As the creator economy flourishes in the digital landscape, the focus has shifted to authenticity and credibility. 

On the second day of Goafest, a panel’s conversation centred around the importance of listening to consumers, regulation and authenticity. Additionally, ‘personal branding’ was another key discipline highlighted by the panel to build authenticity amongst one's audience in the creator economy. 

The panel comprised Amit Doshi, chief marketing officer, Britannia; Falguni Vasavada, professor and chair, marketing academic area, MICA; Paras Sharma, director, global partnerships, Meta India; and Sharan Hegde, finance content creator and founder, 1% Club. 

The session was moderated by Manisha Kapoor, CEO and secretary general, ASCI. 

Consumer empowerment and brand responsibility

Doshi kicked off the talk, explaining that the fundamental shift is the transition from one-way communication between brands and consumers to a more interactive dialogue. 

"While this idea of personal interaction has been around for years, truly understanding and practising it daily is challenging. The key takeaway is that the trust we have built over the years is now a responsibility. In today's environment, we cannot take this trust for granted. Every interaction is a fresh opportunity to reaffirm our commitment to delivering consistent quality and experience, much like what Britannia has done for years," he stated. 

Doshi went on to accentuate that the current digital landscape offers consumers a medium to express themselves, providing brands with direct, emotional feedback. 

Furthermore, Doshi noted that consumer feedback has always been present. "In the past, if a brand delivered a great experience, people would share it with friends and family. If the experience was poor, they would still share it. The difference now is that brands have the opportunity to hear this feedback directly, essentially being part of the conversation in consumers' living rooms. This direct line of communication is a valuable opportunity for brands to understand and respond to consumer sentiments in real-time," he voiced.

Building trust in financial influencing 

Discussing the lack of financial awareness and the prevalence of scams, Hegde noted, "Financial scams have existed long before influencers. The financial ecosystem includes banks, advisors, and distributors, with finance influencers emerging only recently. Despite these developments, financial literacy remains below 1%. Scams are inevitable as miscreants seek illegal profits. A key issue is understanding regulations. Some finance content creators entered SEBI's realm without licenses, giving advice and collecting money through platforms like Telegram, thinking they wouldn't get caught. SEBI, however, fined them."

Hegde added, "Trust can be built but is easily lost. It's not difficult to build trust; and educate the audience on what's right and wrong. For me, trust was gained by explaining that not all financial products are beneficial for everyone, which people appreciated. Trust, however, can be shattered by one mistake. Maintaining trust is the real challenge."

Building power in the digital age

Hegde voiced that in the past, building authority meant getting a fancy degree and that was the stamp of credibility. 

“In the digital age, trust is built by educating an audience and gaining a substantial following. Essentially, don't need a third-party organisation to vouch for them. By mastering a topic and educating others, one can create their own authority. When millions of people follow you, it becomes social proof of credibility. People trust you because they see a large following, bypassing the need for traditional endorsements. This is the new landscape we find ourselves in”, he said. 

Content creation and personal branding

Vasavada shared that after 25 years as an academic, she had ample platforms to discuss her expertise, but she also developed passions in gender inclusivity, feminism, body positivity, and women's empowerment.

"I realised that voicing my passions on a digital platform could impact people's mindsets. Social media presented an opportunity for personal branding, allowing me to grow beyond my academic credentials. That's where my content creation journey began," she explained.

Over the past 10 years, her consistency in content creation has come naturally because these are areas she loves, she expressed.

"When you love what you do, it resonates with people, motivating you to create more. Engaging with the audience helps you understand their struggles and expands your perspective beyond your immediate social and professional life. This process is not only a learning experience but also an essential way to build your brand," Vasavada shared.

Digital platforms and content creation

Sharma explained that digital platforms have significantly lowered entry barriers for content creation, distribution, and marketing, enabling people from all walks of life to participate. For example, artists from Nagpur are using Bollywood for tech promotions. During Covid, a DIY fashion initiative led to a successful personal brand, and a theatre artist from West Bengal overcame family challenges to buy homes for herself and her mother. These platforms have empowered millions of businesses and individuals to realise economic value.

Sharma also emphasised the responsibility of these platforms to create a trusted, safe, and secure environment. "We have community guidelines backed by a USD 20 million investment and a global team of 14,000, including 15,000 content reviewers. Users have multiple safety tools, such as content controls, break reminders, parental supervision features, and protections against suspicious accounts. Creators benefit from features to manage comments, avoid trolling, and schedule posts, easing the pressure of constant content creation. For advertisers, the platforms offer control over where ads are featured, adhering to strict guidelines against deceptive promises. We continue to build on this foundation for the 3.2 billion people using our apps daily," Sharma explained.

The hot topic of de-influencing was explored by Doshi, who offered a unique perspective, saying, "I just look at de-influencing a bit differently. You know, we spell it as the influencing I like to spell it as de-I-influencing, which is different from influencing."

Summarising the discussion, Vasavada underlined the significance of authenticity in content creation, whether for personal branding or brand representation in the social media landscape.

"Individuals need to identify their key areas of expertise and remain true to them, as authenticity fosters genuine connections with audiences. Trust is as a long-term endeavour, built through consistent, credible engagement. Content creators need to embody their areas of expertise, drawing from personal experiences to lend credibility to their content and conversations," she concluded.