80% marketers decreased their Influencer Marketing budget during lockdown: study
Buzzoka launches the 4th Edition of Influencer Marketing Outlook. The annual survey offers a 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.
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% of brands spend less than $100,000 per year on influencer campaigns. However, 15% of brands went above $1,000,000 per year
- 38% of Brand Custodians feel Influencer Marketing is becoming more important with each passing year due to Better Reach and Engagement.
- 82% of Marketers believe Instagram has been an effective influencer marketing channel in 2020 whereas only 5% incline towards Facebook.
- According to 72% of Marketers, Influencer Marketing is the fastest growing online customer acquisition method whereas 4% still believe Email Marketing is.
- Indian Short Video Apps are Overpriced which is a challenge faced by 45% of Brands.
- 55% of 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, the top three platforms in 2021-2022 for Influencer Marketing will be Instagram (94%), Mx Takatak (52%), and YouTube (52%).
- 45% of Marketers think Mx Takatak will be very effective to drive influencer marketing in Tier 1 & Tier 2 Markets.
- 53% of Brand Custodians feel Instagram Reels cannot become an effective alternative for TikTok in the coming year.
- 70% of Brands feel Common people have an extremely important role in the influencer marketing ecosystem in the coming years.
- 51% of 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 says, ” 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.”
Disclaimer: Information mentioned here has not been verified or endorsed by Agency Reporter and is in accordance with the press release shared by the company or their appointed representatives.