Despite an increase in spend, the tactic can still be cost-effective, with 36% of respondents spending less than $5,000 per campaign.

Study: Influencer marketing budgets are bigger this year for 63% of marketers

Influencer marketing is still a relatively new tactic, but Bloglovin's results indicate that it is quickly proving an invaluable component to social strategies for those who have jumped in.

As the research indicates, many marketers report spending less than $5,000 per campaign, making influencers remarkably cost-effective for the reach they can provide. Combine that with the fact influencer marketing is often seen as more authentic than studio-quality, traditional ads, and it's understandable why brands are looking to double down on their strategies.

In February, gen.video published a study on influencer marketing that found 51% of marketing respondents with influencer strategies in place plan on "significantly increasing" investment in the space this year. For brands using influencer marketing, upping sales conversion is the top objective at 64%, followed by building brand equity and driving purchase intent, both at 50%.

But while influencers are proving increasingly popular, there are pitfalls to tapping them for outreach. Marketers must especially ensure that all influencer posts are properly transparent with consumers and that influencer partners fully understand FTC guidelines around disclosure for paid social media.

Marketers also can't be certain that influencers will behave in brand-safe ways outside of promoting sponsored content. The popular YouTube creator PewDiePie — one the largest influencers on the video portal — was recently at the center of such a controversy after Disney's Maker Studios and Google's Preferred advertising program dropped him over videos they deemed anti-Semitic. 

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