Instagram Influencer Marketing Is A $1 Billion Dollar Industry
Influencer marketing is one of the fastest growing ways to advertise and is projected to become a whopping $5–10 billion industry by 2020.
Instagram is one channel that is already noticing the value of influencer marketing. Companies, brands, and advertisers spend upwards of $1 billion on Instagram influencers — and that number is only poised to rise.
While the influencer marketing industry is growing on Instagram, the value of payouts varies wildly. Smaller influencers may make $50 per post, while celebrities with large social followings may be paid hundred of thousands of dollars.
Despite the Instagram influencer market running the gamut when it comes to audience size and engagement, major brands are determined to invest into this new form of advertising — including trying to partner with the biggest influencers in the space.
So what can we glean from this? Without a doubt, the influencer market in huge — and it’s still growing. When you have a billion dollars being spent within a social media network, you really need to stop and take notice. Understanding the explosive growth of influencer marketing and the value of Instagram as a channel for influencer promotions and advertisements is important for any ecommerce business that wants to grow.
However, be warned: influencer marketing, particularly on Instagram, is not without it’s limitations. People interested in securing a larger payout from sponsored posts can potentially have a slew of fake followers. So before reaching out to a big influencer and offering them a high rate, do a little research. Observe how many likes and comments their posts get and check out just how engaged their audience actually is. This will help you weed out the influencers with inflated follower numbers from the real deal.
Influencer marketing is a booming business model and there’s a lot of money being thrown around. The key takeaways are knowing which social media networks are most valuable for your business, doing research to avoid frauds, and understanding influencer marketing trends.