10 Influencer Marketing Stats You Need to Know for 2024

Unless you’re a complete stranger to the marketing game (and to social media, too), you’re likely well aware of what influencer marketing is all about. But for the uninitiated or if you need a quick refresher, in a nutshell, it’s a type of marketing that sees brands partner with popular social media personalities (known as influencers) to promote the brand’s products and/or services to the influencer’s (often substantial and usually very engaged) numbers of followers. Influencer marketing can be especially powerful because it taps into the high levels of trust, authority, reach and rapport that influencers have built among their followers, leading to higher engagement rates and increased conversion rates for the brands that leverage the tactic.

But just how powerful is influencer marketing in 2024 and does it fit into your brand strategy? (Hint: it should.) While we’re about halfway through the year at the time this blog was published, taking a look at just a handful of 2024 influencer marketing statistics can go a long way toward answering that question pretty clearly — and toward informing marketing strategies for the rest of the year and beyond.

So, without further ado, consider these 10 eye-opening influencer marketing stats that demonstrate just how effective the social media marketing tactic can be in 2024 — and highlight the opportunities influencer marketing presents for brands looking to grow their business over the remainder of the year (and in the years to come): 

1.   85% of surveyed marketing experts consider influencer marketing to be effective.

2.  The average ROI on every dollar spent on influencer marketing is $4 to $5.

3.  Nearly 60% of surveyed marketing experts who already budget for influencer marketing plan to increase that budget over 2024. Elsewhere, more than nine in 10 brands say they plan to invest more in influencer marketing in 2024.

4.  Over 80% of brands say influencer marketing generates better leads than other types of marketing campaigns.

5.  Among Millennials and Gen Z consumers, more than 60% say they trust influencers’ recommendations — and the number is showing steady growth.

6.  Three out of four business-to-business marketers are now leveraging influencer marketing — and more than nine in 10 B2B marketers plan to rev up their influencer marketing campaigns moving forward.

7.  The leading choice of nearly 70% of professional marketers surveyed, TikTok is (by far) the top social platform brands leverage for influencer marketing. Other top influencer marketing platforms include Instagram (47%), YouTube (33%) and Facebook (28%).

8.  A majority of surveyed marketers (56%) say that the top reason they run influencer marketing campaigns is to spur the creation of user-generated content (UGC). Sales generation follows, with 23% calling it their primary motivation.

9.  More than three-quarters of consumers buy products they see in social media posts.

10.  The biggest challenge marketers face with their influencer marketing efforts is keeping up with social media trends, which 28% report to be their biggest challenge. The next biggest challenges reported are cost and building a creative strategy.

Looking for influencer marketing tips to help your brand shine on social media — and beyond? Keep an eye on the Joybyte blog for regular expert insights designed to help your brand move the needle and grow.

If your brand has yet to tap into influencer marketing to increase its exposure, brand awareness and conversions among consumers, you’re missing out on a broad range of benefits and opportunities — as the stats above demonstrate.

Ready to get started with assistance from a team of pros at a marketing agency dedicated to staying on (and ahead of) influencer marketing’s leading edge? Joybyte is here to help — talk to us today about our influencer marketing services.