Influencers and brands will make Instagram, TikTok, and YouTube, their first choice marketing platforms in 2020, according to the recent survey carried out by influencer marketing company Buzzoka.
Notably, Instagram was the preferred marketing platform for brands and advertisers in 2019, as 82% of the respondents said that it was their primary channel. Nearly half of the respondents believe that influencer marketing is an excellent way to generate buzz around their goods and services and spread word of mouth; 31.2% of brands prefer to use the platform for subtle brand placement.
While 64% of brands spend less than $100,000 per year on influencer marketing, the industry is growing at an exponential rate. About 18% of respondents reported that their influencer marketing budgets exceeded $1,000,000 per year. This data confirms that social media advertising is a lucrative billion-dollar industry that will attract new players in the years to come.
According to a Statista report, over $89 billion was spent on social media advertising worldwide in 2019, which is 18% higher on a year-to-year basis. By 2023 this figure is expected to exceed $125 billion, more than the state budget of Poland.
Influencer marketing is dominated by English content; however, Buzzoka experts believe that the situation is about to change as there is a strong need for localized experience.
“The world of influencer marketing is evolving faster than we could ever imagine. Today’s strategy is tomorrow’s tactic in this new world,” Ashutosh Harbola, Co-Founder, Buzzoka commented in a statement.
The company surveyed over 237 brands, marketing agencies, and experts of the Indian marketing ecosystem in December 2019.
“We believe that the key for future brand custodians will be not to follow any set template for their influencer marketing campaigns but keep discovering what more each partnership can offer,” Harbola added.