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Influencer marketing has emerged as a powerful strategy in the realm of e-commerce, providing businesses with the opportunity to drive sales and enhance brand awareness. E-commerce leads in influencer marketing spends with 27 per cent, followed by FMCG at 20 per cent, stated Kofluence’s Decoding Influence: The 2024 Influencer Marketing Report.From tracing the genesis of influencer marketing to delving into the psychology underpinning consumer behavior and from analysing the total market size to examining compelling case studies, the report comprehensively illuminates key trends, challenges, and opportunities within the creator economy.

In recent years, the influencer marketing industry has matured significantly, emerging as a global billion-dollar market. The transition from traditional celebrity endorsements on platforms such as television, radio and newspapers has evolved towards social media creators, emphasising a strategic focus on the “5 Ws” – addressing who, what, when, where, and why the specific target audience comprises.

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According to the report, India’s Creator Economy is thriving, with 2.5 – 3.5 million creators predominantly engaging on platforms such as Instagram and YouTube. Notably, between 110-170 thousand creators on YouTube are actively monetising their content, solidifying YouTube’s position as the leading platform for creator monetisation in India.

Ritesh Ujjwal, co-founder of Kofluence, emphasised the report’s significance, stating, “In today’s digital age, customer acquisition costs are constantly spiralling and, combined with customer retention D30 retention rates at five per cent. Brands are facing formidable challenges across customers’ lifecycles. They are responding strategically by leveraging trust through influencer collaborations, a marked departure from traditional approach, particularly in an online environment where ad-fatigued consumers allocate a substantial portion of their time.”

“Our report meticulously examines platform dynamics and the evolving preferences of creators and brands, offering readers a centralised resource containing exclusive insights and proven strategies sourced from top brands and industry experts,” Ujjwal added.

Sreeram Reddy Vanga, chief executive officer and co-founder of Kofluence, shared his perspective, remarking, “The growing emphasis on creator monetisation over the last few years underscores that sentiment. I envision a future where standardised metrics and regulatory guidelines will bolster transparency and efficiency, with data-driven platforms at the helm. In this 2024 edition of the Influencer Marketing Report, we draw upon the insights of over 1000 content creators, brands, and industry professionals, encapsulating the prevailing sentiments within the current Indian influencer marketing industry.”

Big brands could pivot easily if TikTok goes away. For many small businesses, it’s another story

Smaller firms and solo entrepreneurs are bound to feel more pain in the event of a breakup. But if the popular video-sharing service remains under Chinese ownership and Congress bans it, many companies would learn to get along. TikTok does not receive the same level of ad revenue as Instagram and Facebook, according to data from eMarketer, but the firm predicts that it will surpass the other two this year in terms of the percentage of users that will make at least one purchase that originates on the platform.

  • Published On Apr 2, 2024 at 04:20 PM IST

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شركة النمر هي شركة متخصصة في تصميم وادارة المواقع الالكترونية والارشفة وكتابة المحتوى والتسويق الالكتروني وتقدم العديد من خدمات حلول المواقع الالكترونية والتطبيقات وهي شركة رسمية ومسجلة منذ عام 2015.

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