Marketers began to rely on social commerce when the pandemic hit. Now they have begun to see positive results, according to research released Tuesday.
I have never been a big fan of influencer marketing, but apparently, it’s catching on. I'm a little surprised at the reported results. Traackr today released the 2022 Influencer Marketing Impact Report that surveyed 500 marketers and 1,000 consumers to analyze the impact of influencers, social content and platforms on engagement and purchase behavior.
The survey found that more than 70% of consumers at least somewhat agree they are more likely to buy a product from a brand if they collaborate with an influencer they know and trust. In fact, the data shows 82% of marketers report influencer marketing drives sales for their brands.
Despite the growth in the use of influencers to sell products to improve performance, marketers reported that partnerships are fairly short-lived. Some 30% of marketers said they typically sign three- to-six-month contracts with influencers, and 27% said they typically sign contracts for less than three months. Numbers were not consistent between in-house and external agencies.
About 12% of marketers from public relations and communication agencies were more likely to report signing single-post contracts with influencers.
Not surprisingly, YouTube is the most popular social media platform, with 73% of consumers reporting using it at least once a week -- followed by Instagram with 66%, Facebook with 65%, and TikTok with 56%.
When analyzing preferences between generations, 81% of Millennials are more likely to report using Facebook -- at 48%, weekly, vs. Gen Z.
Gen Z is also slightly more likely to use TikTok and Snapchat at least once weekly, compared with Millennials.
Interestingly, short videos were found to be the most engaging format among Millennials and Gen Z, but Gen Z was two times more likely to find long videos most engaging.
Today, YouTube BrandConnect introduced a program with short and long-form video options tied to influencers, providing advertisers with dynamic ways to tap into both.
Some 37% of marketers have only used influencer marketing for one to two years, followed by 31% who have used it for a period of three to four years.
Thirty percent of brands spend $500,000 or more each year on influencer marketing; with 25% spending between $200,000 and $500,000 and another 25% spending between $50,000 and $200,000 a year.
These consumers prefer to buy certain types of products on social media -- which may have something to do with product demonstrations. Some 49% of consumers surveyed said that they are more likely to buy fashion products, while 44% pointed to beauty and personal care, and 40% cited electronics.
The ranking, however, changed slightly when indexed against the top platforms used for social commerce. Different generations also reported distinct preferences: Millennials were 10% more likely to buy home goods, and 7% more likely to buy health and wellness products than Gen Z.
Some 54% of marketers strongly agree that influencer marketing has successfully increased brand awareness, while 82% of marketers at least somewhat agree that influencer marketing has successfully driven sales.