New Delhi, Apr 2 (PTI) Brands now rely more on digital influencers as many of these ambassadors have more social media subscribers than venture capital funded start-ups, listed corporates, and even popular filmstars, says a new book.
In “Booming Digital Stars: 11 Inspiring Journeys from India’s Creator Economy”, brand experts Harsh Pamnani & Manish Pandey, focus on creating and managing a single-person brand in an emerging creator economy.
The creator economy features small businesses centred around independent content creators like video bloggers, writers, comedians and musicians, who monetise themselves, their skills, and their creations.
But these small businesses differ from traditional small businesses such as salons or grocery stores. These new-age small businesses are powered by numerous digital technologies, which give them a global reach from day one. They go where the internet goes.
According to the authors, the size of this economy is humongous, and the available opportunities are immense.
However, in the crowded market of creators, the chances of getting lost are higher than those of getting noticed, they say.
In the book, published by Pencil Select, the journeys of 11 of such 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 have forged unique paths to success by turning their passions into professions.
“Digital assets, once created, can be sold infinite times, allowing creators to expand earnings without extending time and effort. Since many people pursue their passions part-time, it is not easy to guess at the figures relating to the Creator Economy,” the book says.
“The popularity of India’s top digital influencers is clear from the fact that many of them have more social media subscribers than venture capital funded start-ups, listed corporates, and celebrity filmstars. It is one reason why brands are relying more on digital celebrities,” they write.
So why do these creators get brand deals? “For a long time, marketers relied on traditional media channels and celebrity endorsements to create brand awareness and boost sales. However, conventional marketing techniques no longer suit the millennials, who prefer social media to watching TV or reading newspapers,” the book says.
“Many influencers forge genuine connections with their followers, who tend to consider them as experts in their respective niches and so take their recommendations seriously. By collaborating with influencers and leveraging their relationship with followers, brands generate awareness and increase sales,” it says.
This practice is called influencer marketing, the authors say.
“Generally, the cost of collaboration with a social media Influencer is less than the cost of collaboration with a filmstar or cricket celebrity. So in the same budget, a brand can collaborate with multiple Influencers instead of one celebrity, and can achieve tremendous reach with greater frequency,” they write.
The authors are of the opinion that while COVID-19 may have been instrumental in driving traffic to the digital channels, their popularity and importance are expected to slow down after the pandemic when the world returns to normalcy.
Indeed, the tide has shifted and we see room for exponential growth, they claim. PTI ZMN RB RB
