As more brands jump into an influencer marketing industry that reached about $570 million on Instagram alone in 2016, according to eMarketer, new studies are measuring how effective (or ineffective) such campaigns can be.
Collective Bias, which focuses on influencer marketing and shopping, has released a study in partnership with Inmar on social content and how affects in-store sales.
The report analyzed 450 influencers and 11 campaigns across five major consumer-packaged-goods categories to see how effective those influencers were at driving actual sales. The research acknowledges the potential reasons for varying performance such as seasonality, price, budget and purchase frequency, but across the categories, influencer content was found to outperform control groups.
The company looked at influencer content that included promotions or coupons to determine its affect on redemption rates and sales. A national rice brand saw a 45 percent redemption rate, where typically it sees a rate of 15 percent. That means the influencer content provided a threefold lift.
Also of note in the report is the in-store traffic analysis. With measurement partner Placed.com, the study showed that 48 percent of people who were exposed to influencer content visited a particular retailer within four days of seeing an ad for it. Just 29 percent of people from the control group who were not exposed to the content visited the store.
“What makes this study significant is its breadth,” said Irv Turner, vp of analytics and applied data sciences at Collective Bias. “We didn’t settle on a singular way of looking at influencer marketing’s impact nor on one particular use case. This study irrefutably proves influencer marketing drives results.”
For more information on the study and other reports on the emerging influencer marketing field, visit Collective Bias.