When the Covid-19 pandemic triggered a 20% slump in traditional modes of advertising in the country, social media influencers enjoyed a 46% increase in their ad-based revenue, says a new study.
The Digital Marketing Agencies in India conducted a survey among 250 marketers and social media influencers in February 2022. It found that as the pandemic threw up a major challenge for offline marketing activities across India, brands turned to social media to amplify their messages.
“Social media influencers in India have seen major growth in the past two years with many of them being now considered in mainstream marketing push by several brands. This growth is expected to continue, especially in sectors such as aviation, travel, hospitality, mobile, technology, and consumer durables etc,” Sahil Chopra, CEO, iCubesWire said.
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The survey further indicated that micro-influencers are witnessing up to a 60% rise in engagement rates compared to macro-influencers. Although macro-influencers might cast a wide net, micro-influencers can focus on a single specialisation, and their audiences frequently regard them as experts in their fields.
Instagram, YouTube and Snapchat are where the action is at with 90% consumers engaging influencers on a weekly basis on these platforms.
Seven in 10 marketers think the quality of influencer marketing traffic is better than other sources.
As much as 80% of marketers find influencer marketing effective, and 89% of marketers say the ROI on influencer marketing is as good as or even better than other marketing channels.
It is estimated that the influencer marketing industry will reach $16.4 billion in 2022.