Influencer – something that was unheard of 5 years ago and has now become quite a popular word on social media!
Influencers are content creators with a large number of following or whose content is highly active on social media. They are able to garner the interest of people alike through their content. They tend to share high-quality content in the form of short-form videos, photos, text posts, vlogs, and more. Influencers often get paid to share their opinions on products and services and promote brands through collaborations and partnerships.
An influencer can help build a relationship between the consumer and brand by generating excitement while also promoting the product. These followers, in turn, can become potential buyers. So, in a way, influencers are people who can influence the opinion, attitude, and behaviour of others.
Social media has become the holy grail for brands, but amassing a large audience and bringing engagement is easier said than done.
Influencer marketing is all about collaborating with content creators of different kinds like bloggers, vloggers, podcasters, and so on. It is done not only to help increase brand awareness and broaden reach but also to bring authenticity to the table – an important factor, especially among millennials who want to hear from real people with real experiences and stories.
Marketers and companies use influencers for their marketing campaigns, but it’s never been so explosive and so engaging. Influencers now have their own online fan communities, which continue to grow at an ever-increasing pace.
For this reason, brands have been increasingly collaborating with influencers across social media platforms to raise awareness of their products and services and boost sales. Many brands also use this approach as a way to drive engagement, particularly on Instagram, by paying influencer accounts for promoting branded content either through posts, videos or reels on their page or channel.
Indeed, influencer marketing — or ‘influence marketing’ — might be one of the biggest trends we’ve seen so far in recent years! Brands are increasingly turning to influencers because they know that influencer leads sell, and all it takes is just one content to go viral.
Speculated to be a $15 billion industry in 2022, the creator economy is a collection of over 50 million people or content creators who are building businesses and communities around the things they care about. They also use software and finance tools for growth and monetisation.
Content creators earn money utilising social media platforms like Facebook, YouTube, Instagram, Snapchat, Twitch, TikTok, and so on through advertising revenue shares, creating sponsored content, product placement, paid subscriptions, shout outs, live events, and promoting merchandise, making it a very lucrative industry to be a part of.
Creators are now a big business.
Consider it is 2010. Now, would you have ever thought about making a funny video for the kids to enjoy and make some easy money at the same time? Or how about being able to watch videos and earn some money? Sounds absurd, right? Now fast forward to 2022, and you can do all this with just a smartphone in your hand.
In the recent few years alone, there has been an explosion of creativity and entrepreneurship among creators. People are taking their passions and turning them into profitable businesses.
These are content creators with more than a million followers – think celebrities. They are the most expensive to hire and have a massive following on social media, making them the choice for brands with a good marketing budget. However, the engagement rate in cases where followers are ten million+ is only 1.6%. But the influencers in this category earn around $15,356 per month or more from Instagram alone.
These are content creators with 500K to 1 million followers. This is usually the preferred category for many brands. Athletes, TV celebrities, or thought leaders generally fall in this category. Their earning from Instagram is usually ~ $5847 monthly.
These are content creators with 50K to 500K followers. People in this category are not celebrities but have developed a good following. Such creators mostly amass a good following with their sheer capability and good quality content. Influencers of this category can earn $ 3517 per month from Instagram.
These are content creators with 10K to 50K followers. They have a much smaller following, but they can be trusted in having a very loyal follower base. Their content may be less polished but is usually authentic. Their earning potential from Instagram alone is ~$1420 per month.
These are content creators with 1K to 10K followers. This category shows the highest engagement rate. If you are just starting as an influencer, you will fall into this category. Such influencers charge up to $100 per post. This may not be high, but here the influencers focus on building trust in the audience and increasing their reach.
Influencer marketing is a trend that has been on the rise in recent years and is predicted to be a $15 billion industry by 2022. Content creators can make money utilising social media platforms through advertising revenue shares, creating sponsored content, product placement, paid subscriptions, shout outs, live events and promoting merchandise. The way to make money as a social media influencer is to gain more followers that are loyal. And the best way to gain a huge following is by providing great content that is genuine and relatable.
Influencer marketing is all about collaborating with content creators of different kinds to help increase brand awareness and broaden reach. Brands can drive engagement by paying influencers for promoting branded content either through posts, videos or Instagram reels.
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