With autumn just around the corner, we’re preparing to say goodbye to 2023 and usher in a new year filled with fresh marketing ideas and strategies. To prepare for what’s to come, it’s wise to look back at this year—where we’ve been, where we are now, and where we expect to go.
One tactic that continues in importance is influencer marketing, especially as a strategy for marketing to women. More than 84% of influencers on Instagram are women, making them instrumental in generating a substantial portion of the revenue attributed to influencer marketing. The significance of influencer marketing becomes even more evident when you consider that women control more than 85% of all consumer purchases.
The revenue propelled by women through influencer marketing is enormous and only getting bigger. Over the last five years, influencer marketing has surged by over 500%, culminating in a staggering total worth $13.8 billion. In 2023 alone, firms are expected to spend up to $4.5 billion toward influencer marketing efforts.
As impressive as this all may sound, only 25% of marketers have incorporated influencer marketing into their strategies. That means there is still substantial room for growth, particularly for brands striving to effectively convey their marketing messages to women.
Below are some statistics and insights that delve into the power of influencer marketing and why some brands outperform others in this area. With this information, you can start crafting your marketing blueprints for 2024, specifically tailored to your female audience.
It’s important to ensure that the influencers you choose resonate with the interests and concerns of your target audience, whether it be parenting, health, lifestyle, fashion, or any other specific niche.
While finding appropriate influencers may not pose a challenge, it’s critical not to enter into agreements with the first person you run across on Instagram. It’s wise to investigate each potential influencer to ensure they are a good fit with your brand and consistently create content that strikes a chord with your female audience. When female consumers encounter relevant content that is pertinent and meaningful to them, 82% of them take some form of action, whether making a purchase or sharing the content with others who might make a purchase.
In niche industries, partnering with the right influencers can yield impressive results. While women undoubtedly have a significant presence in influencer marketing overall, it’s essential to research and identify specific “momfluencers” for parenting and children’s products or consider beauty influencers if your brand competes in that category. A myriad of categories possesses influencers who specialize in establishing deep connections with their unique audiences.
Authenticity takes center stage, especially when targeting female audiences. Women are inherently drawn to influencers who exude relatability, genuineness, and openness in sharing their personal experiences, triumphs, and challenges. An influencer who can seamlessly weave relatable stories and real-life situations into their content is poised to establish profound and lasting connections.
It’s vital to make discerning choices, as nearly 70% of female consumers prefer influencers who mirror their own life experiences and that they can relate to. Additionally, an influencer’s reputation can bolster your brand—or harm it if you choose the wrong influencer.
More than 60% of individuals find influencer-generated content far more engaging than conventional branded content. The primary reason for this is authenticity. While consumers anticipate brands promoting their products and services, they are more inclined to pay attention when an influencer—one of their peers—shares content they’ve created about that brand. In fact, when consumers engage with branded content, a notable 65% don’t even look at the content in its entirety.
As enticing as a celebrity influencer may sound, the smaller, more niche influencers often experience significantly higher engagement rates. Nano-influencers, specifically those with follower counts ranging from 1,000 to 5,000, typically command an impressive 5% engagement rate. In comparison, celebrity influencers hover just below the 2% mark.
What’s more, marketers can reap substantial cost savings when collaborating with micro- and nano-influencers. These influencers generally charge a more budget-friendly fee per post—between $500 and $2000. In contrast, celebrity influencers can demand substantial fees, often well beyond $40,000 per post.
The choice of platform should be influenced by the online habits of your target audience. For example, Instagram prioritizes visual and lifestyle content, whereas blogs provide a forum for in-depth discussion. When selecting influencers, it’s imperative to prioritize those whose presence aligns with the platforms where your target audience is most active.
It’s also important that your products or services are well-suited to your chosen platform. Still images of home décor may perform more effectively on Instagram than in a video format on TikTok. On the other hand, YouTube boasts a substantial GenZ audience, with a noteworthy 70% preference for content from YouTube creators rather than celebrity content. A significant 60% of YouTube subscribers make purchases influenced by creators rather than a celebrity. Regardless, if your product doesn’t align with a platform or its viewers, you shouldn’t allocate marketing resources to having a presence there.
You can master relevance and authenticity within your niche, but if you’re not inspiring quality content from your influencers, you’ll still lose. Content that offers practical solutions, ignites inspiration, or provides entertainment can play a pivotal role in fostering enduring connections with your audience.
When you prioritize quality content, you can anticipate a cascade of benefits, including:
- An impressive average return on investment of $5.20 for every $1 invested in influencer marketing.
- Top businesses collaborating with influencers could see an ROI of $20 per $1 spent.
- A substantial 40% of the 49% of consumers who rely on influencers for decision-making will go on to make a purchase.
These compelling statistics underscore a strong case for integrating or amplifying influencer marketing as part of your strategy when marketing to women and other audiences as we head into 2024. Don’t hesitate to reach out if we can help in any way.