What Is Your Influencer Marketing Plan, or What Should It Be?

Recently, an article in Bloomberg titled “Influencer Marketing Gains Ground as Global Ad Budgets Tighten” highlighted the growing influencer industry. According to the article, while ad revenue remains flat, influencer marketing revenue is expected to continue increasing compared to traditional advertising mediums. 

Kate Scott-Dawkins, President of Business Intelligence at WPP Media, noted, "This year will be the first year that advertising revenue on user-generated content and platforms outpaces the ad revenue on professionally produced content… That's a big deal."  

That statement is perhaps an understatement.  

In short, influencers are here to stay. Their significant impact on consumer behavior, brand perception, and audience trust leads purchasing decisions, and should solidify them as part of your marketing plans. 

If they are not already. So, why should influencers be considered one of the most important tools in your marketing arsenal? Let’s look at some highlights from the article. 

In simple terms, an influencer is someone people trust online. Their followers value their opinions, so when they recommend a product or share a viewpoint, it can lead to real-world actions, like buying that product, supporting a cause, or trying a new trend. 

According to Bloomberg, the influencer marketing industry is projected to grow 36% this year, reaching $33 billion in revenue by the end of 2025. In 2024, influencer partnerships with brands were up 49%, with content creation leading social media marketing budgets of these brands. 

For Gen-Z, which represents $450 billion in consumption dollars, influencers are a resource of choice, and their popularity is being driven by a multitude of factors: economic and budget constraints, brand trust, and the ability to reach more with less. (For a Gen Xer, like me, consider the cost of an ad during the Super Bowl versus on TikTok.) 

As I have often extolled in my past articles, it ultimately comes down to understanding your customer and their journey.  

If you're still not sold on leveraging influencers as it relates to your industry, consider this point from the Bloomberg article: “While fashion, beauty and accessories lead the way in employing influencer marketing, the strategy is gaining ground among consumer goods companies,” said Ruben Schreurs, CEO of media analytics firm Ebiquity Plc.  

As a real-world example, Unilever, the consumer products goods company behind Dove and Hellmann's Mayonnaise, plans to dedicate as much as 50% of its ad budget to social media, a 30% increase.  

Involving influencers in your marketing strategy is industry agnostic, service agnostic, and retail agnostic. Hence, now is the time to opt in, or at least examine the advantages this approach could bring to your marketing strategy. 

The use of social media to market products, often alongside an influencer touch, is a tool often cited with success by companies in competitive industries and product segments. This has been seen widely, including with Crumbl Cookies, Stanley drinkware, and the revival of coffee creamers. 

Understanding your consumer—and, more importantly, their buying journey—is the key to reaching Gen-Z, and tapping into influencers could be a great opportunity to look beyond existing industry boundaries and target these users strategically. 

In summary, influencer partnerships are a great (and sometimes cost-effective) tool. Influencer marketing boasts a lower initial investment and higher return on investment (ROI) due to its targeted reach versus traditional marketing, ranging from $100-$500 per post (for micro-influencers) up to $1000 or more for the macro-influencer, according to Influentially. 

For connecting with your consumers, working with them to be seen and heard through messaging and opportunities tailored to their unique needs, while addressing unmet needs. The opportunities are nearly limitless; thus, the question remains: How will you start?  

At BSM Partners, our focus is on understanding the evolving marketplace and the changing behaviors of consumers. We work with brands to develop market strategies that are connected to consumer needs, from business transformation to leader development. Our comprehensive expertise helps brands, retailers, and services of all sizes make competitive comebacks and captivate consumers. 

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About the Author

Eric Rittenhouse works at BSM Partners as Business Development Manager. His areas of expertise include business development, sales and trade marketing while helping brand companies uncover and execute on opportunities to strategically dominate their niche in the consumer product space. He has completed the Blue Ocean Practical Introduction certificate by the Blue Ocean Academy and is Action Selling Master Certified by Action Selling and The Sales Board.