With growing acceptance of social media and internet in our daily lives, a new era of marketing has emerged which is “influencer marketing”. This trend has created various social media stars such as movie actor, actress, athlete, food blogger, youtuber etc. which have amassed huge fan following on their respective social media channels. For example, Facebook, Twitter, Google+, LinkedIn, Instagram, P-interest, Snapchat, Vine, Youtube and many more.
So, for those who are not familiar with influencer marketing terminology, it is a marketing strategy to reach millions of people via social media influencers for brand promotion. For Instance, Suppose X brand launched a cosmetics product and to promote their product they employ or connect relevant social media star to either post or tweet about them. It helps brands to get immediate attention of millions of social media users in less time as compared to other forms of advertising.
Let’s get down to some interesting facts about influencer marketing industry:
1. Market of influnecer marketing globally will be worth $5-10 billiion dollars in coming 5 years. It is currently worth 500 Crore Rupees in India.
2. Currently, 2.13 Billion Social Media users globally and is increasing with every passing day.
3. Business made $ 6.50 on every dollar they spent on influencer marketing.
4. Mckinsey Study revealed that influencer marketing is more effective than paid advertising and also has high retention rate.
5. Influencer marketing gives $ 9.6 worth of average earned media value on every dollar spent on it which has increased from $6.85 (2014).
The next question is how long can influencer marketing sustain. Is it really going to be a game changer in the coming years or will it fade away quickly with passing years. So, what do you think about its future? Did you notice any sort of influencer marketing if so then please share your experience with us.
Dushyant Sethiya is a Co-founder at The Puppeters ( T-shirt Brand for Youngsters) and CEO of Mandsaur Buildcon Pvt. Ltd.
He runs podcast " Entrepreneurship with Dushyant Sethiya" and writes frequently on entrepreneurship on Yourstory, YouthKiAwaaz, Citispotter, YFS Entrepreneur's Magazine and NextBigWhat. He also mentors aspiring entrepreneurs and startups on the EverWise mentoring platform.
He is a social activist and involved with Malwa Keshari NGO to promote sports activities in rural India. He has also written many Op-Ed articles on Entrepreneurship and Micro-finance for the Newspapers and he expresses his personal views on prominent issues via blogging. He is the author of the Book ” Micro-finance: A Helping Hand”
He did his “Post Graduate Diploma In Entrepreneurship” from Judge Business School, University Of Cambridge (England) and “Masters In International Business” from Leeds University Business School, University Of Leeds (England). Prior to that he completed his Bachelors of Engineering in Information Technology from RGPV University, India.
You can connect with him via Twitter @dushyantsethiya or email@example.com or Visit him at www.dushyantsethiya.com