As social networks continue to evolve their algorithms, and users increasingly rely on more accessible, immediate word-of-mouth recommendations, a growing number of businesses are turning to influencer marketing to maximize the reach of their messaging.
The growth of influencer marketing makes sense - as noted in a recent report published by Snap Inc., 93% of people will try things recommended by friends. The closest most brands will even get to a 'friend' recommendation is an influencer, someone that consumers turn to for relevant, trusted advice. They don't have to have a million followers, they just need to be influential among your target audience. And the benefits of being able to reach users in this way can be significant.
To provide some additional perspective on the evolving influencer marketing landscape, MDG Advertising has put together this infographic, which outlines key trends in spending, approaches, top social networks for influencers and costs.
It's a great overview of the various elements - worth taking in when considering your approach.