with influencers to produce original content, or coming up with unique ways to promote your product or service.
This type of creative content is engaging and helps build brand loyalty among audiences. Additionally, it allows brands to reach new audiences and partner with influencers who have a large following. As brands continue to get more creative with their content, we can expect to see even more innovative campaigns, partnerships, and activations.
One example is Porsche, who partnered with Instagram influencer @GramFam to create a series of short video clips showcasing the features of their new 911 model. The videos were then posted on @GramFam's feed, reaching an audience of over 2 million followers.
Another example is from the fashion world, where Burberry teamed up with popular YouTube vlogger Zoella to create a series of videos featuring her promoting the brand's new line of cosmetics. The videos were highly successful, with over 12 million views collectively.
These examples show that brands are willing to get creative in order to reach new audiences and promote their products in new and innovative ways. To get detailed analysis of the how brands are working in the influencer market to get the most and understand what strategies they are implementing to improve their produce sales,
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User-generated Content to Dominate Influencer Market
There's no denying that user-generated content (UGC) is having a moment. From glossy magazine covers to ad campaigns and product packaging, UGC is everywhere. As the name suggests, user-generated content (UGC) is any form of content that has been created by users of a particular brand or product, rather than by the brand or company itself. This type of content can take many forms, from product reviews and ratings to blog posts and social media comments.
According to a recent report from SkyQuest on influencer market, UGC is now driving a significant number of sales for many brands. In fact, the report found that UGC is responsible for 10% of all e-commerce sales, and that number is only expected to grow in the coming years.
But it's not just for big brands. User-generated content is also attracting huge sales for small businesses and entrepreneurs. In fact, UGC can be a powerful marketing tool for any business, no matter its size or budget.
UGC is authentic. It's real people sharing their real experiences with your product or service. And that authenticity is something that consumers are craving in today's saturated marketplaces.
What's more, UGC is personal. It's a way for consumers to connect with a brand on a more personal level. When they see other people just like them using and enjoying your product, it makes them want to try it for themselves.
Finally, UGC is shareable. Consumers love to share their positive experiences with friends and family, which helps to create word-of-mouth buzz that can lead to even more sales
SkyQuest Analysis of Influencer Market
When it comes to marketing, the future of influencer market looks bright. With so many brands wanting to get their products and services out there, influencers are a great tool for businesses to use. Not only do they have a large fanbase, but these fans are also extremely active and engaged. Plus, with technology becoming more and more advanced, influencers can now easily promote their products and services through social media platforms like Facebook and Instagram.
According to a study by SkyQuest, 93% of people would watch an endorsement video from an influencer if it was recommended to them by friends. Furthermore, 91% of people said that they trust opinions they get from experts more than opinions they get from people they know personally. Additionally, 83% of consumers say that they are more likely to buy a product or service because it is endorsed by an influencer they follow.
Today, influencer marketing is one of the most popular methods used by businesses to promote their products or services. However, not everyone is a fan of this marketing strategy. As per latest study by SkyQuest, some industry experts believe that influencer marketing is nothing more than a fad that will eventually fade away. Others believe that it is an effective marketing tool that can help businesses reach a larger audience.
Key Players in the Global Influencer Market
Upfluence Inc. (US)
Speakr Inc. (US)
Grapevine Logic Inc. (US)
Mavrck. co (US)
Traackr Inc. (US)
Webfluential (South Africa)
Hypetap Pty Ltd (Australia)
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