Anushruti Singh
With content and advocacy now blanketing the world, marketing dynamics have shifted to influencer marketing with a consistent above 25 per cent growth (CAGR). As consumers become increasingly inundated with information, brands and marketers are reaching out to influencers 24×7 to access and target their hyper-niche audiences.
Influencers today are far more effective at connecting with communities and audiences, as well as in leveraging millions of internet users in the country, by creating content and conversations that are personal and unique to them, have a stronger connection, and are localised, be it on the language front or in another cultural context. Another shift that has occurred is the monetisation of various social media platforms, which allows marketers and brands to showcase their brands, convey their messages, and weave their stories directly into the consumer’s mind space. Also, there has been a paradigm shift in the mindsets of MSMEs or small businesses as they start to get the knack of using social media platforms for their businesses.
“As per a study, 78 per cent of brands spend more than 20 per cent of their entire marketing budgets on influencer marketing. We have also observed that increasingly, marketing leaders and founders are looking for influencer marketing partners who keep brand strategy and creative thinking in the driving seat,” says Anshul Duggal, Founder & CEO at flynt.social, an influencer marketing agency.
This is not a very new gap; he says in an interaction with SME Futures. In fact, Duggal tells us that flynt.social was started primarily to address this need, which has only grown multifold since then.
According to him, MSME brands are seeking out partners like them who can suggest a strong brand strategy to them and creative expertise within the advocacy space for them. This, combined with the macro environment continues to fuel their growth and this year their team of experts across the globe will be helping more than 100 brands spark authentic conversations around their narrative, he tells us.
Edited excerpts
How has influencer marketing (IM) brought about a change in the advertising landscape?
Influencer marketing’s impact on advertising can be summed up in one word: Authenticity.
You are far more likely to buy something recommended by a friend or well-known local influencer than you are from watching a global superstar or nameless faces reading scripted messages. Through traditional advertising, and yes, digital marketing can also be considered ‘traditional’ now, you can hope to get eyeballs, but conversions are another matter. Influencer marketing has brought a sea change in the metrics used to measure campaign performance, with more and more companies thinking of influencer-led campaigns for their next big thing.
Also Read: Taxing influencer economy: Discouraging or just a new revenue stream for govt
Do MSMEs really need a brand image? Do you believe that small companies or start-ups have the advantage of IM over the bigger enterprises?
Everyone needs an image, and it doesn’t have to be flashy, highly polished or carefully tailored in all cases. In today’s world, customers buy into an image, a lifestyle. It’s the image that helps you really stand out, once you finish creating a good product.
The advantage that a small company has in this regard is that its image can be flexible, open to change and experimentation. New age brands also have the option of creating an entirely digital-first persona, something which legacy brands tend to struggle with.
What is your opinion on the SMEs’ social media influencer marketing adoption and their performances henceforth?
Some SMEs have built their entire brands on influencer marketing and scaled new heights. Many others, especially regional brands, have begun planning and budgeting for influencer campaigns as a must-have in their marketing arsenal. As with everything else, it just takes a spark to start a fire in the Indian market.
As an agency, we are happy to see the large-scale adoption of IM, but we can also see many flaws in the way that campaigns are being handled, during their planning and execution. In fact, we started our agency to address these very issues. There also needs to be a more structured way to measure campaign metrics.
How can influencer marketing be a great strategic tool for small businesses and start-ups?
Most small brands tend to exist in a niche, at least initially. Working with relevant influencers who are serious about your brand, the industry and about content creation will help you reach deep into that niche, instead of focusing on a more traditional, broad strokes approach. You can manage costs, experiment with your messaging a lot more and generally find it easier to create and execute influencer marketing campaigns, provided you have the right partners on board!
Also Watch: How to use influencer marketing to grow your small business
What added benefits do influencers and micro influencers bring to the table for them?
Costs & ROI: It goes without saying that you can work with more micro influencers as compared to celebs at the same cost. This lets you plan your campaign rollouts better and you will invariably see better reach & engagement numbers.
Authenticity: Followers appreciate authenticity and trust micro influencers more than a larger one. If you can find a credible micro influencer for your campaign, you can deliver more genuine messaging.
Creativity: Each influencer is like an agency unto their own. The variety of content creation tools and platforms that are at your disposal when you choose influencer marketing is invaluable.
How does flynt.social help MSMEs to grow? In which sector do you see fast-paced growth and high chances of consumer conversion?
Keeping in mind the growing importance of fast paced influencer marketing, flynt.social intends to provide real time solutions without any hassle to both the influencers and the marketers. Our recently launched Rapyd Response Program has been creatively designed to turn around influencer marketing briefs in just 48 hours, which can be a real game changer not just in terms of efficiency but also in terms of reach and visibility.
We are currently looking forward to support MSMEs and SMEs by focusing on the following:
- Increasing brand awareness & visibility
- Connecting with the audience & the marketers
- Providing real-time solutions, promoting efficiency and flexibility to action the plan
With the recent digitisation boom, we see an increasing scope for growth and consumer conversions in sectors like lifestyle, ed-tech, travel and many more. The pandemic has entirely turned around the dynamics of influencer marketing and the emerging trends in the industry.
Online platforms have completely taken over the space, regardless of the vertical or the industry. Be it education, healthcare or groceries, every sector is figuring out how to promote their brands and reach their target audience for gaining the maximum output with minimum hassle.
