This is era of digital economy, influencer marketing. It has lately become a powerful tool for brands. It offers authenticity, social trust and engagement as well. The same strategy was earlier dominated by celebrities and a couple of dedicated influencers. They used to share their unique experiences without seeking fame or commercial benefits. However, social media influencers today are from micro to macro levels. They are reshaping the marketing world.
Social media has witnessed exponential growth in recent years with increased internet access in urban and rural areas. Niche-specific influencers like kidfluencers, finfluencers and mommy influencers have revolutionized the digital space. They have created vibrant communities around diverse interests and lifestyles. The trend offers advertisers a crucial way to connect with target audiences. Brands are now tapping such authentic influencer voices to gain visibility as well as credibility.
Businesses are increasingly collaborating with influencers to humanize their brands, boost engagement and drive sales as well. More influencers mean reaching diverse segments of the target market. A recent report reveals that influencer marketing landscape is evolving rapidly in India and a 25% surge is being predicted by 2024. The market value is expected to reach Rs 2,344 crore. It can expand to Rs 3,375 crore by 2026. The projections highlight immense potential of the incident.
Several brands have shifted away from conventional advertising. Even the popular brands are now partnering with influencers who act as authentic brand advocates. Daniel Wellington founder Filip Tysander has opted for Instagram influencers for his luxury watch brand. The approach targeted young with a simple policy of word-of-mouth marketing.
Beauty and cosmetics companies like Nykaa, Lotus Herbals and Mamaearth are also opting the same path. They are cashing on the power of influencer marketing. Influencers are helping the brands to create authentic connections with potential buyers.