According to the report by BigBang.Social, India’s Influencer Marketing Industry is set to reach INR3,375 crore by the year 2026. And the Indian influencer marketing size is growing at the rate of 18% CAGR. All of this is the outcome of an increase in social media usage to 50% of the total mobile phone usage. Businesses and brands must consider influencer marketing as their overall marketing strategy.
Consumers today value authenticity, transparency, and relevance which can be achieved with the help of influencer marketing. In the ever-changing landscape of digital marketing, only a few other strategies have captured engagements like influencer marketing. Influencer Marketing helps businesses and brands establish credibility and trust, attract quality leads, and boost brand awareness at the same time being cost-effective as well. As a result, global brands to local businesses are hopping on the influencer bandwagon to which India is no exception.
Let us dive into key trends and what holds the future for Influencer Marketing:-
The Rise of Nano and Micro-Influencers
Although big-name celebrities hold their influence over large audiences, brands are recognising the value of nano and micro-influencers. Who are nano and micro-influencers you may ask, these are the influencers who are under 10,000 and 100,000 followers respectively. These nano and micro-influencers often have a hyper-engaged community and a niche audience base that can translate into more authentic and impactful collaboration. As a result, rather than focusing all of their resources on a single celebrity, businesses, and brands are turning to nano and micro-influencers specific to their target audience. By targeting these nano and micro influencers brands are able to achieve their marketing goals effectively.
The Need for Authenticity and Transparency
The time people spend on social media makes them smarter, savvier, and immune to endorsements. This is because consumers today are constantly bombarded with endorsements of all sorts on their social media. As a result, they can sniff out unauthentic and overproduced influencer content from a mile away. By prioritizing transparency in their partnership, brands should encourage influencers to be upfront about sponsored content. This will help build trust with their audience and make the recommendation more authentic and believable. Audiences are also drawn to influencers who stay true to their personal brand and offer genuine recommendations.
E-commerce Meets Influencer Marketing
In E-commerce businesses, traditional word-of-mouth marketing is completely replaced by Influencer Marketing. This is because businesses are able to tap into pre-existing audiences of the Influencer and generate sales effectively. As the line between commerce and influencer is blurring, influencers are becoming the defacto salesperson of the business they represent. With this trend, it is expected to see greater integration of influencers with e-commerce businesses, guiding consumers and making their shopping journey seamless.
The Rise of Emerging Social Media Platforms
Even though platforms like Instagram and YouTube will continue dominating this space, new social media platforms such as Threads and BeReal are gaining popularity, especially among younger audiences. This has created a state of dilemma for businesses- where to focus their influencer marketing efforts next. Brands must carefully navigate which platforms to select in this constantly evolving social trend, to reach consumers effectively across multiple platforms.
Social Media Savvy Prime Minister Narendra Modi
Prime Minister Narendra Modi has often used the power of social media to influence and drive important political and social messages. Be it by promoting the government’s welfare schemes to raising public awareness about their civic duties, Modiji has leveraged the power of social media and connecting with the masses. The government is likely to seek out influencers who can act as thought leaders on critical issues and continue this trend.
GOI’s National Creators Awards 2024
With an increase in the trend of social media, the creator’s economy grows day by day. Digital creators create inspiring content on social media that inspires others. As a result, the GOI decided to honor such creators by acknowledging their efforts and creating a new awards category known as The National Creators Award 2024. This step by the GOI further solidifies the future of Influencer Marketing in India.
Brands can stay ahead of the curve by staying up to date on the trends and maximizing the power of influencer partnerships. The influencer marketing future holds exciting opportunities for brands to create authentic and impactful connections with their audiences. Finding the right Influencer for your business has become important as Influencer Marketing continues to evolve and expand in India. Whether you are looking for your target audience on Instagram, or finding your niche on YouTube, finding the right influencer can sink or sail your campaign. For new businesses that are exploring this new world here is a Guide To Influencer Marketing.
Still confused about how to choose the right influencer for your business and achieve the set marketing goal? Our team of Marketing experts at Savvy Marketing Studio can help you find influencers for your business to collaborate and reach your target audience efficiently. Get in touch with us today and get yourself a Free Digital Marketing Audit for your business!
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