Category: iWorld

Mumbai: It is no hidden fact that influencer marketing is booming in India; with more and more Indian influencer marketing companies getting acquired at millions of dollars of valuation, it is clear that influencers are steering the way out for brands. In fact a report by EY suggests that more than 75 per  cent of the brands are expected to consider influencer marketing as a part of their marketing strategies in 2024.

While most of the marketing agencies consider influencer marketing to be more of a creative work, we at FINTroop understand that a brand’s marketing activities have to be data driven and that data cannot be ignored specifically when you are working with finance and infotainment brands.

Unlike lifestyle products, buying finance products is more logically driven than emotionally driven. Which is why it is important that fintech brands pay attention to tiny details. For example, brands usually focus on who their target audience is, but when you consider a finance or an edtech product, you not only have to understand your target audience but also understand who is the decision maker for that target audience.

And this is just one of the tiny nuances that are usually overlooked by brands and agencies. Luckily for us at FINTroop it helps having me, a Chartered Accountant on board, who has a deep understanding of not only the brand’s side of things but also about the customer’s mindset.

Talking about the regulatory challenges that have come up with regards to stricter compliances, I remember having this conversation with my team the day SEBI rolled out guidelines against influencers. They feared running out of business while I had a big smile on my face because I could clearly see the opportunity behind these regulations. When the regulatory authorities impose a restriction of the kind of content that is coming out from influencers, it lowers down the supply of content in the market, but the distribution needs for brands doesn’t reduce. If anything, it is only increasing day by day with more of India’s population wanting to be financially aware. This in turn, increases the value of the other influencers who are legitimate and provide authentic content. And more money for the influencers means more money for us as a talent management company. Moreover, influencers are like movie stars, while there will always be Khans and Kapoors (that is the original faces in the industry) the world will need a new face every few months, so new regulations only pave the way for old stagnant influencers to leave the market and new knowledge and passion driven influencers to come in.

And again, talking as a creative marketing agency, when we need to ensure regulatory compliance along with data driven creative marketing concepts, we are again able to charge a premium to the brands which we wouldn’t have been able to otherwise.

So as you can clearly see I am a firm believer of the concept that “behind every challenge lies a hidden opportunity” and that’s where our focus lies, to identify the hidden gains, be it for ourselves, for our brands or for our talents.

However, I must say that one challenge which the fintech industry in general is facing currently is increasing their audience demographic beyond the age of 21-34 years. And the ability to solve this challenge lies not with one person but with the nation as a whole. Currently the Indian fintech industry has not even captured 1/3rd of its potential market size, and when that happens, which it will, we will see the true power of the FINinfluencer industry too.

The author of this article is FINTroop founder Shreya Jaiswal.