The Evolution Of Influencer Marketing
Gone are those days when the influencer marketing coliseum was limited only to celebrities and a few bloggers. Celebrities from the Film Music industry & Sports fields have dominated influencer marketing for some time.
Even though they may not genuinely use the products/brands that they endorse, their mere star power works like magic to attract more sales for the products/brands. They are considered role models or Icons that people would want to emulate. They were limited to their fields like movies and sports.
As social media has become a more integrated part of our lives, influencer marketing has exploded. Consumers are turning to their favourite Stars on Instagram, Twitter, TIK-TOK and YouTubers for advice and recommendations on purchasing decisions. To get the most out of any influencer you may use, it’s crucial to build an influencer marketing strategy.
In short, influencers are people with refined personal brands who have trusted, enthusiastic audiences. They can be traditional celebrities or relatively ordinary people who have managed to amass large amounts of faithful followers on social media.
The key factor that has got the brand's interest is the affinity and genuineness that influencers share with their followers/audiences, thus helping brands associate with an influencer to leverage the same.
The State Of Influencer Marketing
Globally Brands are expected to invest $15 billion in influencer marketing this year as per a Forbes report. India Influencer Marketing Report by GroupM, the country’s influencer marketing was worth an estimated Rs 900 crore, as of 2021. The report also stated that the influencer marketing industry in India will continue to grow at a compound annual growth rate (CAGR) of 25 per cent till 2025, reaching a size of Rs 2,200 crore.
GroupM’s brand-safe influencer and content marketing solution unit INCA has released ‘The India Influencer Marketing Report’ on Friday. As per the report, personal care (25%), F&B (20%), fashion and jewellery (15%) and mobile and electronics 10% are the top four categories that contribute to 70% volume of influencer marketing. Similarly, celebrities account for 27% of influencer marketing spending while influencers account for 73%. Furthermore, nearly two-thirds of the Indian population follow an influencer.
Popular myths in the Influencer marketing
- 1. Number of followers matters
- 2. It’s about the followers
- 3. All celebrities are influencers
- 4. All influencers are the same
Watch out for the next blog on bursting these myths, finding the right influencer, measurability and more.