Influencer marketing spends set to zoom from Rs 900 to Rs 2200 crore: INCA-e4m report
According to the GroupM INCA – e4m India Influencer Marketing report, the market is expected to grow at a CAGR of 25%, making it a Rs 2200 cr industry by 2025
Published - Sep 17, 2021 2:45 PM Updated- Sep 20, 2021 6:26 PM
INCA, GroupM’s brand-safe influencer and content marketing solution unit and exchange4media Group today announced the release of The India Influencer Marketing Report. To be an annual highlight in the calendar, this industry report is the first ever to quantify the current and predict the future path of influencer marketing in India. The report looks at all aspects of the industry including trends and the impact of regulation.
The influencer marketing industry is undergoing a transformation triggered by the pandemic as well as the rise of brands wanting to connect with consumers directly.
The inherent nature of the industry makes it difficult to track and quantify, but GroupM with its INCA platform has done the same across campaigns executed by brand and influencer categories. INCA is the only data-driven; outcome (ROI) based influencer solution in India.
As per an estimate by the influencer marketing hub, globally the influencer marketing industry is pegged at about US$14 billion annually and projected to grow at an impressive CAGR of 30.8% up to 2028.
In India, out of 1.3 billion people, a third (more than 400 million) already had access to social media before the pandemic. This number has surely skyrocketed in the last 18 months and there is a significant shift in consumer behaviour that is the real fuel for the growth of the segment.
Commenting on the report, Prasanth Kumar, CEO – GroupM South Asia said, “Over the last few years, brands have shown significant interest in influencer marketing. The pandemic has accelerated the adoption of influencer marketing by brands making it an integral part of the brand marketing strategy and is now an important part of our media mix recommendation to brands. The key factor that has got brands interested is the bond of trust and authenticity that influencers share with their audiences, thus helping brands associate with an influencer to leverage the same. This report is our effort to help marketers understand various aspects of influencer marketing in the country. Consumer behaviour is changing at a fast pace and we want to empower marketers with the knowledge that can help them.”
According to the report, top 4 categories i.e. Personal care 25%, F&B 20%, Fashion & Jewelry 15% and Mobile and electronics 10%; contribute 70% volume of influencer marketing. On the influencer radar, celebrities contribute 27% while influencers contribute 73%. Nearly two-thirds of the Indian population follow an influencer. Brands can probably interpret that influencers and creative storytelling correlate with brand differentiation, a key advantage as attention spans get shorter.
Nawal Ahuja, Co Founder – exchange4media, added, “The sway of ‘everyday’ influencers has finally got the attention of the CMO. Spurred by the pandemic, today's influencer arena has become a crowded market place. The result of which is a wave of content creators from the nichest genres and smallest towns of the country. Brands have plenty to choose from and while every one is happy to ride on the bandwagon, the golden rules of marketing become even more relevant. Understanding of the category and fit with the influencer audience, quality over quantity will become key areas of focus. We are happy to partner with Group M – INCA to bring out this first edition of the report ”
Ashwin Padmanabhan, President – Partnerships and Trading of GroupM India said, “Influencer marketing industry is at a point of inflexion and can take off, subject to the industry initiating to measure, quantify and make investments in influencer marketing accountable. The ‘India Influencer Marketing Report’ is GroupM and INCA’s attempt to do the same. Not only have we tried to quantify the industry, but we have also attempted to define and standardize the various formats and industry terms. We hope this report will catalyse the industry and ensure the power of influencers is harnessed effectively!”
Click here TO DOWNLOAD THE FULL REPORT
Tags Influencer marketing Report Marketing strategy Indian Market GroupM Inca Internet advertising Internet advertising India Marketing Internet Marketing Marketing campaign Marketing ad internet Internet ad internet news marketing advertising India marketing India