Influencer Marketing is a form of social media marketing that involves endorsements and product placement from individuals or organizations known as marketing. These marketing have a high level of expertise or social influence in their respective fields. This people are capable of influencing the purchasing decisions or actions of others by sharing original, often sponsored, content on social media platforms such as Instagram, YouTube, Snapchat, TikTok, and other online channels. They occurs when a brand collaborates with influencers who have strong credibility and following on social media to promote the brand through their posts. The content created by them can be presented as testimonial advertising.
What is the Future of Influencer Marketing in India?
In 2022, the influencer marketing industry in India was valued at over 12 billion Indian rupees. It was projected to grow at a compound annual growth rate of 25% over the next five years, with an estimated market value of 28 billion Indian rupees by 2026.
Influencers:
There is a lack of consensus about what an marketing is. Some define them as third parties who provide a platform for promoting your product in the market. If you are launching a new product and want to bring it to the market, you can hire an influencer marketer who can effectively promote your product. Influencer marketers have a large customer engagement and millions of followers, which can help boost the visibility of your product or business. Additionally, influencer marketers feature sponsored products in their videos, giving your product or business exposure on social media platforms.
Identifying influencers:
Market research techniques can be used to identify ideas using predefined criteria to determine the extent and type of influence. Activists often get involved with community organizations, political movements, and charities. Connected influencers have large social networks, while authoritative influencers are trusted by others. Active minds have a diverse range of interests, and trendsetters are the early adopters or leaders of markets. According to Malcolm Gladwell, the success of any social epidemic heavily depends on the involvement of people with a particular and rare set of social gifts. He has identified three types of marketers who are responsible for the generation, communication, and adoption of messages.
Connectors network with a variety of people, have a wide reach and are essential to word-of-mouth communication. Mavens gather information, share it with others, and have deep insights about trends. Salespeople are influential persuaders, with the ability to encourage others to imitate their actions.
Influencer Categories:
Influencers are classified based on the size of their social media following. They encompass celebrities with large followings who endorse products, as well as niche content creators with devoted audiences on platforms like YouTube, Instagram, Facebook, and Twitter. The number of their followers varies from hundreds of millions to 1,000.
- Nano-influencers, also known as micro-influencers, have a following ranging from 1k to 10k.
- Micro-influencers are individuals with followers ranging from 10,000 to 100,000.
- Macro-influencers are influencers with followers ranging from 100K to 500K.
- Mega/Celeb influencers are influencers with more than 500,000 followers.
Value of influencer marketing industry in India from 2021 to 2022, with projections until 2026:
(in billion Indian rupees)
Influencer Impact:
In India, influencers have become a crucial channel for businesses and products to engage with their audience through relatable content. They play a significant role in influencing consumers’ purchase decisions and conducting product research. The industry is rapidly growing,
providing opportunities to promote various businesses and products including food, fashion, jewelry, electronics, mobiles, and more. Influencer marketers can create content specifically tailored to showcase these products on social platforms.
Conclusion:
The future of influencer marketing in India looks promising, with plenty of growth opportunities available. By adopting these new trends and utilizing the potential of influencer marketing, brands can discover new paths to success in India’s dynamic and competitive market.
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