Influencer.in, an initiative by Social Beat, released the Influencer Marketing Report 2023 which presents a comprehensive look at the industry and provides insights on Influencer Marketing and its trends.
The report was compiled after surveying over 500 Indian content creators, and over 50 marketers in the June to August period this year. The report offers actionable insights for brands that intend to include influencer marketing in their marketing mix. This is the third consecutive year that the report has been released.
One key insight from the report was the increasing popularity of Short-Form Videos. Over 92 pc influencers said they preferred to create content using this medium, with YouTube Shorts emerging as their preferred platform. This reflects a broader social media trends towards quick, visually engaging content. Over 77 pc respondents said influencer marketing is a ‘must-have’ in a their digital marketing strategy, and Instagram remains the most popular platform for Influencer marketing.
Brand spends on influencer marketing is low, with most apportioning only 5-10 pc of their marketing budgets to this medium.
Other insights include:
- 61 pc brands prefer to work with micro creators over celebrities as they are seen as more authentic and relatable.
- While macro-influencers and mega-influencers are popular and tend to be more expensive, they are a good option to reach a large audience quickly. However, they may not be as effective at driving engagement as micro- and mid-tier influencers.
- The survey revealed 92 pc Influencers preferred content using short-form videos with YouTube as the preferred platform.
- Short-form video content like Reels and YouTube Shorts the most popular format among influencers.
- 80 pc influencers prefer long-term brand relationships.
Suneil Chawla, Co-founder, Social Beat and Influencer.in, said, “Our findings in the Influencer Marketing Report 2023 emphasise the significance of long-term relationships between influencers and brands. Building rapport and familiarity over multiple campaigns is a priority for 80 pc of influencers and is beneficial for brands. What is exciting is that brands now have the opportunity of addressing specific audiences using niche influencers to reach them more effectively and, in a cost-effective manner.”
Arushi Gupta, Business Head, Influencer.in, said, “The Influencer Marketing Report 2023 provides insights on the evolving landscape of influencer marketing. It showcases the growing preference among brands for authentic connections with their target audiences through micro-creators. As well as the graduation in sophistication with influencers using AI and other tools. Over 50 pc of creators use AI for content creation while around 33 pc use it for engagement and writing. Brands now have the opportunity to engage with select influencers as long-term brand partners to provide more specific content.”
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