Fig buds aren't very pronounced when compared to other things, such as apple or peach.
The most important thing in T-budding (or any form of grafting) it to achieve cambium contact between rootstock and scion. It is also very important to seal the graft with parafilm to prevent the surfaces from drying out before they have an opportunity to fuse together.
The "divot" is the scar left behind when the leaf fell off when the tree went dormant. The bud will be just above the leaf scar, and is often very small. Even if you cannot detect the bud, there is tissue there that is "programmed" to produce vegetative growth. It is possible that the bud did not form properly, or was damaged by freezing weather, and so will not be viable.
Some plants, such as citrus are very apically dominant, and when a bid is grafted in below the apex, it is not inclined to sprout. In that situation, after the graft has healed, the growth about the grafted bud is removed (making the grafted bud dominant), or the branch is bent over until the grafted bud is dominant.