Aspire, a software company that empowers brands to leverage influencer marketing effectively, has released its State of Influencer Marketing 2024 report. With a history of operating under various names such as Aspire IQ, Aspire.io, and Revfluence, the company has established itself as a pioneer in the influencer marketing industry.

Survey Methodology

Now in its sixth consecutive year, The State of Influencer Marketing 2024 report examines data collected from over 700 marketers and content creators. Each of these candidates was supplied with a comprehensive survey to ensure that Aspire could gather as much rich data and insights as possible.

The company also explains that it uses its partnerships with Meta, Pinterest, and TikTok to gain nuanced APIs to ensure that it can access a wealth of diverse data platforms. Thus, it seems that Aspire is also keen to promote its understanding of social media platforms and use this experience to expand its report. In addition, the use of first-party data throughout this report means that readers can assess real-time analytics to help broaden their understanding of the entire influencer marketing industry. 

Three Key Takeaways

This report offers us a plethora of intuitive findings, all of which give us a deeper understanding of influencer marketing and how it may impact our economy throughout the coming year. Listed below are just three key findings from this report. 

1. 93% of content creators are willing to work for free products. 
2. 57% of influencers have maintained their rate of pay over the last 12 months. 
3. Nano influencers have the highest engagement rate across all social media platforms, averaging 4.4%. 

What Does This Mean for Influencer Marketing?

The first finding within this report offers us a stark realization of how influencers prefer to be compensated for their work. With the vast majority of content creators stating that they would be willing to work with their favorite brands in exchange for free products, we begin to wonder how valuable this relationship can be. Aspire also notes that 15% of these influencers would only work alongside a respective brand if they offered high-value products. This is especially important for luxury brands who now have the chance to send over a collection of sample products, rather than compensate their influencer financially. Yet, the report also emphasizes that brands should reward their influencers based on the amount of content they create. For example, a brand shouldn’t send their content creator $20 worth of supplies, if they have managed to produce $100 worth of content. 

Nearly 60% of creators have not changed their rates in the past 12 months, highlighting that influencers are no longer deciding to increase their rates every year. This could be for a number of reasons, most notably because they have found a suitable rate that allows them to live comfortably, without putting off potential clients. But, as the cost of living continues to rise at an exponential rate, many influencers are still at risk of losing their sense of financial security. However, Aspire counteracts this point by stating that 47% of creators prefer to work on long-term campaigns. As a result, many influencers may decide to keep their rates consistent as they know that they can find a steady stream of work and income. 

The final finding within this report explains that despite all of the different influencers available on the market, nano influencers still manage to reign supreme. By amassing an average engagement rate of 4.4% across all platforms, we can assume that brands prefer to work with smaller content creators, rather than their larger counterparts. The survey also highlights that this success may be due to the fact that these influencers are a lot more relatable, allowing them to showcase a range of products to a like-minded audience. 

Link to the Report

The State of Influencer Marketing 2024 report can be found on Aspire’s website, alongside some more information about their products as well as a collection of informative webinars and blog articles.