Right. Elephant in the room time. You know those influencers you’re getting to plug your products? It’s not your brand they’re attracted to – it’s your wallets.
Your big, bulging wallets, as it turns out. Now that influencer marketing is the fastest-growing method of customer acquisition, it’s become a big-money game. Twenty-five percent of brands are spending over half a million dollars on it every year. Five percent are spending over $5m. That translates to about 200 bucks for every half-arsed “Hey, guys – check out this amazing thing I’ve discovered” and ten grand for every “I just spent a day testing the latest doo-dah from thingumabob.”