Switching focus from trade to technology
India’s social media population is rather young and tech savvy, with a large share following at least one social media influencer. Moreover, a significant number of these users rely heavily on social networks to research brands online. Aside from this, the adverse impact of the coronavirus pandemic forced companies to market their products online completely. Marketing professionals also realized the benefit of collaborating with influencers who actively engage in growing their audiences by producing authentic content. These factors combined led experts to predict a 25 percent compound annual growth rate in the Indian influencer marketing industry until 2026.Performance metrics and consumer confidence
Instagram was the most popular platform among Indian influencers to create content on topics ranging from fashion and lifestyle to education, health, and well-being. Social media influencers with up to ten thousand followers, also known as nano influencers, scored the highest across most platforms in terms of average reach, engagement levels and video view rates. Meanwhile, celebrities and influencers with a similar status accounted for lower engagement rates.Apart from Instagram, YouTube was another important platform with a majority of consumers choosing to purchase products endorsed by YouTubers followed by actors, and Instagram influencers. Authenticity remained an influential factor as some consumers exhibited a willingness to purchase any product endorsed by the influencer they followed. Often the reason for not buying endorsed products was unrelated to influencers, rather the customers’ disinterest in the product itself. However,
The power of celebrity endorsement
While the term influencer marketing may seem new, the concept has been around for far longer. A classic example is Cadbury’s TV commercials starring Bollywood actor Amitabh Bachchan who endorsed the brand’s chocolates. Celebrity endorsements are a key means for brands with adequate budgets to spread awareness of their products. Sports and film stars usually constituted major brand endorsers with cricketer Virat Kohli and Bollywood actor Ranveer Singh topping Indian companies’ lists as the most valued celebrities.Not only do well-known brands such as Netflix and Durex invest in influencer relations to engage better with consumers, but influencers have helped niche brands such as Blue Tokai Coffee pace up the establishment of their businesses. Besides this, influencer marketing has penetrated the sphere of advocacy, with creators addressing social issues and promoting sustainable products. Moreover, influencers are making their mark in politics by collaborating with political parties to champion various welfare initiatives, leading up to the 2024 general elections.
