While scrolling through multiple social media feeds trying to catch up on the day’s happenings, a video of a beauty influencer recommending her new favourite, or perhaps, announcing the release of her collection in collaboration with a beauty brand might pop up on your feed, prompting an irresistible urge to add the product to your online cart. We’ve all been there, done that—and that’s the power of influencer marketing.
According to a 2021 report by Influencer Marketing Hub, Google searches for the term ‘influencer marketing’ grew over a whopping 1,500 per cent between 2015 and 2018—3,900 searches per month in 2015; 6,460 in 2016; 21,000 in 2017; and 61,000 in 2018—defining the trajectory of influencer marketing for the years to come.
Today, influencer marketing has become one of the key marketing contrivances across categories like fashion, lifestyle and beauty—beauty being the second most popular category after entertainment, reveals a survey. With eight out of ten consumers purchasing products after having been introduced to them through an influencer’s content, it doesn’t really come as a surprise that brands make a sizeable ROI (return on investment) of, on an average, $5.78 for every $1 spent on influencer marketing. Should the campaign be conducted in compliance with algorithms and creativity, the ROI can soar as high as $18 per $1 spent.