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Post by account_disabled on Jan 22, 2024 9:10:12 GMT 5.5
Brands find that the OND period (October, November, December) provides the best return on their marketing spend as businesses make every effort to connect with consumers. Influencer marketing is now an important component of any brand's marketing budget, from extensive campaigns to targeted advertising in specific regions. This year, many heritage brands have teamed up with influencers to reach audiences across the country. The creator economy is expected to grow to a Rs 2,200 crore business in the next two years. (according to GroupM) , the space has become the center of attention of all eyes. According to the expert, corporations have doubled their influencer marketing budgets this year compared to last year. Brands have become smarter with their investments and have learned the influencer marketing game, leading to increased spending, he said. Spending on influencer marketing has increased, according to an Influencer Marketing Job Function Email Database Hub survey, another expert said. 62% in BFSI sector and 63% in e-commerce. IMPACT ON ADVERTISING COSTS There have been significant changes in consumer behavior between the pandemic and its aftermath. Nowadays, the typical smartphone user browses social media for up to four or five hours a day. Due to widespread changes in consumer purchasing habits, brands have begun to adapt and pay attention to the needs and preferences of their target audience. The ability of people to access goods and services from anywhere in the world has allowed online commerce to grow, and many e-commerce businesses have witnessed a doubling in online spending. “This year has been a particularly dynamic year for influencer marketing, with us witnessing both change and sustained growth compared to the previous year,” said Tusharr Kumar, COO of OML Entertainment. The development of influencer marketing has been greatly influenced by the specific conditions surrounding the pandemic, and a clear pattern has emerged in response to changing consumer purchasing patterns and behavior. Corporations have doubled their influencer marketing budgets this year, the analyst said. Some big brands are likely to make large investments totaling several crores, he said. Influencer marketing can account for up to 30% of a small, growing brand's overall marketing budget. “This year marked a significant leap for us in influencer marketing compared to last year,” said Yulia Aslamova, head of Asia at DRIM Global. In 2023, expenses increased significantly: 35-40% more than in 2022.” Festive feat: influencer marketing in detail More brands are using influencer marketing, resulting in an increase in overall investment. What's more, today's companies are not only continuing to invest, but also investing additional money by opening up scalable influencer models that provide higher ROI. “This year has been a little slower for influencers and influencer marketing because of the World Cup,” said Shivam Agarwal, co-founder of Kromium. Brands are more concerned with getting attention there.
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