‘Influencer marketing is $4.6 billion industry’

2019-09-06 13:31:30

Influencer marketing involves endorsements from experts, celebrities or ordinary users on social media

‘Influencer marketing is $4.6 billion industry’
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Influencer marketing is emerging as new and successful tool to promote products, as more and more people take to social media platforms.

Over the years, the share of influencer in digital marketing has gradually increased, since it is believed to have the power to affect the consumer’s decision directly to purchase products.

According to a report released by the Influencer Marketing Hub, the number of influencers has doubled in two years.

There were just 335 influencers in 2016, 420 in 2017, and 740 in 2018. The volume of this new-age marketing industry has also grown from $1.7 billion in 2016 to $4.6 billion in 2018. The industry is expected to cross $6.5 billion in 2019.

Nearly 65% of businesses who allocate budget for influencer marketing are intended to increase their spending on this mode of publicity over the next 12 months.

“There is an incredible 1,500% increase in searches on Google for influencer marketing over past three years,” the report mentioned.

The report further said that the Instagram has become a latest fad for the young. Users upload 400 million stories every day on the Instagram, making it more popular than other social platforms.

Marketing strategies are carried out faster and more effectively through social media, Figen Yildirim, professor at Istanbul Commerce University, told Anadolu Agency.

Yildirim added that there are two types of influencers, professionals and amateurs.

“When we compare them, the professional ones contribute to the recognition of the brands, but they do not have much effect on purchasing,” she said.

The professor pointed out that instead of professionals' advice, users mostly prefer amateurs. “They (users) feel, if amateurs can use the product, so can they as well,” she added.

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