80% of brands plan to spend more on Influencer Marketing in 2020: Buzzoka report

Instagram reigned supreme as the best platform for brand custodians according to the third edition of Buzzoka's Influencer Marketing Outlook

e4m by exchange4media Staff
Published: Feb 6, 2020 1:30 PM  | 2 min read

Integrated influencer marketing platform Buzzoka has released the third edition of its Influencer Marketing Outlook, a survey of more than 237 brand custodians in December 2019. It comprised data from agencies, marketers and brand folks across the Indian marketing ecosystem. The survey focuses on influencer marketing, which has gained a lot of prominence in the passing years, thanks to consumers trusting word of mouth over all forms of marketing. From celebrities to the rising class of micro-influencers – experts in a specific topic with smaller, but more highly engaged audiences – influencers are emerging as a critical marketing tool for brands large and small.

Influencers help brands grow awareness and consideration. Increasingly, they’re also helping drive sales. In order to understand the changing face of influencer marketing and gain valuable insight into where the Influencer Marketing space is headed, we decided to survey both sides of the coin. The Brand Custodians and the Influencer Ecosystem.

The survey covered a landscape of important questions across digital platforms for in-depth knowledge and feedback to understand 2019 and simultaneously deep dived in 2020 to understand the future. The survey was a tiring one for most of the respondents as it covered the entire spectrum of the current landscape. The report covered perspectives of brands and agencies on platforms like TikTok, Instagram, Facebook, Snapchat, etc.  Following are three of the key highlights of Buzzoka's Influenceting Outlook 2020. 

Instagram reigned supreme as the best platform for brand custodians in 2020 for influencer marketing. With 94 per cent of the custodians voting it best, the photo-sharing app ranks above TikTok (52 per cent) and YouTube (52 per cent). 

2020 may be a big year for influencer marketing as per the report. Thanks to the high business impact on their past campaigns, 80 per cent of brands are planning to spend more on influencer marketing. 

Despite its popularity, influencer marketing is not without its challenges. Brands named three key areas -- content control, influencer discovery and finding new ways to work with influencers -- as the top challenges of 2020.  Brands are also less than willing to hand complete controls

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