Influencer marketing in India has been on the rise in recent years, by using a large audience active in social media and it shows no signs of slowing down in 2023. As brands continue to search for new ways to reach consumers, an Influencer marketing Agency called Grynow has the best strategy for many companies looking to engage with their target audience. Today, we’ll take a closer look at some of the latest influencer marketing statistics for 2023 and what they mean for the industry in India.
As per recent studies, the influencer marketing industry in India is expected to reach a market size of $75-100 million by 2023. This growth is driven by the increasing adoption of social media platforms, the rise of micro-influencers, and the growing importance of authenticity in advertising. In fact, 89% of marketers say that Influencer marketing in India is an effective way to reach their target audience, and 76% plan to increase their influencer marketing budgets in the coming year.
One of the famous trends in Influencer marketing in India is the growing importance of micro-influencers. These are influencers with a smaller following in social media (typically between 10,000 and 100,000 followers) who have a highly engaged and loyal audience. So brands are increasingly turning to micro-influencers to reach niche audiences and to build more authentic relationships with their customers. Other hand, 65% of marketers in India say that they prefer to work with micro-influencers over celebrities or macro-influencers.
Another important trend in Influencer Marketing nowadays in India is the increasing importance of authenticity. Consumers are becoming more discerning about the content they consume, and audiences are more likely to trust influencers who are authentic and very transparent. In fact, 71% of Indian consumers say that they are more likely to follow an influencer who is authentic and honest, and their content is raw even if their content is not as polished as that of other influencers. So it’s connected to the grassroots level among the target audience.
Atlast, it’s worth noting that influencer marketing is no longer limited to social media platforms like Instagram and YouTube. Nowadays brands are exploring new techniques to collaborate with all influencers, such as through podcasts, live streaming, and even gaming. As the influencer marketing industry continues to grow, we can expect to see even more creative collaborations between brands and influencers in the coming years. That could enhance the business in a positive outcome.
Influencer Marketing Growth in India
Due to the rise of micro-influencers, influencer marketing has also been increased by the COVID-19 pandemic. With lockdowns and social distancing measures in place, people have shifted to social media for entertainment, information. This has led to an increase in digital media usage and a shift in the type of content that consumers are interested in. As a result, brands have had to use influencer marketing strategies to align with the changing behaviour of consumers.
Trends that helps to grow influencer marketing in India
One trend that has emerged during the pandemic is the use of virtual events and live streaming as a way to connect with target audiences. Influencers have been at the forefront of this trend, partnering with brands to host virtual events, product launches, and specially Q&A sessions. This has enabled brands to get more audience and engage with consumers in a more meaningful way.
Another popular trend that has gained momentum is the use of user-generated content (UGC) in influencer marketing. UGC is the content created by consumers that features a brand’s product or service. Brands have been leveraging UGC in their influencer marketing campaigns to showcase the authenticity and real-life usage of their services and products. As a result in higher engagement rates and increased trust among their consumers.
As the Influencer marketing in India continues to grow, brands will need to stay up-to-date with the latest trends and developments to ensure their campaigns are going well towards productivity. It will be important for brands to focus on building long-term relationships with influencers, prioritising authenticity, and utilising innovative formats and various platforms. With the right campaign, influencer marketing has the potential to deliver exceptional results and bring business growth for brands in India and beyond also.
In conclusion, the influencer marketing industry in India is set for continued growth in 2023 and many more. With the rise of micro-influencers in digital media. Like nowadays people consuming short content with lots of data and the fact, that’s what influences doing it. As marketers continue to embrace this powerful tool, we can expect to see even more exciting developments in the years to come.