Influencer marketing budgets are on the rise but still only comprise less than 10 percent of overall marketing spend for more than 60 percent of marketers, according to a new report.
Seventy-two percent of respondents to the newly released State of Influence 2.0 survey from Traackr and Altimeter are devoting more than $100,000 to influencer marketing this year. The majority of respondents—65 percent—are managing influencer marketing with internal teams, and 81 percent are using influencer marketing tech to track their results.
Content creation was the biggest influencer marketing line item for respondents, comprising 27 percent of their influencer budget, up five percent from 2017. Budgets for influencer compensation also increased from 10 percent last year to 19 percent in 2018.
“Influencers are learning that their time and the attention of their communities are valuable beyond recognition and engagement from brands,” writes Brian Solis, principal analyst of Altimeter, the author of the report. “As a result, monetary engagement is becoming more mainstream and this percentage will most likely rise year over year for the foreseeable future.”
Source: Chief Marketer