80% marketers decreased influencer marketing budget during lockdown: Buzzoka Survey
Instagram leads as the primary choice of brands in 2020 with 82% of marketers' choice, followed by YouTube at 41%
Buzzoka, an influencer marketing company, has launched the 4th Edition of Influencer Marketing Outlook. The annual survey offers a comprehensive look at today’s influencer marketing landscape and its impact on consumer-facing brand communication and marketing, as viewed by brands, agencies and startups across India.
Buzzoka’s survey has been an important knowledge base for marketers across the globe wanting to explore the Indian Influencer Marketing ecosystem.
Key Highlights of 2020-2021
- Instagram leads as the primary choice of brands in 2020 with 82% of Marketers choice. This is followed by YouTube at 41%.
- 64% brands spend less than $100,000 per year on influencer campaigns. However, 15% brands went above $1,000,000 per year
- 38% Brand Custodians feel Influencer Marketing is becoming more important with each passing year due to Better Reach and Engagement.
- 82% Marketers believe Instagram has been the most effective influencer marketing channel in 2020 whereas only 5% incline towards Facebook.
- According to 72% Marketers Influencer Marketing is the fastest growing online customer acquisition method whereas 4% still believe Email Marketing is.
- Indian Short Video Apps are Over Priced which is a challenge faced by 45% Brands.
- 55% Marketers have not successfully executed an influencer marketing campaign on any of the available DIY Tools whereas 40% have tried to but were not Satisfied.
Forecast for 2021-2022 : Market Potential
- According to the brand custodians, top three platform in 2021-2022 for Influencer Marketing will be Instagram (94%), Mx Takatak (52%) and YouTube (52%).
- 45% Marketers think Mx Takatak will be very effective to drive influencer marketing in Tier 1 & Tier 2 Markets.
- 53% Brand Custodians feel Instagram Reels cannot become an effective alternative for TikTok in the coming year.
- 70% Brands feel Common people have an extremely important role in the influencer marketing ecosystem in the coming years.
- 51% Marketers feel Influencer Marketing is ready for a DIY Product Revolution.
- 87% Brand Custodians feel 2021-2022 will be the year for Influencer Marketing as 2001-2022 was for Digital.
Ashutosh Harbola, Founder, CEO, Buzzoka said, " The Influencer Marketing Outlook – Edition 4 is all about difficult times and heading into the good times of influencer marketing. 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.
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