Free Ebook
The 2024 Influencer Marketing Data Benchmarks
The State of Influencer Marketing
And just like that, another year has gone by where influencer marketing has dominated the marketing industry and enjoyed impressive, YoY growth. To recap, influencer marketing had an even better year than most marketer’s predicted in 2024. Below are just a few of the big statistics coming out of last year:
- Influencer marketing spend outpaced social ad spend by 3.5x (eMarketer)
- 89% of marketers polled planned to increase influencer spend in 2024 (Forbes)
-
Influencer marketing eclipsed $21 billion in value during 2023, a new high (Forbes)
- 01
Continued Growth on TikTok:
Over the past several years, we’ve seen an explosion of growth on TikTok as a platform for creators and the same trend held true in 2024. As TikTok continues to grow in popularity in audiences outside of Gen Z and Millennials, more brands are tapping into the platform for their Influencer activations.
- 02
Less Reliance on Followers for Video Content:
TikTok has always structured and prioritized content consumption around what you engage with versus who you follow (e.g. “For You” tab over “Following”) and now Instagram Reels is following suit. Analyzing average number of views, engagement rate, and total engagements is now an important metric for sourcing creators. It is worth noting though that the creators with higher followers tend to still drive a higher amount of views and engagements for video content.
- 03
Facebook Organic Engagement Rate Decline:
While not a new trend, Facebook’s average engagement rate (ER) continues to be significantly lower than other channels including Instagram and TikTok. At this point, organic Facebook content is almost non-existent.
- 04
Increase in Ecommerce Integrations:
Influencers are no longer just an “awareness” strategy. Brands have discovered they’re a great way to drive direct revenue. In addition to investing in shop-specific integrations (e.g. TikTok Shop, Gen Video, and MikMak), brands are increasingly having Influencers incorporate product links directly into content to provide an easier path to purchase for consumers.
- 05
Less “Testing” of Smaller Niche Networks:
Remember in 2022 when Clubhouse was dubbed the next big social network and everyone was looking to test and launch a campaign on the network? Now you rarely hear any marketer talk about it. In 2023, brands were less inclined to tap into smaller, niche networks and more focused on the core channels. It is worth still keeping an eye on ones like Lemon8, Threads, and BeReal (especially since the first two are owned by ByteDance and Meta), but brands seem a little less inclined to test these channels for Influencer in 2023 / 2024 until they show proven success.