This week we cover the topic of Influencer marketing and how it can be effectively used by companies. Learn the tips shared by Instagram themselves on how to effectively use Influencer Marketing on their platform. Next, we cover some financial news where the finance ministry has reversed its decision to slash interest rates in small savings schemes, we discuss some of the impacts of this decision. At the end, we also talk about how DotPe's Enterprise-Grade Technology is assisting India's small businesses in making the digital transition. Know all about these topics and their implication in detail here. Read on to find out more!
- Instagram Share Tips On Effective Influencer Marketing Effectively
- With RBI Maintaining Status Quo On Rates, Banks Too Have Started Going Slow On FD Interest Rate Cuts.
- How DotPe's Enterprise-Grade Technology Is Assisting India's Small Businesses In Making The Digital Transition
In India, Instagram leads as the primary choice of brands in 2020 with 82 percent of marketers' choice. This is followed by YouTube at 41 percent. 64 percent of brands spend less than $100,000 per year on influencer campaigns. However, 15 percent of brands went above $1,000,000 per year. 38 percent brand custodians feel influencer marketing is becoming more important with each passing year due to better reach and engagement. 82 percent of marketers believe Instagram has been the most effective influencer marketing channel in 2020 whereas only 5 percent incline towards Facebook.
Influencer partnerships can have a huge impact on campaign success, especially on more creative, visual platforms, as understanding the ins and outs of each, and what will resonate with fans, is what these influencers work on, day-in and day-out.
The right collaboration could give the brand a major boost - and, Instagram recently shared some tips to help.
1. Tap into Customer Creativity
To increase interaction and brand recognition, marketers should look to incorporate user-generated content (UGC) and influencer content into their promotions. Giving people a prompt to work with can be all it takes to get strong, useful branded material for your promotional activities, particularly with so many people already posting content online.
2. Use Branded Content Ads
To get more personal and connective messaging, use Facebook's branded content ads. Since it blends the increased resonance of influencer posts with the platform's ad targeting software, giving you the credibility of such more intimate tweets with the emphasis on advertising, Facebook and Instagram branded content ad is probably the most powerful ad format seen. One may also apply a CTA to these posts to make them more sensitive, giving the additional authenticity of a message coming from a real individual rather than a brand handle, as well as the ability to target the most sensitive viewers,
Influencer marketing suffered a decline in figures when the globe experienced a phenomenal recession that practically bent the neck of global advertising spends. However, seeing a V-shaped recovery in the influencer marketing world as time goes by, there is hope that the next financial year will be fruitful for the industry.
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The finance ministry has reversed its decision to slash interest rates in small savings schemes such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana, senior citizen savings scheme, current deposit, and a host of other schemes on March 31, after receiving a strong backlash on social media.
The government had initially lowered the rate on PPFs to 6.4 percent from 7.1 percent on Wednesday, and the rate on National Savings Certificates (NSCs) to 5.9 percent from 6.8 percent. Interest rates on small savings plans would have been slashed by a range of 110-250 basis points this year as a result of the recent cut. Following this cut, the PPF interest rate would have fallen below 7% for the first time in 46 years.
What Will Be The Impact Of This Withdrawal?
After the withdrawal of the interest cut, PPF and NSC will have annual interest rates of 7.1 percent and 6.8 percent, respectively, until they are reinstated. During the first quarter of the current fiscal, the one-year term deposit plan will earn a higher interest rate of 5.5 percent, while the girl child savings scheme Sukanya Samriddhi Yojana account will earn 7.6 percent instead of the reduced rate of 6.9 percent.
The roll back of interest rate is good news for fixed income investors, especially senior citizens who depend on interest income. Bank fixed deposit rates are low, and these small savings schemes provide them with an investing avenue where they can store their money and gain reasonable returns. Further, with the RBI maintaining status quo on rates, banks too have started going slow on FD interest rate cuts.
DotPe was created by Ex-PayU employees Shailaz Nag, Anurag Gupta, and Gyanesh Sharma. The core premise behind DotPe is to offer simplicity and fast shopping to consumers while also offering enterprise-grade technology to merchants via a DIY platform — any retailer should be able to create their own catalog, post it on social media to draw more buyers, connect with them, and take payments on it.
The reality for brick-and-mortar companies has altered so radically in the last year that the word "dukaan tech" has gained traction. However, a slew of retail tech companies aimed at small businesses have faced stiff competition on all sides. The three co-founders started working on the DotPe product roadmap in July 2019 after a disappointing ordering encounter at a cafe in Delhi, and by February 2020, the company had opened DotPe in three Haldiram's restaurants.
Between May and August 2020, the Gurugram market was used as a testbed, with DotPe collaborating with over 1K grocery and vegetable sellers. The product was improved as a result of the data gathered, technical problems were fixed, and the Digital Showroom was finally opened on September 15, 2020. DotPe was able to simplify activities and trade functions without relying on third-party resources and software by using AI/ML. In the early days of DotPe and Interactive Showroom, the engineering departments focused on high-frequency patches to patch glitches, with 15-20 launches every week.
While the focus, for now, is squarely on the Indian market, given the size and breadth of the market, there has been interest from overseas markets. That is not surprising given the clientele, but DotPe’s emphasis is on strengthening the product, solving the problems for India’s small and tech-shy merchants through enterprise-grade tech.
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