Chennai, 18th October 2023. The Influencer Marketing Report 2023, one of the definitive reports on the Influencer Industry was released today. Influencer.in, one of the fastest growing influencer platforms in the country and an initiative by Social Beat is releasing this Industry report for the third year running. The Influencer marketing report presents a comprehensive look at the industry providing insights on Influencer Marketing and its trends. The report for 2023 was compiled basis over 500 + survey responses by Indian content creators, and over 50 marketers in the June to August period of this year. The report offers actionable insights for brands intending to include influencer-marketing in their marketing mix.
One key revelation included the increasing popularity of Short-Form Videos with over 92% Influencers preferring generating content using this medium with You Tube Shorts emerging as the preferred platform for content creation. This reflects broader social media trends towards quick, visually engaging content.
Over 77% of respondents said that Influencer marketing is a ‘must-have’ component of their digital marketing strategy. Instagram remains supreme as the most popular platform for Influencer marketing with You Tube shorts emerging as the preferred format of content in this platform.
Brand spends on Influencer marketing remains low with most apportioning only 5-10% of their marketing budgets to this medium
- 61% of brands prefer to work with micro creators over celebrities as they are often seen as being more authentic and relatable to their followers, which can make them more effective at driving engagement and sales.
- While macro-influencers and mega-influencers are also popular, they tend to be more expensive to work with. If you want to reach a large audience quickly they’re a good option, but may not be as effective at driving engagement as micro- and mid-tier influencers.
- Short-Form videos and Authenticity drive Influencer Marketing in 2023. The survey revealed 92% of Influencers preferred content using short-form videos, a huge shift in influencer activations. You Tube emerged as the preferred platform for more than 51% Influencers
- Short-Form Video content like Reels and YouTube Shorts the most popular format among Influencers
- 80% of Influencers prefer long-term brand relationships.
Suneil Chawla, co-founder Social Beat and Influencer.in, said, “Our findings in the Influencer Marketing Report 2023 emphasize the significance of long-term relationships between influencers and brands. Building rapport and familiarity over multiple campaigns is a priority for 80% 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% of creators use AI for content creation while around 33% 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.”
- 57.8% of the influencers surveyed feel that the most commonly cited challenge is that the budgets do not align with demands or expectations.
- 51% pf male influencers said brands were too focused on short-term goals and metrics rather than thinking long-term.
- Many also mentioned tight delivery timelines imposed by brands as an issue as this constrains creativity and quality.
Influencers are now actively seeking tools, including ideas and content creation using AI, to enhance their performance. Nearly half, at 48%, are in search of workflow optimization dashboards, while a substantial 46% are actively seeking tools to keep them well-informed about emerging trends. While 50% are using AI tools to generate content ideas.