Everyone today is well-versed with the term Instagram influencer. Each one of you follows one or more such influencers on Instagram. But this was not that common a term until 2015. Today these influencers rule the world of social media marketing or as the industry now likes to call it influencer marketing.
How big is Influencer Marketing?
Daniel Wellington watches are something, I am pretty sure, each one of you is aware of. DW sold 1 million watches in 2015 alone for a profit of $220 million. Daniel Wellington has only used Instagram as a platform to endorse their products and their strategies have only been influencers oriented. Here an interesting article on Bloomberg that gives us some additional details.
How does Influencer marketing work?
Influencers are key factors of modern-day social media communication. They have a wide audience base and they can help any brand get in touch with varied different publics. Influencers have, over a period of time, gained the trust of their viewers and created a bond wherein everything they say or do ends up influencing the decisionmaking of their viewers. Brands, in order to benefit from this, ask the influencers to use, endorse and review their products. In return, the influencers receive free products and/or monetary rewards from the said brands. In some cases, they even get a share (commission) of the sales they drive through personalised links or personalised coupon codes. I am pretty sure all of you have seen many such posts where influencers post content promoting a certain product.
How big is Influencer Marketing in India?
Some Indian brands have also gone the DW way by only relying on influencers to create brand awareness and drive sales. Mivi & boAt being two pioneers in the Indian Influencer marketing domain although both have a very different approach. Mivi, on one hand, started their entire marketing by using YouTubers and social media influencers to market their product and to such good result that their brand ambassador today is Bhuvan Bam, a YouTuber and Social Media Influencer. boAt, on the other hand, have relied on actors, sportsperson and musicians to promote their brand across various social media platforms. Both have used a different yet effective approach to influence potential customers on social media.
Daniel Wellington still manages to be a step ahead as it has managed to collaborate with small as well as big influencers from various countries to establish themselves as a truly global brand in the luxury watch domain.
Future of Influencer Marketing?
Influencer Marketing is already, without doubt, the next big thing in social media marketing and it is no longer limited to products. Organisations are now also promoting services with the help of Influencers. Over the last two months, you must have seen many of your favourite insta-celebrities holidaying in the Maldives. Coincidence? No. Maldives tourism is using influencer marketing to increase tourism in their country. Only time will tell how effective they have been and what future holds for Influencer marketing?
