Am I worth it?As competition intensifies, ask influencers and celebrities – Brandwagon News

According to a recent report from EY, influencer marketing It is expected to grow by 25% to reach Rs 2,344 crore in 2024. This sector is further expected to reach Rs 3,375 crore by 2026. Additionally, 56% of brands are investing more than 2% in influencer marketing, and 75% of brands consider influencer marketing to be part of their marketing strategy. “Influencer marketing has been implemented across a variety of industries, with significant annual spending occurring in areas such as e-commerce, FMCG, etc., white goods, etc. Additionally, platform adoption of influencer marketing by brands shows that a variety of platforms are being used, with Instagram leading the way, followed by YouTube, Facebook, Twitter, LinkedIn, and homegrown short video platforms. ” said Sreeram Reddy Vanga, CEO and co-owner. said founder Cofluence.

The report further highlighted that 73% of influencers in India work less than 10 hours a week., compared to up to 39 hours overseas, 86% of influencers expect their income to increase by 10% or more in the next two years. Experts believe that as more consumers turn to social media platforms for product recommendations and information, brands will allocate more of their marketing budgets to partnerships with influencers.

Virus fever!

It is believed that anything can go viral on social media and that you can never guess the nature of the content that will attract the attention of the masses. According to the EY report, categories with deep personal connections benefit most from influencer marketing.Lifestyle, fashion, and beauty drive the growth of influencer marketing. However, there are times when such videos fail to capture the attention of viewers. Needless to say, the biggest challenge for marketers is determining the return on investment (RoI) of influencer marketing campaigns. Interestingly, several brands claimed to have cracked the code. “Denver has a strong influencer strategy and employs a variety of tactics for optimal results. Broadly speaking, performance and non-performance plans include a variety of different and differentiated strategies to track. Awareness is more influenced by the number of views, traffic and sales are more influenced by CPC (cost per click) and CTR (click-through rate). It depends on the agenda and the target consumer group. Inspiration and aspirations are well built by using relevant figures and personalities,” said Aditya Yadav, Brand Manager, HSPL, Denver. .

Influencers, on the other hand, maintain the quality of their content, which they claim further helps maintain brand value. “I try to provide value to brands by providing quality content for their promotion, which helps them gain more brand deals and organic audience reach. Over the years, my income and lifestyle have been upgraded,” said Dhiraj Sanap, a social media content creator.

in an oversaturated market, there are millions of influencers, and the number is only growing every day. As a result, the report states that 61% of brands are focused on driving awareness and engagement through influencers. Additionally, engagement rate and quality of target audience were the top reasons for choosing Influence. “I create my brand values ​​and vision through an authentic lens. This means highlighting brands and activities that excites me. I always create visual poetry or create brand ideas. I loved being a part of the story that continues to unfold,” said Rahi Chaddha, fashion influencer and model.

Interestingly, influencers are divided into mega, macro, micro, and nano. According to an EY report, the mega-influencer has over 1 million followers and an engagement rate of over 2%. Currently, there are approximately 7,000 such mega-influencers. However, 47% of brands preferred using micro- and nano-influencers to drive influencer campaigns due to the lower cost per reach. Nano influencers had the highest engagement rate compared to other influencer categories. “Influencer marketing data is measured using both quantitative and qualitative analysis. We employ a variety of measures to provide brands with a 360-degree perspective on their selection and marketing,” said Sonalika Pawar, Founder and CEO, Bold & Beyond. .

Meanwhile, influencers argue that brands are becoming increasingly ROI-conscious, so viral factors are no longer the only thing that matters. “We understand that our audience's attention can shift quickly. Therefore, in order to maintain momentum and remain relevant in the long term, we offer a variety of services at the peak of fame. This is why celebrities and influencers often venture into entrepreneurship and create alternative career paths for themselves,” Sanap stressed.

brand ambassadors and influencers

Indeed, brand ambassadors and influencers play a very important role in purchasing decisions. The report further states that celebrity brand ambassadors account for his 35% effectiveness in terms of media in driving purchase decisions. Sponsored content by influencers influences 34% of shoppers and, finally, 31% of consumers make purchase decisions while shopping on e-commerce sites. This shows that the line of influence between influencers and celebrities is blurring. “Denver targets audiences from a variety of cultural and demographic backgrounds, and influencers can help gain focused reach and engagement with these groups. Celebrities are known to be the influencers of influencers. has the power to drive the entire campaign organically. With proper planning, both can achieve optimal results,” Yadav emphasized.

Some might argue that brands prefer influencers over celebrity actors, but perhaps there's something more eye-catching in this case. For example, a popular brand with a mass audience that views campaigns on traditional media might choose a famous actor based on their fan base, while the same brand may choose to advertise on social media to capture Gen Z's attention. You might choose an influencer. platform. Experts believe that the value of celebrity deals compared to influencers depends on several key factors. Celebrity endorsements are especially important when brands seek to align with a particular image or values ​​that a celebrity embodies. “One of the biggest issues facing large, established brands is the credibility of the faces chosen for promotion. Celebrities are known to have earned trust over the years, but influencers In some cases, this remains a challenge. And sometimes brands are forced to remove them due to scandals,” said a media planner on condition of anonymity.

Additionally, celebrity endorsements can generate significant buzz and media coverage for initiatives such as product launches or rebranding efforts, driving awareness and engagement. 75% of brands now consider influencer marketing as part of their marketing strategy. Influencers offer a more targeted reach compared to celebrities, says Akash Anand, co-founder of Bellavita Organic. “Onboarding influencers gives brands more UGC (user-generated content) and makes the reach of their ads more organic.”

Additionally, when it comes to pricing, 71% of brands are contracting influencers on a fixed-fee model, while 29% are considering performance-linked models to increase influencer accountability. “With no direct ROI, we can leverage influencer marketing to create more organic content that can be leveraged further into performance marketing,” Anand highlighted.

While in the industry Experts believe that the future of influencers remains uncertain and argue that influencers can be replaced. Additionally, they opine that brands are focusing on large-scale campaigns rather than specific influencers, as content creators are readily available in the market and can reach specific demographics. For this reason, influencers are adapting to recent trends and trying to make their content as relatable as possible to resonate with the masses. “To stand out in this oversaturated market, it's important to be culturally and socially aware, but not to focus primarily on other influencers. We all , we all have our own specialties. Sometimes we pass each other, but no one is the same. I stand out by being who I am. That's the best advice I have,” concluded Chaddha.

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