The state of influencer marketing: booming, bustling, and maybe a little bonkers
Let’s talk about influencer marketing—aka the golden child of modern marketing. It’s the strategy that went from being an experimental side hustle to a multibillion-dollar industry faster than you can say, “Like and subscribe!” Brands that have embraced influencer partnerships have seen incredible success, tapping into the authentic connections influencers have with their audiences. But if you’ve been working in this space for a minute, you’ve probably noticed something: influencer marketing is starting to feel a little...out of control.
The rise (and rise) of influencer marketing
There’s no denying the impact influencer marketing has had on the industry. In 2023, global spending on influencer marketing hit a jaw-dropping $21.1 billion (Statista). That’s a 41% increase from just two years earlier. Brands are funneling serious cash into influencers because, well, it works.
92% of consumers trust influencer recommendations over traditional ads (Mediakix).
Brands that use influencer marketing earn an average of $5.20 for every $1 spent (Influencer Marketing Hub).
When done right, influencer campaigns can create buzz, drive sales, and build lasting brand loyalty. We’ve all seen case studies of brands skyrocketing to success thanks to a few well-placed influencer partnerships. But here’s the thing—what was once an underutilized channel is now a feeding frenzy.
Everyone’s an influencer (and has a talent manager)
Back in the day, influencers were regular people who happened to have a knack for connecting with their audience. Now? It seems like every influencer, no matter their size or effectiveness, is represented by a talent agency. And while that’s not inherently bad (everyone deserves to be compensated fairly), it has created a bubble that’s becoming increasingly unsustainable.
Case in point: the astronomical fees being quoted for even the simplest campaigns. I’ve worked on campaigns where talent managers have demanded fees that honestly make me question if they think we’re trying to hire Beyoncé. We’re talking thousands of dollars for a single post or story, even from influencers with modest followings.
It’s not just the fees that are spiraling. Many talent managers outright refuse to let us send PR packages or gifts to influencers, saying their clients don’t work for free. And look, I get it! Have you seen the sheer volume of PR packages influencers are receiving these days? It’s wild. The unboxings alone could rival a holiday shopping spree at Nordstrom.
Is this sustainable?
Here’s the million-dollar question: is this model sustainable?
In the rush to capitalize on influencer marketing’s success, it feels like everyone wants a piece of the pie—brands, influencers, talent managers, agencies. But the sheer costs involved are starting to make some campaigns feel impractical.
The ROI isn’t always there, either. Just because someone has 100k followers doesn’t mean they can drive meaningful engagement or sales for your brand. And with ad fatigue and oversaturation creeping in, the days of guaranteed success from a single influencer partnership might be behind us.
Where do we go from here?
I don’t have all the answers (wish I did!), but here’s what I do know:
Smarter partnerships: It’s time to prioritize quality over quantity. Instead of chasing influencers with the biggest follower counts, focus on those who truly align with your brand and have an engaged, loyal audience.
Fair, not inflated, compensation: Influencers absolutely deserve to be paid fairly for their work, but there needs to be a reality check on what’s reasonable. Campaign budgets aren’t infinite, and inflated fees hurt everyone in the long run.
Embracing creativity: Gifting campaigns, micro-influencers, and long-term brand ambassador programs can be just as effective (and more cost-efficient) than one-off posts with a mega-influencer.
Measuring what matters: It’s time to go beyond vanity metrics like likes and impressions. Real success is about conversions, brand loyalty, and authentic connections.
Final thoughts
Influencer marketing is still a powerhouse, but it’s teetering on the edge of unsustainability. The industry has grown so big, so fast, that it’s starting to feel a little bloated. But I’m not ready to write it off. With a more thoughtful, strategic approach, influencer marketing can continue to be a valuable tool for brands—without the chaos.
Am I the only one feeling this way? I don’t think so. Let’s work together to keep influencer marketing grounded, creative, and impactful. Because at the end of the day, we adapt—or we watch it implode. And I don’t know about you, but I’d rather adapt.