Mumbai: Social Beat’s influencer marketing platform, influencer.in, has released the Influencer Marketing Report 2022 to provide insights on how influencer marketing has become one of the most important channels that big brands are leveraging as part of their digital marketing.
The report is based on over 500+ survey responses by Indian content creators and over 60 marketers in Q1’ 22.
The survey finds that Snapchat and Moj are becoming popular with content creators, with 17.79 per cent of creators on Snapchat and 8.53 per cent on Moj. Brands leveraging their product or service through influencers on these platforms can help them create brand awareness and engagement, educate users about their product or service, drive incremental revenue via conversions, or target a niche audience.
According to the report, the influencer marketing industry’s value is estimated to grow at a compound annual growth rate (CAGR) of 25 per cent over the next 5 years to reach Rs 2,200 crore by 2025, up from Rs 900 crore in 2021. The projected meteoric rise of the industry can be attributed to the steep growth in the number of creators and the increasing partnerships between brands and creators to deliver compelling, relatable story-telling content to the target audience.
It finds out that 61.2 per cent of all brands recognise the power of influencer marketing to tap into a newer audience pool to boost brand awareness. While smaller businesses understand the value of influencer marketing but have not yet committed significant resources to it, larger businesses have acknowledged it as an essential component of their digital marketing plans.
50 per cent of marketers said they spend up to 10 per cent of their digital marketing budget on influencers each year. While 10 per cent of the respondents dedicate over 40 per cent of their annual digital marketing budget to influencer marketing.
Another interesting insight is how brands and creators are looking at collaborations. While 58 per cent of brands prefer to work with an influencer for an average duration of one month doing short-term promotions, 91 per cent of influencers are looking for a long-term relationship. Some brands, such as SnapDeal, TataCliq, BharatMatrimony, Jupiter, Dhani, and Gamezy, have understood the value of long-term collaborations and entered into long-term contracts with influencers.
Speaking about the launch of this report, Social Beat co-founder Suneil Chawla said, "We were ahead of the curve in launching influencer.in and these trends confirm our belief that this industry is integral to digital marketing. We predicted that as devices and Internet access increased, content across multiple platforms, video content, and storytelling in regional languages would gain traction.We were confident that influencers across the spectrum, irrespective of their size, would be in demand from brands based on their style, specialty, and content. While video content is the preferred form of content due to its story-telling potential, the emergence of new social media tools is something to watch out for."
Adding to that, influencer.in head Arushi Gupta said, "Instagram, YouTube, and Facebook continue to be the preferred platforms for most creators. Short-form videos account for the largest pie of content at 33.8 per cent; carousel posts/videos account for 25.8 per cent of content; statics account for 24 per cent; and long-form videos account for only 15.7 per cent of content. It will be interesting to see how influencers adapt their content to the emerging short video platforms. As the market evolves, we will continue to make influencer.in the most technologically advanced platform for ease of use, verified creator profiles, analytics, and reporting for both brands and creators."
