80% of brands still increasing influencer spend: Survey

From a time when influencers were seen as a marketing experiment or quirk, this category of highly visible and engaged social media mavens has evolved into a much sought after cohort to help marketers evangelise their brands. Four of five brand custodians across India plan to increase their spending on this rapidly growing segment, according to Influencer Marketing Outlook 2020, a study by Buzzoka, an influencer marketing outfit in India.  

To compile the survey, the agency reached out to over 237-plus brand custodians, including agencies, marketers and brand folks across the Indian Marketing Ecosystem. Given the rise of social media, influencers have become a more core part of the marketing from being a fringe benefit previously, this survey reveals. 

As the circle of influence has widened, brands are seeing growing value in investing in this form of brand promotion. Nearly 40% of respondents contend that influencers provide better reach and engagement to their brands, while almost a quarter state that it is a good medium for story telling. 

Influencers are turning out to be a viable tool for for marketers focused on optimising their spends in their quest for high-quality customers. Over two-third of customers said that they were superior to those acquired by other marketing channels. 

For brands and marketers, it isn't just important to tap the right influencer, it is also key to be seen on the platform that is trendy at the moment, especially in mobile centric or first markets. For example, TikTok has surged to nearly the top of the pecking order this year, pushing YouTube and Facebook down the pecking order. 

Despite being the latest entrant into the marketing mix, influencers appear to be making up for lost time. According to results, over half of brand custodians surveyed said this channel was the fastest growing customer acquisition method, far outstripping old favourites along the way. 

Despite this gush of positive trends, marketers continue to be concerned by issues of originality and authenticity of content from these surging influencers. Instagram, YouTube and Facebook topped the charts in terms of concerns over the issue of fake likes, a problem that has bothered brand and marketing leaders for a while.