Brands now rely more on digital influencers, as many of these ambassadors have more social media followers than venture-backed start-ups, publicly traded companies, and even popular movie stars. , according to a new book. In “Booming Digital Stars: 11 Inspiring Journeys from India’s Creator Economy”, brand experts Harsh Pamnani and Manish Pandey focus on building and managing an individual brand in an emerging creator economy.
The creator economy includes small businesses centered on independent content creators such as vloggers, writers, comedians and musicians, who monetize themselves, their skills and their creations. But these small businesses differ from traditional small businesses such as salons or grocery stores. These new-era small businesses are powered by numerous digital technologies, giving them global reach from day one. They go where the internet goes.
According to the authors, the size of this economy is colossal and the opportunities available are immense. However, in the crowded designer marketplace, the odds of getting lost are higher than getting noticed, they say. In the book, published by Pencil Select, the journeys of 11 of these digital creators are covered – Bhuvan Bam, Ashish Chanchlani, Kabita Singh, Nikunj Lotia, Prajakta Koli, Ranveer Allahbadia, Madan Gowri, Team Naach, Yashraj Mukhate, Abhi & Niyu , and Ujjwal Chaurasia. The authors say these professionals forged unique paths to success by turning their passions into professions.
“Digital assets, once created, can be sold endlessly, allowing creators to increase their income without extending time and effort. Since many people pursue their passions part-time, it is not hard to guess the numbers for the creator economy,” the book says. “The popularity of India’s top digital influencers is evident from the fact that many of them have more social media followers than venture capital-backed start-ups, listed companies and famous movie stars.
This is one of the reasons why brands are relying more on digital celebrities,” they write. So why are these creators getting brand deals? However, conventional marketing techniques are no longer suitable for millennials, who prefer social media to watching TV or reading newspapers,” the book states. “Many influencers forge real connections with their followers, who tend to view them as experts in their respective niches and therefore take their recommendations seriously. By collaborating with influencers and leveraging their relationship with their followers, brands generate awareness and increase sales,” he says.
This practice is called influencer marketing, say the authors. “Generally, the cost of collaborating with a social media influencer is less than the cost of collaborating with a movie star or a cricketing celebrity. So within the same budget, a brand can collaborate with multiple influencers instead of one a single celebrity, and can achieve enormous reach with greater frequency,” they write. The authors opine that while COVID-19 may have helped drive traffic to digital channels, their popularity and importance should slow down after the pandemic when the world returns to normal. Indeed, the tide has changed and we see room for exponential growth, they argue.
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Article first published: Saturday, April 2, 2022, 5:53 p.m. [IST]