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Pretty Sin
Influencer marketing will grow tremendously in 2022. Brands are looking for a large number of creators to improve communication with a wider audience, especially younger consumers. However, due to the impending recession, many brands have cut their marketing budgets and subsequently reduced their spend on influencer marketing.
Consumer spending is declining as inflation rises and a recession looms. However, as economic uncertainty increases, influencer marketing will remain a key differentiator for brands. The Indian industry is estimated to reach a value of 2,800 kroner by 2026, growing at a CAGR of 25%.
Brands must continue to invest heavily in marketing, regardless of the economic situation. The maxim is: When the economy is bad, you have to advertise. ”
How can brands be prepared?
The recession offers great potential for brands that are well positioned to take advantage of it. By understanding and responding to changing consumer demands during a recession, businesses can gain market share, increase profit margins, and prepare for rapid growth once the economy recovers. All it takes is a little foresight and proper planning on the part of the brand.
Here are some strategies to prepare your brand for the impending recession, survive and outperform your competitors.
Brands must continue to invest in marketing
Cutting marketing budgets during a recession may help protect short-term profitability, but after the crisis brands will undoubtedly be weaker and less profitable than their competitors. Brands that increase their marketing spend to capture even greater market share are best positioned to achieve long-term profitability during the recession and beyond.
For example, from doubling up on advertising to developing new products, Amazon built a strategy to survive the 90s crisis. By planning ahead and creating a financial buffer, the company was able to keep moving forward despite the stock market crash. Microsoft, Netflix, Apple, and many others are examples of companies that have thrived in times of crisis. The Womb’s IGP.com Diwali campaign to elevate. The campaign talked about spreading positivity by telling people that gifts always bring a smile, cheer them up and lift their spirits, regardless of their financial situation.
Influencer marketing as an investment
Influencer marketing is becoming more powerful and efficient every day. Even on tight budgets, digital campaigns allow businesses to micro-target their brands’ most valuable audiences. Marketing is a last resort that brands should consider cutting back in difficult times because marketing can influence buying behavior by delivering his message directly to individual consumers. is one of Additionally, brands can cut unnecessary costs and reallocate funds to effective marketing strategies such as influencer marketing. Influencer marketing is used in 93% of marketing campaigns and is now considered an important advertising strategy.
Additionally, brands should focus on building trust with their target audience. Consumer trust is essential because consumers want to save money and not spend money on poor quality products. However, they trust their favorite influencers and rely on them for product recommendations. Brands can consider collaborating with nano and micro he influencers when looking for niche creators who can help maintain brand trust. They have a tight-knit community and higher consumer trust.
Influencers can help brands grow their audience and engage with younger generations (Millennials and Gen Z) as they are the most active online shoppers. Additionally, tailoring storytelling and brand messaging according to consumer needs can be an added advantage for brands to reach larger audiences.
Conclusion
Recessions create market turmoil that no brand can predict. Making smart business decisions in adverse times is imperative so that brands can benefit from recessions better than their competitors. Influencer marketing is a proven approach to incorporate into your business strategy during a downturn. By partnering with creators, businesses can increase brand awareness, trust and value among consumers, withstand adverse economic storms, and ultimately increase sales and return on investment (ROI). .
The author is cFounder and Managing Director of O-Boomlet Media
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