64% of brand marketers are expecting to see a rise in their influencer marketing budgets in 2023, according to a new report from Open Influence, for which the creator marketing agency conducted a survey with 150 brand marketing leaders.
Although influencer marketing investments continue to grow, there are still companies that are hesitant about adopting it. According to the report, while 13% of brand marketers surveyed said that they allocate a minimum of $1 million to influencer marketing, 28.6% said that they’re struggling with persuading their upper management.
Due to challenges in negotiation, contracting, payment flow and building a creative strategy, 81% of brand managers said that they manage their campaigns partially or fully working with an agency.
Also Read: Top Influencer Marketing Tools for 2023
The survey also found that 77% of brand marketing leaders are looking for long-term relationships with influencers. While choosing creators to work with, brands usually check out their follower count three times more than their expertise. Furthermore, 17% only want to team up with influencers who have over 5 million followers.
Meanwhile, 36% said they are looking for creators who are relatable, and 35% prefer those who are aspirational.
Measuring influencer marketing campaigns, on the other hand, remains a big challenge for the majority of the respondents. Only 40% of brand marketing leaders that participated in the survey said that getting accurate metrics is not a difficult task.
And this could be related to why 77% said that they usually run paid social behind their influencer marketing campaigns, which provides them with more data, and also lets them increase their efficiency and ROI.
Instagram is the most-used platform for influencer marketing
And thanks to the rise of TikTok, which was the most downloaded app worldwide in 2022, more marketers are now adapting the short-form video format for their influencer marketing campaigns.
Open Influence’s survey also found that 91% of brand marketing leaders are willing to try new trends for their creator marketing campaigns.