The concept of influencers is not a new thing, but the rise of social media also gave rise to a new industry—influencer marketing. Kids aspire to a career that didn’t exist a decade ago, and top influencers can earn mind-boggling amounts of money per post, but is all this about to change?
According to a study by analytics firm InfluencerDB, influencer engagement on Instagram is near all-time lows on feeds crowded with sponsored content.
- Instagram influencers with 10,000 followers had a 3.6% engagement rate. The number is particularly low when compared to those with 5,000 to 10,000 followers that had a 6.3% engagement rate, and those with 1,000 to 5,000 followers that had an 8.8% engagement rate.
- The engagement rate for sponsored posts fell to 2.4% in Q1 2019 from 4% three years earlier, while the rate for non-sponsored posts slid to 1.9% from 4.5% for the comparable periods.
- 62% of consumers now feel that influencer content takes advantage of impressionable audiences by being too materialistic (55%) and misrepresenting real life (54%).
However, it doesn’t appear that fashion and beauty are ready to call it quits on influencer marketing just yet. In 2018, 81% of marketers reported that using influencers to bolster their marketing plans was an effective strategy. But you have to wonder if something has to give as influencer fees increase while engagement is on the decline. Influencer marketing may not be over, but it will certainly evolve.
Photo:Photo by Maddi Bazzocco https://unsplash.com/photos/Vbt1zTCsSNA