Influencer Marketing Industry in India
Overview
Today, I was scrolling Instagram and encountered a
reel of @taneja.gaurav, in which the content creator, Gaurav Taneja was
promoting the ‘Great Summer Travel Sale’ of Make My Trip by a paid partnership
with the travel company. It made me think about their influencing effect on the
viewers while pondering many questions about the number of paid brand
collaborations done by influencers? What’s the overall size of this market?
What’s the diversification according to age, gender, region, services offered,
etc.? Let’s discuss it.
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Deep dive
As we entered the digital age, the world became a
closeted hub giving individuals an opportunity, with instant communication and
messaging services and various platforms to connect with people and express
themselves. Hence, providing room to influence others by showcasing their
talent or knowledge.
Here comes the role of marketers and brands, as they
are after the content that influencers create, which is the panacea for
stand-out success. They tap it by leveraging the influencer’s mass reach,
impact, and follower base to market their offerings.
With various choices available, marketers focus on
selecting influencers who are supposed to be more connected with their
followers and audiences. For example, a body supplement brand chooses a fitness
coach or enthusiast to position its offering. Likewise, a beauty brand would
choose a beauty influencer, a mother-child care brand would pick a new mother
influencer, and a personal care or luxury brand would choose a lifestyle
influencer.
Also, if a brand wants to boost its reach in a
specific region or target a particular age group, it will choose an influencer
who would drive more engagement irrespective of its following. It makes
segregation between the influencers into micro and macro-influencers as
according to MavrcK, an influencer marketing platform, micro-influencers are
individuals having 500 to 10,000 followers while macro-influencers have 10,000
to 1 million followers.
Let’s talk about numbers
As per Starngage, an influencer marketing platform,
there are over 462 million internet users, and 200 million are active social
media users in India, providing a pool of audience to engage with social media
influencers and content creators.
Over 60% of active social network users are
college-going and gen Z population. 70% of teenage YouTube subscribers trust
influencer opinions and reviews over traditional celebrities, and 86% of women
turn to social platforms while making a purchase.
32% of influencers who currently work with brands
state Facebook as the best platform, followed by Instagram at 24%. 86% of the
most-viewed beauty videos on YouTube were made by influencers, compared to 14%
by beauty brands themselves
As per the GroupM INCA’s ‘India Influencer Marketing
Report’, personal care (25%), food & beverages (20%), fashion and jewelry
(15%), and mobile & electronics (10%) are the top 4 categories that
contribute to 70% volume of influencer marketing. Besides, celebrities account
for 27% of influencer marketing spending, while influencers account for 73%.
Moreover, nearly two-thirds of the Indian population follow an influencer.
These figures estimate to grow this market at a CAGR of 25% over the next five
years, with an estimated market value of INR 22 Bn by 2025.
Conclusion
With the outlook of growing market size and larger
audience, the Influencer marketing industry holds positive prospects in
branding & advertising, profitability, and employability. Although we are
advancing towards Metaverse and Augmented reality, it is the real influencers
whose lives and choices we follow to make hard decisions about where we spend
our money.
Let us know in
the comment section about your thoughts on this growing industry!
References:
- https://bit.ly/3z0oqS8
- https://bit.ly/39WGG4n
- https://bit.ly/3LRdzNk
- https://www.adgully.com/2022-will-see-further-growth-in-influencer-marketing-114637.html
- https://starngage.com/influencer-marketing-india/
- https://bit.ly/3MSPZkl
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