Democratising the creator economy, how Wondrlab is tapping into the influencer marketing space
While the digital space has made several strides over the past few years, there are still gaps that need to be bridged. For instance, the communication industry doesn’t address the fundamental shift in the behaviour of humans through a platform lens. That’s exactly where, India’s platform-first martech network has stepped in to take on these challenges. Through its unique approach, it is building martech platforms to provide a set of tools to carry out customised briefs.
Taking a step further in its journey, Wondrlab has also acquired Opportune — a data-driven influencer marketing platform that uses its proprietary technology and creator network to drive influencer marketing with speed and accuracy. In other news, the platform has already onboarded 300+ brands. Its future plans include widening its network by adding customised influencer marketing solutions for brands to its offerings.
What does this acquisition mean for brands?
The consumer of today is far more conscious about their choices, more so as a ripple effect brought on by democratic media consumption. With a wide variety of brands available today, consumers are selective of what they choose, and who they listen to. The statistics are proof — 71 percent of retail purchase decisions are influenced by social media creators, 45 percent of social media users use social networks to research brands, and 9 in 10 consumers trust word-of-mouth over other advertising forms. It is safe to say that data-driven influencer marketing is the key to brands winning.
At the end of the day, it is not about approaching marketing in silos; an integrated approach is what really works. In a nutshell, it is about aligning various forms of marketing to the same core messaging. Some examples include display ads, emails, direct mail, product catalogs, and customised influencer marketing.
It’s important to understand that each platform has different requirements, and a one-size-fits-all approach doesn’t really work. At Wondrlab, there is a deep understanding of a brand’s requirements as well as consumer insights, and accordingly, the ‘right’ platform is recommended. It is all about evaluating the type of content that will make sense in tune with the narrative.
Tapping into the power of the creator economy
The good news is that global influencer marketing spends account for roughly 23 percent of the digital ad spend, which means that a staggering 50 million content creators globally can benefit from this growing trend. However, the bad news is that less than 3 million creators are monetising seriously.
This is why it is critical to democratise the influencer marketing space by providing a level playing field for creators to collaborate with brands. With Wondrlab’s recent acquisition of Opportune, it will have greater power to structure campaigns for brands based on the need for premium and mass influencers, all on the same platform.
Saurabh Varma, Founder, and CEO, Wondrlab, says, “Opportune is aligned with our ambition of democratising the creator economy. The timing of this acquisition can’t get any better. The global influencer marketing industry is projected to grow to USD 24 billion by 2025. When you are building India’s only martech network and not just an agency, a strong influencer marketing play is key.”
Speaking further on this acquisition, Kanishk Kanakia, Founder, Opportune, says, "Opportune will empower brands with a comprehensive global creator network, speed up influencer discovery 10-fold and its campaign management dashboard will enhance employee productivity by 75 percent. The acquisition will help brands search, sort, and filter influencers and create campaigns within minutes. Going forward, we will approach influencer marketing from a performance-driven, consumption-first lens. This will enable accurate measurement and optimisation of campaign performance."
With this marquee move, it’s only a matter of time before Wondrlab makes the right noise with its path-breaking campaigns!