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Influencer Marketing in 2024

The State of Influencer Marketing

As social media marketing becomes more and more saturated, what is the state of influencer marketing? The  global influencer marketing market value  stood at 21.1 billion U.S. dollars as of 2023. Since 2019, this market value has tripled. 

At JL Creative, we have seen the exceptional results that can come from a well executed influencer marketing strategy. 

So let's explore the data together, and find out how it may fit into your digital marketing strategy in 2024.

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The creator economy is booming, expected to approach half a trillion dollars by 2027

Rapid Growth and Budget Allocation

Budget Increase: 67% of brands plan to increase their influencer marketing budget, reflecting the strategy's growing importance​​.

Engagement and Spend Correlation: A minor increase in influencer marketing spend can significantly boost engagement rates​​.

Spending Patterns: Most marketers spend under $50,000 annually on influencer marketing, with a focus on cost-effective strategies​​.

Audience and Platform Insights

Product Discovery and Purchase Decisions: Influencers play a pivotal role in product discovery and purchase decisions, especially among younger audiences like Gen Z. 

Platform Trends: Organisations are re-evaluating their presence across social platforms, focusing on those that offer the best ROI and align with their audience's preferences​​. 

Hubspot reports that 72% of marketers listed Instagram among the social media platforms on which they work with influencers and creators. 30% said Instagram is the platform they get the biggest ROI when working with influencers. And, 32% said Instagram is the easiest platform to work with influencers.

The Role of AI in Influencer Marketing

AI Integration: There's a notable increase in the use of AI for various marketing activities, including customer support and image editing​​.

Audience Perception of AI: Audiences show varying levels of trust towards AI-generated content, with younger generations being more receptive​​.

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Is Influencer Marketing Right for Your Brand?

We know that collaborations between brands and creators are more valuable than ever before. We know that social media channels have turned into their own search engines. We know that it's becoming increasingly saturated. So, how do you do it correctly? 


Aligning with Your Brand’s Goals and Audience

Target Audience Relevance: Ensure the influencer's audience aligns with your target market, particularly important for niche markets like HVAC.

Authenticity and Trust: Choose influencers who are perceived as trustworthy and authentic by their audience. 

Leveraging Influencer Marketing Effectively

Focus on Engagement and Relatability: Engagement metrics and the influencer's relatability to their audience are crucial factors to consider. According to a consumer survery by Hootsuite, 56% of consumers think that brands should be more relatable on social.

Strategic Platform Choice: Select platforms that align with your brand's goals and where your target audience is most active. Meet them where they're at. 

Utilising AI in Influencer Marketing

Balancing AI and Human Touch: While AI can enhance certain aspects of marketing, maintaining a balance with human-generated content is key to authenticity​​. The statistics show that the majority of younger generations are already bored of  AI content. 

According to HootSuite, 62% of consumers are less likely to engage with and trust content if they know it was created by AI.

Audience Perception: Be mindful of how your target audience perceives AI-generated content, as this can impact engagement and trust​​.

Following E-E-A-T guidelines can help inform your use of AI. Watch our director break down a useful Semrush article to build your understanding of the concept:

It seems that influencer marketing in 2024 will require a nuanced approach, balancing emerging trends with traditional marketing wisdom.

By focusing on engagement, relatability, strategic platform use, and a balanced use of AI, brands can navigate the saturated influencer market properly. 

Which still allows for meaningful connections with target audiences, driving brand awareness and conversion in an authentic and impactful way.

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