The influencer industry is expected to hit Rs. 5,500 crores by the end of 2024.
The Influencer Marketing Report 2024, (IMR) a report on the Influencer Marketing Industry was recently released by Influencer.in an influencer platforms and an initiative by Social Beat. Influencer.in releases the Influencer Marketing Industry report annually and this is the fourth edition of the report.
Other highlights include:
– The Influencer industry represents 11% of the Digital media industry
– The anticipated industry growth is 20% in 2024 and 25% annually from 2024 to 2026
– By 2028, over 80% of brands are projected to allocate up to 30% of their marketing budgets to influencer marketing
– 40 – 57% of brands in categories like FMCG, e-commerce, and automobiles are expected to increase spending on influencer marketing by 10% by 2026.
The Influencer marketing report presents a look at the industry providing insights on Influencer Marketing and its trends. The report for 2024 compiled over a survey of 100 plus brands and responses from over 500 plus creators and influencers reveals what makes influencer marketing successful and offers insights into the influencer industries future.
With the creator economy in India experiencing growth, driven by a multitude of platforms and an expanding community of tech-savvy individuals. Influencer marketing is becoming essential for brands, with the industry expected to grow by 25% annually. The IMR report offers insights and data on successful collaborations, industry trends, and the role of data analytics in influencer marketing. Top highlights include the estimated industry size for 2024, growth projections, and increasing allocation of marketing budgets to influencer marketing.
Medianews4u.com caught up with Arushi Gupta- Business Head, influencer.in
1. For the next three years influencer marketing will grow year on a year by 25 per cent according to the agency’s report. What factors will fuel this growth?
Several factors are expected to fuel the growth in influencer marketing over the next three years. First, brands are increasingly shifting from traditional advertising to influencer-led campaigns due to their higher engagement rates and personalised content. Moreover, the growing focus on authenticity, transparency, and brand-influencer alignment will drive further investments in influencer marketing. Finally, advancements in AI and analytics will enable more precise targeting and ROI measurement, leading to more effective campaigns.
2. Influencer marketing will be far more prominent this festive season compared to last year’s festive season. What trends do you expect to see?
This festive season, influencer marketing is expected to be more prominent due to several trends. First, brands as usual will partner with mega influencers for their vast reach and high-quality content to gain maximum share of voice, while also collaborating with UGC creators for their authenticity and strong audience connections. Second, live shopping and influencer-driven product launches will gain traction, offering real-time engagement. Additionally, influencers will be integral in promoting festive sales and exclusive offers, driving higher consumer interest. Lastly, brands will increasingly emphasise regional and vernacular content to tap into local festive sentiments,
3. Does influencer marketing help with conversions or with brand building? Kindly elaborate.
Influencer marketing is a versatile tool for both. For conversions, influencers can drive immediate sales by showcasing products or offering exclusive discounts. Their personal recommendations resonate with followers, leading to higher trust and quicker purchase decisions. On the other hand, influencer marketing excels in brand building by enhancing visibility, credibility, and engagement. Collaborating with the right influencers helps brands establish a stronger presence in niche markets and connect with specific audiences.
Over time, consistent influencer partnerships can help with conversions and brand building, blending both short-term and long-term marketing goals effectively.
4. What role does data analytics play in influencer marketing?
Data analytics plays a crucial role in influencer marketing by helping brands track key metrics like reach, engagement, and conversions, ensuring campaigns meet target goals. Tools like our Influencer Marketing Tool offer detailed insights into the influencers demographics, engagement analysis, and authenticity, ensuring transparency. This tool allows brands to make informed decisions and choose the right set of influencers, thereby improving targeting, and driving overall campaign success effectively.
5. What tactics will influencer.in follow during the festive season in areas like content creation so that clients get their share of voice?
During the festive season, our focus will be on identifying specific trends to create tailored content for each client. While we recommend trends based on each brand’s unique category, we also stay on top of viral, overarching trends that can further boost visibility. Apart from this we also curate campaigns tailored to different categories of clients based on their requirements. This dual approach—combining personalised, category-specific trends with broader viral moments—ensures that brands can tap into timely relevant conversations to resonate with their audience, and maximse their reach.
6. Could you shed light on the work done with Samsonite and BGMI?
Samsonite: Samsonite bags have always been known for their durability, but the brand wanted to put that to the test so customers could truly experience their quality. By partnering with icons like Milind Soman, who took the bag on a literal marathon, we showcased how well it performs across all terrains. Additionally, with Vidyut Jamwal demonstrating his martial arts moves on the bag—proving it to be virtually unbreakable—we emphasized its unmatched strength. Through adrenaline-packed reels and stories, this campaign successfully reinforced Samsonite’s reputation for durability and reliability.
BGMI: We’ve been consistently working to build a strong and loyal community of gamers. This involves a blend of PR initiatives and engaging activities tailored for the gaming community, helping to maintain an ongoing relationship between the brand and influencers.
7. How does tech help the agency track the effectiveness of influencers activities for clients? Do you mainly work with FMCG, e-commerce clients?
Our tool has a reporting dashboard that enables clients to track the effectiveness of influencer activities in real-time, ensuring that campaign goals are achieved. This technology provides valuable insights into metrics like engagement, reach, and conversions.
While we work extensively with FMCG and e-commerce clients, our expertise also spans fintech and gaming brands, allowing us to deliver impactful campaigns across various industries.
8. Are virtual influencers going to grow in importance since they are more cost effective?
While virtual influencers like Lil Miquela and Aitana Lopez, have gained traction in the West, the growth of virtual influencers in India has been much slower due to limited awareness. Although we have a few virtual influencers in the market like Kyra, many brands are yet to fully leverage their potential. As awareness increases, we can expect virtual influencers to become more prominent and cost-effective in marketing strategies, potentially transforming the landscape of influencer marketing in India over the next year.
9. Are there cases where it is preferable for companies to use micro influencers?
Yes, companies often find it preferable to use micro-influencers, especially when working with budget constraints. These influencers typically have highly engaged audiences that align closely with the brand’s target demographic, allowing for more authentic connections.
By leveraging micro-influencers, brands can benefit from the loyalty of their community and stronger engagement rates, making them a cost-effective option for driving meaningful results in influencer marketing campaigns.
10. In terms of B2B platforms like Linkedin what growth is being seen in influencer marketing? How can it help give companies and individuals a competitive advantage?
As per our report, LinkedIn sees low creator adoption at 4.4%, while nearly 20% of brands are leveraging it for influencer marketing.
This growth presents a competitive advantage for companies and individuals by enabling them to build thought leadership and reach targeted professional audiences. LinkedIn’s professional focus offers a unique opportunity for influencers to create content that directly impacts B2B decision-making.
11. The government has guidelines on influencer marketing. Were they much needed to bring in transparency like in the finance, health sectors?
Yes, government guidelines on influencer marketing were much needed, particularly to ensure transparency in sectors like finance and health. With the ASCI guidelines in place, these protect consumers from misleading claims and endorsements. Since influencers play a critical role in shaping consumer decisions, these regulations mandating clear disclosures and accountability, is especially important in sensitive industries where the information can impact financial choices or personal health decisions.
