80% of marketers cut their influencer marketing budget during lockdown: Buzzoka survey

Buzzoka, an influencer marketing company, launched the 4th Influencer Marketing Outlook edition. The annual survey offers a comprehensive overview of the current influencer marketing landscape and its impact on consumer-facing brand communication and marketing as seen by brands, agencies and startups across India.

Buzzoka’s survey has been an important knowledge base for marketers around the world wishing to explore India’s influencer marketing ecosystem.

2020-2021 Highlights

• Instagram is the top choice for brands in 2020 with 82% of marketers’ choice. It is followed by YouTube at 41%.
• 64% of brands spend less than $100,000 per year on influencer campaigns. However, 15% of brands exceeded $1,000,000 per year
• 38% of Brand Custodians believe influencer marketing is becoming more important year over year due to better reach and engagement.
• 82% of marketers believe Instagram was the most effective influencer marketing channel in 2020, while only 5% lean towards Facebook.
• According to 72% of marketers, influencer marketing is the fastest growing method of acquiring customers online, while 4% still think email marketing is.
• Indian short video apps are too expensive which is a challenge faced by 45% of brands.
• 55% of marketers haven’t successfully executed an influencer marketing campaign on any of the DIY tools available, while 40% have tried but weren’t satisfied.

Forecast for 2021-2022: Market potential

• According to brand custodians, the top three platforms in 2021-22 for influencer marketing will be Instagram (94%), Mx Takatak (52%) and YouTube (52%).
• 45% of marketers believe Mx Takatak will be very effective in driving influencer marketing in Tier 1 and Tier 2 markets.
• 53% of Brand Custodians believe that Instagram Reels cannot become an effective alternative to TikTok in the coming year.
• 70% of brands believe that everyday people will play an extremely important role in the influencer marketing ecosystem in the years to come.
• 51% of marketers believe influencer marketing is ready for a DIY product revolution.
• 87% of Brand Custodians think 2021-2022 will be the year for influencer marketing, just like 2001-2022 was for digital.

Ashutosh Harbola, Founder, CEO, Buzzoka said“The Influencer Marketing Outlook – Edition 4 is about the tough times and heading into the good times of influencer marketing. influencer marketing has seen a similar decline.But as the times progress, we see a V-shaped recovery in the influencer marketing landscape and are confident that the next fiscal year will be fruitful for the industry.

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