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In the ever-changing landscape of digital marketing, influencer marketing has gained significant traction. It’s a powerful strategy that allows brands to connect with their target audience in a more authentic and relatable manner. While many perceive influencer marketing as an expensive endeavor, the Qoruz Diwali 2023 Report reveals that brands are allocating substantial budgets, over ₹300 crores, for influencer marketing during the festive season. In this article, we’ll delve into the findings of this report, exploring the impact of influencer marketing, emerging trends, and strategies to win during Diwali.
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The Qoruz Diwali 2023 Report: Key Insights
The Qoruz Diwali 2023 Report provides valuable insights into the world of influencer marketing during the festive season. Here are some key takeaways:
1. Collaboration Trends
Over the past two years, there has been a remarkable 21% increase in influencer collaborations. This signifies the growing partnerships between brands and influencers. Today, brands allocate substantial budgets, exceeding ₹300 crores, for influencer marketing during the festive season.
2. Engagement with Influencers
An astonishing 80% of Diwali shoppers actively engage with influencer-led content. This reaffirms the central role of influencers in shaping consumer preferences. Influencer marketing is 1.5 times more effective on millennials compared to other age groups, such as boomers and Gens X and Z.
3. Changing Consumer Behaviors
Over the past decade, Indian e-commerce has experienced significant growth, increasing by 20 times. During Diwali, there is a 45% surge in online spending, with 45% of shoppers anticipating higher online expenditures during the festive season.
4. Geographical Breakdown
Approximately 50 million e-commerce buyers hail from tier 2 cities and lower, while the remaining 25 million reside in the nation’s metros. This data highlights the growing influence of e-commerce in smaller cities.
5. Sector-Wise Influencer Marketing Spends
The largest influencer marketing spends sector-wise come from personal care, accounting for 20% of the total budget, followed by food and beverage at 16%. Notably, mobile phones have seen the most substantial growth in spending during Diwali, with a 48% increase in 2022 compared to 2021.
6. Food Influencers from Tier 2 & 3 Cities Shine
Food influencers from tier 2 and 3 cities have outperformed their tier 1 counterparts. Nano influencers achieved an impressive 9.49% engagement rate during Diwali 2022.
7. Home Décor: Bengaluru Dominates
Bengaluru emerges as the hub for successful home décor influencer campaigns, with nano influencers boasting an impressive 9.09% engagement rate.
8. Fashion: Nano Influencers Lead
Fashion brands experience heightened engagement, particularly through micro and nano influencers. During Diwali 2022, nano influencers achieved an impressive engagement rate of 7.1%, surpassing their macro and mega counterparts, whose engagement sat at 1.2% and 1.1%, respectively.
These insights from the Qoruz Diwali 2023 Report highlight the growing significance of influencer marketing during the festive season and its effectiveness in reaching and engaging with diverse consumer groups.
Strategies for Winning Diwali with Influencer Marketing
As influencer marketing continues to gain momentum, here are some strategies for brands to capitalize on this trend and achieve success during Diwali:
1. Embrace Influencer Collaborations
Influencer collaborations have increased by 21% during Diwali in the last two years. This trend has led to more than 67,000 posts across a network of 22,000 influencers, accumulating total engagements of 5.3 million and 3.7 million video views. Collaborating with influencers is a key strategy to tap into their engaged audiences and reach your brand’s target demographics effectively.
2. Leverage Authenticity
Influencer-led content resonates with consumers and garners trust through its authenticity. Consumers are more likely to believe and act on recommendations from influencers they follow and trust. As per the report, 66% of Diwali shoppers make purchasing decisions based on influencer recommendations, emphasizing the power of authenticity in influencer marketing.
3. Harness User-Generated Content (UGC)
User-generated content greatly influences 79% of purchasing decisions. UGC not only provides social proof but also showcases authentic customer relationships. Encourage your customers to create content related to your products or services and share it on social media. This can significantly impact consumer decision-making.
4. Emphasize Regional Language Campaigns
The report highlights that 53% of Diwali shoppers prefer content in their regional language. This underlines the importance of linguistic relevance in influencer marketing. Tailor your influencer campaigns to incorporate regional languages to connect more effectively with local audiences.
5. Optimize with Paid Advertising
While influencer marketing is highly effective, combining it with paid advertisements can maximize the impact. Paid ads can further amplify your message and reach a broader audience. Finding the right balance between paid ads and influencer campaigns is crucial for success during Diwali.
6. Choose the Right Influencers
Selecting the right influencers for your Diwali campaigns is crucial. Authenticity is key, and shared values with influencers are essential. A collective of micro-influencers often resonates more profoundly than a single celebrity, particularly during festive times. Collaborate with influencers whose content aligns with your brand’s message and values.
In conclusion, the Qoruz Diwali 2023 Report sheds light on the burgeoning influence of influencer marketing during the festive season. Brands are allocating significant budgets for this marketing strategy, recognizing its power in shaping consumer preferences and driving engagement. To succeed during Diwali and beyond, brands must embrace influencer collaborations, prioritize authenticity, leverage user-generated content, consider regional language campaigns, and strike the right balance between paid advertisements and influencer campaigns. By following these strategies, brands can tap into the full potential of influencer marketing and create a memorable Diwali experience for their audience.
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