A whopping 71% of advertisers are trying to boost their Instagram marketing efforts, according to new research from XCart. Here’s why.
Instagram’s global active monthly users are growing much faster than Facebook’s or YouTube, and have outpaced Twitter, Snapchat and Pinterest already.
Between 2014 and 2017, Instagram user growth was 357% compared to 57% on Facebook. It’s a prime opportunity for brands and eCommerce businesses with 72% of Instagram users admitting to having made a purchase based on something they saw on the app.
Among the platform with the most influence on shopping habits, Instagram ranks highest at 51%, followed by 23% for Facebook and 22% on Pinterest.
Instagram influencer advertising spend is currently predicted to be around $1.1 billion in 2017 and set to reach $2.3 billion by 2019.
A whopping 70% of the leading brands on the photo app are already using influencer marketing. 91% of luxury brands and 84% of activewear brands are using it, as well as many other brand categories.
However, influencers aren’t the only ones driving engagement. Indeed, advocates drove the highest engagement at 8%, whilst celebrities drove just 1.6% of engagement on the app. That means advocates are the biggest untapped opportunity on Instagram.
Interestingly, the average cost for a sponsored post was $300. The cost increases with follower count. For example, a channel with one million followers has an average cost for a sponsored post of $1,405.