Instagram leads as the primary choice of brand for influencer marketing: Buzzoka report
Leading influencer marketing company Buzzoka launched the fourth edition of its Influencer Marketing Outlook report this week.
The annual survey, which offers a comprehensive look at the influencer marketing landscape and its impact on consumer-facing brand communication and marketing, revealed that Instagram leads as the primary choice of brands (for influencer marketing) in India.
As many as 82 percent of brands in 2020 opted for Instagram to promote their brands. This was followed by YouTube, at 41 percent.
Ashutosh Harbola, Founder and CEO of Buzzoka, said:
"As the world saw a phenomenal crisis that literally broke the neck of advertising spends globally, influencer marketing saw similar declining numbers. But as times progress, we see a V-shaped recovery in the influencer marketing landscape and are confident the next financial year will be a fruitful one for the industry."
Key highlights of 2020-2021
- Instagram leads as the primary choice of brands in 2020 with 82 percent of marketers' choice. This is followed by YouTube at 41 percent.
- 64 percent brands spend less than $100,000 per year on influencer campaigns. However, 15 percent brands went above $1,000,000 per year.
- 38 percent brand custodians feel influencer marketing is becoming more important with each passing year due to better reach and engagement.
- 82 percent marketers believe Instagram has been the most effective influencer marketing channel in 2020 whereas only 5 percent incline towards Facebook.
- According to 72 percent marketers, influencer marketing is the fastest growing online customer acquisition method whereas 4 percent still believe email marketing is.
- Indian short video apps are over-priced which is a challenge faced by 45 percent brands.
- 55 percent marketers have not successfully executed an influencer marketing campaign on any of the available DIY tools whereas 40 percent have tried to but were not satisfied.
Forecast for 2021-2022
- According to the brand custodians, the top three platforms in 2021-2022 for influencer marketing will be Instagram (94 percent) Mx Takatak(52 percent) and YouTube (52 percent).
- 45 percent marketers think Mx Takatak will be very effective to drive influencer marketing in Tier I and Tier II markets.
- 53 percent brand custodians feel Instagram reels cannot become an effective alternative for TikTok in the coming year.
- 70 percent brands feel common people have an extremely important role in the influencer marketing ecosystem in the coming years.
- 51 percent marketers feel influencer marketing is ready for a DIY-product revolution.
- 87 percent brand custodians feel 2021-2022 will be the year for influencer marketing as 2001-2022 was for digital.