The global influencer marketing industry is set to grow to an astonishing $22.2 billion by 2025. If anyone ever doubted its staying power, this figure makes it clear: influencer marketing is here to stay.

In fact, according to the latest The State of Influencer Marketing Benchmark Report 2024, this growth is not just a global experience. In South Africa, the landscape is evolving rapidly, with local brands poised to capitalise on this growth through digital strategies and meaningful connections with consumers.

The report reveals that 60% of brands that already budget for influencer marketing plan to increase their spending over 2024, demonstrating the sector’s intrinsic role in modern marketing strategies.

An effective form of social media marketing

Influencer marketing continues to outperform traditional marketing channels. The report highlights that 85% of survey respondents believe influencer marketing to be an effective form of marketing, a clear increase from previous years. This confidence is driving more brands to allocate larger portions of their marketing budgets to influencer partnerships.

TikTok leads the way, utilised by 69% of brands engaging in influencer marketing, far surpassing Instagram (47%), YouTube (33%), and Facebook (28%). The appeal of these platforms lies in their ability to deliver visually compelling, short-form video content that resonates deeply with audiences.

A significant shift towards smaller influencers is also noted, with 44% of brands opting for nano-influencers (1k-10k followers) and 26% for micro-influencers (10k-100k followers). These influencers, known for their higher engagement rates and authentic connections with followers, are becoming key players in brand strategies.

Achieving results that represent innovative brand strategy

South African brands are increasingly recognising the value of these partnerships, diving into niche markets and forging deeper connections with their audiences. Local brands aren’t just following global trends; they are setting standards.

South African brands have always been at the forefront of innovation. The nature of influencer marketing presents an incredible opportunity for brands of all sizes to connect with consumers in more meaningful and impactful ways. By leveraging the unique qualities of our diverse influencer community, brands can achieve remarkable results that represent their innovative ways.

– Albert Makoeng, MD of the Nfinity

The report further reveals that nearly a quarter of respondents intend to spend more than 40% of their entire marketing budget on influencer campaigns. This significant allocation underscores the growing trust and reliance on influencer marketing as a primary strategy for brand engagement and sales. However, despite the promising potential, there are still challenges.

Identifying the right influencers, measuring ROI, and managing campaigns effectively remain top concerns for brands. Yet, advancements in artificial intelligence (AI) and machine learning are providing solutions. 63% of brands plan to use AI in executing their influencer campaigns, with 55% using AI for influencer identification. These tools are essential for providing detailed metrics on engagement rates, conversions, and influencer media value, ensuring every campaign’s success.

We’ve developed sophisticated tools to help brands navigate these challenges. By providing detailed analytics and insights, we empower brands to make data-driven decisions and maximise their influencer marketing ROI.

In conclusion

Looking ahead, the report predicts continued growth in the use of AI and machine learning to enhance influencer marketing strategies. These technologies will enable better influencer matching, campaign optimisation, and deeper insights into consumer behaviour.

The State of Influencer Marketing Benchmark Report 2024 tells a promising story for the future of influencer marketing. With its high ROI, growing platform preferences, and the rise of micro and nano-influencers, the industry is set for significant growth.

For South African brands willing to embrace these opportunities, the future holds immense potential. The real challenge isn’t just to keep up with trends, but to stay ahead of the curve. With influencer marketing, brands can build genuine relationships with their audiences and make a significant impact in their industry.

Pieter Groenewald | CEO | Nfinity | mail me | 

Related FAQs: Influencer marketing

Q: What is influencer marketing?

A: Influencer marketing is a type of marketing strategy that involves partnering with individuals who have a large following on social media platforms to promote a product or service.

Q: How can I create an influencer marketing strategy?

A: To create an influencer marketing strategy, you need to define your goals, identify your target audience, find the right influencers to collaborate with, set a budget and track the performance of your campaign.

Q: Why is influencer marketing important?

A: Influencer marketing is important because it allows brands to reach their target audience in a more authentic way, build brand awareness and increase credibility through partnerships with trusted influencers.

Q: What are the benefits of using influencer marketing?

A: Some benefits of using influencer marketing include reaching a larger audience, increasing brand awareness, driving sales and building authentic connections with consumers.

Q: How can I measure the success of an influencer marketing campaign?

A: You can measure the success of an influencer marketing campaign by tracking metrics such as engagement rates, reach, clicks, conversions and return on investment (ROI).

Q: What types of influencers can I collaborate with?

A: There are different types of influencers you can collaborate with, including micro-influencers, macro-influencers, celebrity influencers and social media influencers, each catering to specific audience sizes and niches.

Q: Where can I find influencer marketing statistics?

A: You can find influencer marketing statistics from various sources such as industry reports, marketing agencies, social media platforms and influencer marketing hubs that provide insights and data on the effectiveness of influencer campaigns.