“People Do Not Buy Goods and Services. They Buy Relations, Stories, And Magic.” — Seth Godin
Influencer marketing can be categorized in psychodynamic impact of key opinion leader’s aka influencers, onto the consumer through social learning behavior in order to deviate them towards buying willingness.
It can be very basically categorized as the result of social interaction between peers and opinion leaders in driving consumer consumption. The socialization agents, i.e., influencers nudge the consumers in strategic way to segregate the information and leverage the information to execute informed buying decisions.
Influencer marketing trend is increasing in the common awareness. More and more marketers are giving due credibility whenever they have to execute a campaign to serve a host of factors for the brands. The host of factors are holistic awareness, raising span of clientele, organic development, product expansion and giving traction to company.
Why Influencer Marketing In India Became So Important?
The world is in the phase of digital revolution. India became the 4th country to officially endorse digital revolution. More than 6 billion people uses smartphones. Majority of them are available on any one social media platform. The major shareholders are Instagram, Facebook, twitter, Snapchat, YouTube, etc.
The social media platform raised and nurtured key opinion leaders. These key opinion leaders are engaged in social interaction through their various content formats. The contents are interactive and generate engagement. The regular interactions result in high reliability, trust, transparency and loyalty towards the influencers.
The influencer marketing arena understands this social interaction and the fruits that it bore. The influencers are roped in to endorse products of a brand and utilize influencer and brand association leverage.
Why To Use Influencer Marketing For Brands?
The influencer marketing statistics are, market valuation is rising with 25% CAGR every year and it is bound to achieve 33.3 billion rupees in market valuation in India by 2027. Most of the brands are already employing influencers to execute market campaigns on behalf of brands. 93% marketers reported to have employed and worked with influencers. Whereas, 82% consumers agree to buy or are planning to buy in near future, any product endorsed by their influencer.
Robert W. Paltimer of Foster School of Business, in a research paper stated that for every 1% or more fund that is spent on Influencer marketing increases engagement at 0.5% and the research paper also stated that the on insight’s presented in the study, through proper allocation of funds the engagement can be increased to 16.6%.
The basis on which influencer marketing is functioning and delivering results are many. Some of them are listed below to help you understand better.
- Data-driven Strategy is leading campaigns. Today data is the new oil. It has been fueling every organization. The data is compiled and strategies has been curated on that basis for the campaign.
- Influencer marketing trends helps the brands choose the right niche for the product to garner the highest engagement possible and awareness.
- The influencers-based contents are curated to impact the audience. The maximum revelation achieved through influencer’s content creates relationship between influencers, brands and audience that lasts long.
- The market is migrating towards customer-centric approach from product-centric approach. The customer centeredness is important for creation of a long-term relationship between brand and its respective audience.
- The expert panel of marketers are involved in the market dynamics and works in tandem to create awareness, build a community and engage with customers for the brands.
- The influencer marketing campaigns are specifically designed that transcends into higher conversion rates of potential consumers into customers.
- Pre-meditated course of actions is decided on the basis of pragmatism, in order to make the brand in the social consciousness for longer period of time.
- The influencer marketing in India is offering the highest ROI compared to other marketing tools.
Influencer marketing is sweeping across the whole geographical landscape and registering its strong presence. The methodologies involved are providing direct measurable results. Brands often employ influencers to create campaigns for the products which results in positive. But, more than 80% marketers informed about good results and also stated that if they had more knowledge about niche, influencer, content curation, etc. then they might have benefited more. More than 5% informed about wrong selection and discovery of influencers which led to little or no results.
The influencer marketing strategy functions completely on data driven platform. To garner best results, it is highly suggested to work with an agency. Grynow is a veteran in influencer marketing with more than 6 years of experience and 2 lakhs+ content creators on board, Grynow is delivering results for brand on an unmatched scale and it also further becomes important when brands have to compete with competitors. Grynow provides competitive advantage with their unique actions and methodologies.