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Day 2 of Ad:tech 2024 featured engaging sessions on the burgeoning creator-driven economy and influencer marketing, which is increasingly occupying a place in brands’ media mixes today.
Panelists included marketers from various product categories and industries such as FMCG, Financials, and Alcobev; Ankit Desai, Head of Media, Digital Marketing, and Brand PR; Mariko, and former Marketing Associate; It consisted of Director Vishal Gaba, Senior Vice Presidents Billa and Megha Manchanda. President and Marketing Officer of DBS Bank. Harikrishnan Pillai, Founder and CEO of TheSmallBigIdea, moderated the session.
The discussion centered around “The Secret to Successful Economy Collaboration between Brands and Creators” and spotlighted the evolution of the influencer field, where brands are collaborating simultaneously with a diverse group of macro and micro influencers. Ta. The panel sought to uncover strategies to drive efficiency in this ever-evolving landscape while redefining how brands influence and sell.
evolution
Pillai highlighted how the influencer sector has grown dramatically in just the last three to five years, with the Prime Minister himself inviting local (and some international) influencers through the recently held National Creator Economy. I have come to recognize and praise it. He emphasized that this is a clear indicator of the effectiveness of this media and a good reason not to underestimate this group, especially in light of the approaching general elections in the country.
Pillai shares with marketers his experience with influencer media over the past four years, from its beginnings in the market to its evolution today as part of several brands’ marketing media mix. I started the session by asking.
Gaba admitted that at Bira, they initially started with some skepticism about emerging creator media as a marketing mix and just wanted to experiment with the medium to feel its impact on consumers. but focused only on the “zero measurement” angle and focus. About their following.
“And today, in terms of working with creators and understanding how brands can be a part of their world, whatever it is, we are also looking at specific metrics. “We’ve evolved into a very established vertical within the marketing team, so that change happened really quickly,” Gaba said.
Marico’s Ankit Desai agreed that influencer marketing is playing an increasing role in a brand’s media mix.
“Despite being a ‘recent phenomenon,’ influencer platforms have become a systematic input into brands’ strategic planning over time,” he says. “Platforms have progressed from almost an afterthought to something that needs to be planned from the beginning of a brand’s strategic makeup and monitored throughout the year,” he added.
Diverse roles of creators
The panel discussion discussed the different roles and uses that creators and influencers can play in different business categories.
Mr. Megha spoke from the perspective of BFSI as a critical category for a creator-driven economy. “When we run campaigns, we look at influencers as a medium to get the right message out.
Especially for BFSI brands, unlike other industries, you may need to convey very complex messages. So for us, influencers strive to get the message to the right audience in the right way. It’s a media channel. ”
Manchanda explains how influencers in the financial industry (called “finfluencers”) demystify complex, jargon-filled conversations for followers who may be more receptive to them. They were able to explain how the brand’s message would be received as a result. It’s a much more “organic” method. Otherwise, she noted, it may not necessarily apply to financial brand campaigns.
Pillai mentioned that influencers are not subject to regulation when it comes to advertising, especially in categories like alcobev, which are subject to regulation.
“Even if influencers are not regulated, it is the brand’s responsibility to ensure that they do not do anything that could be counterproductive to either the brand or the influencer.”
Gaba also talked about the importance of building a community of brand enthusiasts through influencers. “This may not yield immediate results, and in the case of a category like alcobev, we’re seeing a domino effect, and it may take six months to 12 months for it to lead to growth.” The company had a loyal following, and business soared as a result. ”
“If we as a team think it adds value, we need to take it seriously and invest in it for the long term. It’s important to stay the course rather than just do a few experiments and move on. ” said Gaba.
“We’re also starting to reach a stage where ‘resonance’ and ‘relevance’ are important because that’s where we reach the community,” he added.
For categories like FMCG and CPG, Marico’s Desai says that for broad categories like theirs, first understand the specific content goals you want to get from influencers and incorporate content creators into the mix accordingly. We shared that this is important. That can range from raising awareness about new product launches to creating resonance and relevance considerations for other products, he added.
Pillai summarized the different roles that creators and influencers can play in different categories. “Educating and connecting with like-minded people in complex categories like finance, to identify with your brand, or simply to build brand salience for mass user-based brands like FMCG. Community building in categories that need to come together.”
Inherent risks due to lack of controls?
The conversation has shifted to aspects of creator-driven content that are unpredictable or near uncontrollable, which can pose unique risks to brands and their associated images.
“The activation of the creator economy is a loose norm that can sometimes get out of control for brands,” Pillai said. The panel discussion focused on the mechanisms brands have in place to ensure risk mitigation.
Manchanda calls for “transparency,” especially in categories such as finance, where the content of “finfluencers” can have a significant impact on the investments of their followers, and where there are regulatory restrictions that mandate even stricter norms, increasing risk. shared that this is the key. When it comes to Finfluencer content, scripts are rigorously inspected for inconsistencies and checked for strict adherence to all compliances.
“One thing is clear: there is always inherent risk,” Gaba said. “While you can control the content that you partner with influencers, there is content that you cannot control before and after the partnership, which can affect your brand image,” he added.
The solution, Gaba said, aside from putting checks and balances in place when it comes to scripts, is to share specific categories of content and stick with proven influencers whose content is verified as authentic. It is said that it is a thing.
Desai said that for large FMCG brands, there is always a risk of losing control, especially when it comes to micro and nano influencers. “We promote influencers that we have absolute confidence in. Therefore, mega-influencers are those who can expand our reach to the TG we want and bring in some business. They are our dominant content creators and guarantee us some control.” But while these platforms may be our dessert, they mean we have to earn our lunch ourselves. you need to keep in mind, he said jokingly.
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