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Micro, small and medium enterprises (MSMEs) are recruiting influencers for marketing instead of the traditional routes as the former is affordable, helps to create brand awareness, is trackable and is attributable to sales. Some have raised their expenditure on influencer marketing by three to four times to reach out to their target customers. "Influencer marketing is a very productive medium for MSMEs to build their brand as it is both affordable and targeted," said Anil Bharadwaj, secretary general of the industry association Federation of Indian Micro and Small & Medium Enterprises (Fisme).
"A targeted approach helps influencers raise awareness for a product or service among a specific niche group of audiences that fall under the total addressable market," he told . MSMEs are typically businesses with an annual turnover of less than 250 crore, and many of them sprouted during the pandemic, around the same time that social media influencers gained popularity. Also Read: Ghar Soaps, a Pune-based skincare brand incepted in 2019, has been leveraging influencer marketing "aggressively" for the past two years.
"Earlier, we spent 5,000-10,000 a month on influencer marketing. But when we realized that it helped us grow our revenue threefold, we started spending up to 50 lakh a month collaborating with around 40-50 creators," said Sunny Jain, co-founder of the soap brand, which now has a turnover of 50 crore. Affordability, smaller budgets Since the budgets are smaller than what a .
