Instagram overtakes YouTube as the top for influencer content-T
The global report compiled by Rakuten Marketing reveals YouTube’s monopoly on the ‘influencer’ is over.
The survey also revealed that the power of influencer marketing is far from slowing down. In the UK, 81% of consumers report that they have now made a purchase by following a link shared by an influencer. Over a quarter (26%) are spending more than £500 on items recommended by influencers.
• Consumers are following a more diverse mix of smaller influencers, from fashion gurus (38%) to beauty specialists (43%), highlighting the growing role of the micro-influencer over celebrity influencers
• 8/10 British consumers have bought a product recommended by an influencer.
• The amount marketers are willing to pay to influencers has fallen by over half to £25,000 a post, thanks to the progress in how campaigns are measured and fees are calculated.
The growing understanding of the purchasing power that influencers yield correlates with advancements in how brands measure such work. Comparing insights from our survey of UK marketers in 2017 to 2019, the number who do not feel they can tell whether a particular influencer marketing campaign has driven sales has shrunk from 38% to 29%.
Influencers put content first
In the current landscape, when an influencer’s relationship with a brand has been properly disclosed, 97% of consumers express they still trust the influencer. Globally, 43% of consumers trust these influencers to give them an honest view of the product or service being discussed and appreciate the transparency given about the brand relationship.
However, despite consumers still trusting their favorite influencers with the recommendations they provide, it is important that both brands and influencers operate within certain limits according to the findings.
The potential risk of falling audience numbers plays into the working relationship between brands and influencers. Brands must prioritize partnering with influencers that align with their brand values. Influencers must prioritize promoting products that align with their own ‘brand’ or risk losing their audience.
A more diverse mix of influencers
Consumers are embracing a more diverse mix of influencers to follow. 39% of influencer fans follow fashion gurus and 43% follow beauty specialists, making them just as popular as celebrities online.
This ties into one of the key observations of the report. Marketers were happy to pay Facebook celebrity influencers up to and in excess of £75,000 for a single post mentioning their brand two years ago. In 2019, this figure has fallen to around £25,000 per post. In fact, thanks to the progress in how campaigns are measured and fees are calculated.
Rakuten Marketing conducted research with Viga on December 2018 and January 2019 amongst 1000 UK consumers (3500 global consumers) and 200 marketers (700 global marketers) across the UK working directly on influencer programs.