A recent study by influencer marketing firm AspireIQ finds that brands are more willing than ever to establish partnerships with personalities on social media. The amount of campaigns has also been growing, with the second quarter of this year seeing a growth rate of 18% compared to the previous one.
Of the marketers participating in AspireIQ’s survey, 84% of them are running more than one campaign and a majority of those have over five.
“Consumers won’t accept advice from just anybody. Marketing over-saturation has made them skeptical, eroding their trust in brands and forcing them to turn to buying recommendations from those that they already know. Within this trusted inner circle reside social media influencers. These are social media micro-celebrities who espouse the values or live the lifestyles that their followers aspire to,” the influencer marketing firm wrote in its report.
Influencers operating on Instagram tend to have the best chances for brand engagement, as it stands as the best platform to interface with businesses. 96.5% of brands participating in the survey have a presence on the platform, whereas the next highest contender is Facebook with 79.7% of brands.
Although YouTube’s numbers aren’t very high—43.1% of participating brands have a presence there—this can be a bit misleading. Instagram may have a run for its money as the top influencer marketing target soon enough, as the growth rate YouTube has seen in engagement with marketers has seen a significant increase of 34.36% over the last year.
It’s likely, though, that YouTube won’t supplant Instagram as a marketing platform, but simply a home for a different style of accomplishing the same thing. The reason for this conclusion is that the ROI is still there for businesses that want to use Instagram’s influencers.
The average amount spent on one campaign, according to AspireIQ’s survey, is $6,249.81. Meanwhile, the average value businesses draw is a whopping $26,986.77, leading to an ROI of 432%.
On the surface, it may seem tempting to dismiss Instagram as a genuine target for anyone’s marketing aspirations. However, the data reaches beneath all the crisp selfies and shows a wealth of opportunity for both brands that want to promote themselves and influencers who wish to attach material goals to the work they do on their profiles.