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Over the past decade, influencer marketing has experienced a remarkable evolution, transitioning from a niche strategy to a dominant force in the marketing landscape. Initially, only a few pioneering brands dabbled in influencer collaborations, but today, almost every other brand incorporates influencer marketing into their marketing.
A turning point in the evolution of influencer marketing occurred with the introduction of guidelines by the Advertising Standards Council of India (ASCI) in May 2021. These guidelines brought about significant changes in the industry, emphasizing transparency and ethical practices. As a result, influencer content became more regulated and accountable, leading to increased trust and credibility among consumers.
2023 unfolded as a pivotal year in the evolution of influencer marketing. From Jasmine Kaur to Orry to Bhaveh Bhai, the rise of unconventional influencers became more prominent. Additionally, the advent of AI led to the emergence of virtual influencers like Naina and Kyra. The influential power of creators also became more apparent. Zervaan Bunshah, a content creator, utilized the power of social media to critique Pepsico's Lay's new Magic Masala flavor, mirroring public opinion. Later, Bunshah's viral video, supported by Monk Entertainment, not only prompted the brand to collaborate but also led to the resurrection of the original Magic Masala flavor.
These born out of trends influencers took the digital sphere into mainstream fame. Orhan Awatramani, also known as 'Orry,' captured the collective curiosity, transforming from a meme into a celebrated social media figure. This Orry effect led to collaborations with major brands like Netflix and CRED.
Similarly, Jasmeen Kaur's viral catchphrase "Looking just like a wow" catapulted her to social media stardom, attracting partnerships with brands such as WOW Skin Science and Sunfeast Yippee Noodles.
Another influencer who went viral because of his unique approach is Bhavesh Kaware, also known as the Property Transaction Guru. He has made a notable impact on the real estate industry with his unique style and insights, leading to collaborations with brands beyond his genre.
While some brands hitched their wagons to viral content creators and influencers, some brands departed from traditional avenues, creating influencers seemingly out of thin air. Zepto introduced Sharma Ji and Netflix led by example by introducing SoupSalu. Despite having a modest presence on Instagram with only 46 posts, SoupSalu managed to garner a substantial following of 102K followers.
These trends have shifted the course of influencer marketing and will act as a stepping stone in 2024.
Long-term deals and in-house creators
According to ASCI's 2023 Influencer Trust report, 79% of respondents place their trust in social media influencers, and 90% of respondents have made purchases based on influencer endorsements. Furthermore, the report looks into how trust works between influencers and brands, revealing that 58% of respondents believe an influencer gains additional trustworthiness when endorsing a brand. Conversely, an equally substantial 64% of respondents believe that a brand earns increased trust when endorsed by an influencer.
Mrunali Dedhia, Vice President, Chtrbox, said, “Being a trend in 2023 and anticipating an increase in 2024, brands will capitalize on this trend and leverage social media influencers to drive conversions, with their features enabling users to make direct purchases within the app, creating a seamless and social shopping experience.”
Adding to this narrative, Paayal Jain, Content Creator and Influencer highlighted an emerging trend where an increasing number of brands will actively seek out content creators to forge successful collaborations.
She said, “More brands will reach out to content creators to build successful brands, creating connections with their customer base. Different categories of companies that haven’t tapped into influencer marketing will recognize the value of content creators and understand how they can use creators’ strong community for themselves to reach a wider loyal market space.”
As influencers continue to play a pivotal role in brand building and connecting with target audiences, more and more brands are expected to collaborate with them.
According to Sejal Kumar, Content Creator and Influencer, influencer marketing is expected to move towards long-term partnerships in 2024 with creators becoming the face of campaigns. This involves a greater focus on public relations, including appearances on TV commercials, billboards, and other traditional mediums.
Shivam Arora, Content Creator and Influencer, highlighted that over the past six months, brands are establishing dedicated influencer marketing teams. Previously, brands often relied on external agencies or repurposed their social media teams for influencer marketing.
Furthermore, Arora highlighted that brands are now hiring in-house content creators, reflecting a strategic move towards informed decision-making.
He said, “Slowly, the realization is coming into play that it's a lot more than just a side thing. It's a full-budget sort of work that a person needs to do. This is the reason why brands are now having proper influencer marketing managers.”
Previously, influencer collaborations were a small part of the brand's media mix. However, brands now launch comprehensive influencer campaigns digitally alongside TVCs. They are also exploring additional avenues to engage with their audiences through influencer marketing. In the year that went by, several brands featured creators in their ad campaigns across TVCs and OOH. Fashion influencer Aashna Shroff was part of Tresemmé Shampoo's ad. Boat also collaborated with Agasthaya Shah and featured him on the billboard. Freakins, too, introduced several collections through co-creation with influencers. Giving the power and onus of the collection and the collection's promotion to the creator.
Nivea associated with content creators like Manav, Unnati, Anam Darbar, and Tanzeel Khan as mentors and hosted a talent hunt, extending it to their product line.
These collaborations are helping brands go beyond vanilla brand deals and one-time associations and leverage their social media clout for longer time-frame and extend it to the offline world as well.
The next wave of influencer marketing
AI's influence spans various industries, revolutionizing traditional operations and significantly augmenting overall efficiency. This technological advancement is transformative in Influencer Marketing, too.
Virtual influencers offer a unique blend of creativity and control, allowing brands to craft a persona that aligns perfectly with their image.
Fashion e-commerce platform Myntra, for instance, has ventured into this futuristic terrain by introducing virtual influencer Maya, who is made part of Myntra Style Squad.
Other such virtual influencers are Naina and Kyra.
These digital personas, exemplify the potential of CGI and AI-driven virtual influencers.
According to Ramchandran, the rise of artificial intelligence (AI) and AI-generated avatars will pave the way for the emergence of more CGI and AI virtual influencers.
She said, “Looking at where the industry is headed, there will be more virtual influencers.”
As technology continues to advance, the integration of AI and AR into influencer marketing campaigns will open up more possibilities for engaging and immersive brand experiences.
“Virtual storefronts and AR is another trend that I foresee in 2024,” added Ramchandran.
These virtual storefronts allow influencers to showcase products in a digital space, enabling consumers to explore and interact with items before making a purchase. This not only enhances the shopping experience but also provides brands with new avenues for storytelling and product promotion.
For example, Lenskart offers a virtual trial service, which allows consumers to virtually try the frames.
While Dedhia believes the integration of AI and personalization will persist on social media platforms, enhancing user experiences. Smart algorithms and customized content recommendations will further tailor the platform to individual preferences, creating a more intuitive and personalized environment.
She said, "It's akin to having a virtual assistant catering to your social media requirements."
As influencer marketing continues to evolve, experts believe that due to the rise of virtual influencers and the integration of personalization and AI, brands have exciting opportunities to create more engaging and tailored experiences for their audiences. In this era of constant change, embracing these innovations will be crucial for brands looking to make a lasting impact.
Tips to stand out as an influencer in 2024
Influencers often strive to find the elusive formula that sets them apart from the multitude of content creators vying for attention. While there's no one-size-fits-all solution for achieving distinction, budding influencers can certainly follow a strategic blueprint shared by seasoned influencers to establish solid fundamentals.
For Jain, being authentic and consistent has worked out for her. She said, “In the world today, everybody is a content creator; the only thing that will make you stand out is being authentic. Being true to your content, your creativity, your POV – will help you cater to your true audience.”
Drawing from her experience and skills, she suggests influencers to observe people and situations around them, which will help them with fresh new content.
Emphasizing on finding your niche, Arora said, “In the current scenario, especially for emerging creators or those facing challenges in their journey, I firmly believe that identifying a Unique Selling Proposition (USP) is the most important thing. When I refer to USP, I am not merely implying the quality of your content—although that's undeniably crucial. Instead, I emphasize that your content should resonate with you.”
Highlighting the need for influencers to focus on longevity and a long-term vision, Kumar said, “Focus on longevity and long-term vision! Incorporate short-term trends and formats in your long-term strategy!”
As per a recent Ogilvy red paper, most brands have embraced influencer strategies, recognizing the untapped potential of the creator economy as of 2023. However, 96% of the creator economy remains untapped, offering substantial growth opportunities. While 2023 firmly established the influence of creators in the marketing landscape, the report said 2024 is poised to elevate them to a leading position.