The influencer marketing industry is maturing at a rate faster than ever, and there seem to be no signs of it slowing down.
According to a report by Business Insider Intelligence, it is projected to be worth $15 billion by 2022, (compared to $8 million in 2019).
Statistics make it very clear that Instagram influencer marketing is the secret sauce for a great social media presence. But is this true for small businesses too?
Instagram Influencer Marketing Budgets are Rising...
In 2020, more and more brands are reaching out to young Instagram influencers with strong followings.
According to a report by eMarketer, US Marketers intend to spend 69% of their influencer budgets on Instagram.
This is because Instagram users are not merely social media users. They are “online shoppers” – thanks to the magic of influencer marketing.
But why?
Consumers Love Instagram and Instagram Influencers…
With Instagram, consumers are happily killing two birds with one stone:
- Being entertained
- Shopping online
By reducing the need for traditional forms of advertising, Instagram influencers are selling to an audience that follows them, likes them, and looks up to them.
Say there’s a new watch brand in town. What would you prefer more? A pop-up advertisement that says “Buy watches for only $100” OR an influencer posting a photo of themselves wearing the watch?
What’s more, the latter does this by means of aesthetic and visual-heavy content that’s hard to resist.
So, whether you’re a start-up, a retail business, or an eCommerce brand, one thing seems evident. Consumers in 2020 prefer being sold products by Instagram influencers.
The Application Supports It
In addition to consumers’ liking of Instagram influencers, the application in itself supports the market well.
Instead of a chronologically-arranged feed, Instagram now uses an algorithm that pushes out content relevant to individual users.
For example, if you consume mostly travel-related content, Instagram will give you more of that.
This works great for brands and influencers. After all, they’re able to reach an audience that will like to see more of them.
In addition, Instagram’s “Stories” feature is a huge boon. Stories allow influencers to play around with photographs, videos, boomerangs, filters, audio, text, and so much more!
Although these last for just 24 hours, they can also be stored forever in the “Highlights” section of one’s profile.
Furthermore, the valuable “Swipe Up” feature makes for an easy way to drive clicks and push users further through the sales funnel.
It Makes for an Authentic Experience
Instagram influencers are individuals that users choose to follow by choice. It might be their expertise in a field, their style, or their content creation abilities that followers like.
Currently, influencers with a small but highly-engaged following are coming to the fore. While they seem to have the “famous personality” tag, they are, at the same time, consumers like the rest of us.
By coming across as accessible and “normal,” these micro-influencers create authentic content that boosts conversions.
It is Effective and Affordable
Several small and medium-sized businesses are turning to Instagram influencer marketing in 2020.
This is because:
- It is highly targeted: If your company sells camera equipment, you could easily partner with a photography influencer. It is highly probable that this influencer’s following includes photography enthusiasts.
- It is heavy on engagement: Because Instagram influencers spend huge amounts of time online, they have the capacity to respond to users’ queries and comments.
- It comes in different sizes: If you own a startup with a small budget, smaller influencers could be the right pick for you. Partnering with multiple micro-influencers also makes for a cost-effective strategy.
There are a million reasons to get started with Instagram influencer marketing if you haven’t already. For more information, check out this infographic by Fourstarzz Media
