Influencer marketing has grown in importance over the last 12 months in India, so much so that 69% of brands are now spending more than $50,000 on influencer campaigns per year. Another 27% are even spending over $1,000,000 on influencer marketing yearly.
That’s according to a new survey among 500 brands and content creators by Buzzoka, the Indian influencer marketing company.
Instagram was the primary platform choice for the majority (77%) of brands, followed by Facebook (54%). However, brands admit that YouTube also has huge potential when it comes to video sharing.
Among the primary reasons for using influencer campaigns, brands cited better reach and engagement (52%), better storytelling (26%), and third-party content creation (11%).
“We are glad to unveil the second annual report highlighting the substantial facts that are driving the market growth, said Buzzoka co-founder Ashutosh Harbola.
“Influencer marketing has never been more important with the years passing by. Consumers continue to trust word of mouth versus other forms of marketing… Being a key player in the industry, backed by the passionate team of experts, we are really optimistic that influencer marketing has the potential to grow manifolds in the coming years.”
However, respondents identified several challenges for the year ahead including return on investment (46%), finding the right influencer (42%) and domain expertise (12%).
At the same time, 65% of brands believe that customer quality through influencer marketing is better compared to other channels.