Brands are increasing their investment in influencer marketing in 2017, reports influencer video platform Gen.Video. It found that 45.5 percent plan to spend more in 2017 while 4.5 percent plan to spend significantly more. An even half of respondents said they would spend the same amount.
That data comes from Gen.Video’s just-released “State of the Union for Influencer Marketing, Trends, and Best Practices for 2017.” The company got its data from a Q4 2016 online survey of 20 senior brand marketing professionals working in multiple verticals. That’s not a huge sample size, so take it for what it’s worth.
The survey and the parent company are all about influencer marketing, meaning using influential peers to provide an authentic message to followers. The goal, the company says, is to create awareness, enhance product perceptions, and get consumers engaged with a brand’s story, ultimately moving them to a purchase.
Gen.Video found that 91 percent of the brands it surveyed were already doing influencer marketing. Of those already involved, nearly half spend less than 10 percent of their online ad budget on influencer marketing, while 44 percent spend between 10 and 50 percent of their budget.
However, brands and agencies that emphasize video campaigns are much more invested in influencer marketing. For this group, the number of brands spending between 10 and 25 percent of their online budgets was nearly double.
YouTube is the top social platform for influencer marketing, followed closely by Facebook and Instagram.
“What brands are capitalizing on is step change in how consumers are digesting content, what we call the Video Generation,” says Jessica Thorpe, president of Gen.Video. “It¹s a revolution in marketing that includes Gen Z, Gen Y, Gen X, and even Boomers. Most consumers trust peers more than brands and celebrities.”
For more on the state of influencer marketing, download the full report for free (registration required).