2023: Influencer Marketing Is At A Fascinating Point Right Now

Jay Rathod Jan 11, 2023

The Indian influencer marketing industry will generate 22 billion rupees in revenue in 2025, according to Statista data, growing at a rate of 25 per cent. According to another report, influencer marketing, which is currently valued at 900 crores, is expected to increase at an astounding 25 per cent annual growth rate to reach a valuation of 2200 crores by 2025. When it comes to making purchases, it has been found that customers heavily rely on influencer marketing. Brands have a fantastic opportunity to take advantage of this and improve their reputation while targeting those customers. In the age of social media, it is obvious that influencers indirectly affect consumers' decisions to purchase products, and that consumers do so when they hear favorable reviews of those products. This demonstrates how businesses can increase the market reach of their brand perception. Influencer marketing can offer several benefits when it is incorporated into a company's marketing plan.

In the wake of the pandemic, social media and internet usage have both increased. By 2026, 650 million people will be using this technology, according to experts. This creator economy offers more than just social media material, as influencers and their markets continue to expand among the millennial generation. This creator community is the ideal fusion of bloggers, curators, community builders, makers of fine arts, videographers, software developers, and creators of digital content. When it comes to tracking and monitoring crucial aspects, influencer marketing has an advantage. Considering this, the business can decide which marketing plan will provide them with the greatest rewards.

Cost Effectiveness:

When developing a marketing strategy for your brand, influencer marketing is a practical approach. Influencers are equipped with a certain skill set that enables them to appropriately represent the business to the target audience. They produce material that appeals to the targeted consumers by being educational, relatable, and entertaining. To achieve the desired social media effect, marketing strategists must identify and fund the influencers.

Personalisation and Relatable:

Influencers are the choice of marketing strategists because they can increase engagement and personalisation for their target markets. Influencers' connections with their audiences have a beneficial impact through endorsements and help those audiences make purchasing decisions. With so many businesses vying for the same audience on social media, personalisation becomes essential. Because of this, businesses are forced to provide a more individualised experience.

Parasocial Relationship:

As social media has become more pervasive in customers' lives, marketers have started to look to influencers on the platform, such as vloggers and Instagram celebrities. At the University of Wisconsin-Whitewater, a fan and a star have an intimate parasocial relationship, claims professor Namhyun Um. Such a connection is easy to forge between these social media stars and their followers. She also discovers in her research that these parasocial ties have a favorable effect on opinions of Instagram. The professor also discovers that these parasocial connections have a beneficial influence on consumers' perceptions of brand quality, effects, and preferences.

The ‘Viral’ Factor:

Because of market rivalry, as was already established, it gets harder and harder to reach the same audience. In these conditions, going viral is significantly more challenging. Influencer marketing steps into the scene at this point. Supplying them with innovative material while attempting to get the influencer to use it or modify it when it comes to viral marketing initiatives, and video material may be a superior approach. The time is right to strengthen brand recognition and raise engagement on social media. Because of this, developing a hashtag is essential for connecting your viral campaign to your brand.

Influencer marketing is currently a key element influencing the strategy of contemporary marketers due to the growing power of influencers in various spheres of interest, including politics, products, cosmetics, and marketing. Influencer marketing combines tried-and-true and cutting-edge advertising strategies. Influencer marketing's key differentiator is that it updates the concept of celebrity endorsement into a content-driven marketing campaign for the modern day by collaborating with businesses and influencers to produce the campaign's results.