Instagram influencers! Instagram may be taking away your “likes” but the Benjamins are still coming your way. With the latest trend in marketing continuing to favor social media and influencers, “likes” don’t really matter. Neither do follower counts.
Advertisers have always been a huge source of income for news and media companies, and in the past decade, for influencers on social media as well.
According to a report by the Interactive Advertising Bureau, in the past year, United States digital ad revenue was over $100 billion–this is the highest it has ever been, in fact, it is 21.8% higher than the total ad revenue in 2017. This is over $20 billion extra spent on ads in one year.
Simultaneously, in 2018, mobile ad revenues were twice as higher than desktop revenues with social media revenues rising by 30.6%. If there’s one thing an advertiser can learn from this report by IAB, it’s that a social media presence, especially through influencers is detrimental for their brand.
However, social media users have never been so alert and attentive to the ads that are presented to them. Media agency, UM, found only 4% of social media users trust influencers. Contrastingly, 92% of consumers trust user-generated content than traditional advertising, according to the Nielsen Consumer Trust Index. This is why advertisers may change the face of influencers for their various products.
In fact, they have already started.
Micro-influencers are a growing community in the advertising world. Platforms like TRIBE cater to connect people with small, but dedicated followers with advertisers who hope to build more authentic consumer bases.
Anyone with a business account on Instagram is able to carefully track their engagement through the Insights page. Instagram shares follower data in terms of age, gender, country and general trends of follower activity on the app. For influencers, it also provides statistics on the number of people liking, commenting, and simply coming across your content called “reach.”
According to marketing experts, likes mean nothing if there is little interaction with fans and followers. Advertisers want influencers who are capable of convincing their followers.
“A high engagement rate means that the potential reach of your brand is much greater,” writes digital marketing strategist of IBOXSEO Dave Ken. “Instead of worrying about trying to get more people to like your page, you should work harder on trying to get them to engage with your content more.”
So although Benjamins are still coming to the community of influencers, a new tribe of influencers may have the upper hand with advertisers in the coming year.