Influencer marketing and the creator economy
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– [Instructor] There’s no doubt marketing and the creator economy are on the rise, because both creators and influencers have built followings based on their passions, and brands are eager to work with them. Yet, it isn’t always easy finding influencers who are the right fit for your customers and your brand. If you have a big budget, you may want to consider digital or traditional stars, but maybe you’d rather build a closer relationship with influencers. That’s where a more niche group like micro-influencers come in. Micro influencers have fewer than 10,000 followers, and because of that, their rates are considerably lower than stars. Or you could work with nano-influencers who have between 1,000 and 5,000 followers. And while their reach may be low, they often drive high engagement because their followers almost consider them a friend. This brings us to the creator economy, which is all the ways influencers and creators make money from their content. The creator economy is an ever-changing landscape. In many platforms, including Meta, LinkedIn, TikTok, Pinterest, and Snapchat have special creator funds that compensate creators based on audience size, views, engagement, and content. Some platforms like YouTube, Twitter, and Clubhouse, let you tip creators by sending money for content you enjoyed directly to them. On the brand side, influencer marketing lets you work directly with influencers and pay them for creating branded content. Here are just a few of the things you might do. You could invite creators to host live stream shopping events, harness social commerce, and let creators sell your products right from their stores. You could get creators involved in brand events or product launches, or sponsor or place ads and creator podcasts, newsletters, or video content. Of course, transparent disclosure is a key part of that relationship, so fans know which posts are sponsored and which aren’t, and influencers don’t risk losing audience trust. So how do you get started? Well, first, establish your budget and whether you’re going for reach or niche, then determine what success looks like and make sure your metrics are tied to your business goals. Set expectations and define the scope of the partnership early, but think long term and build relationships with influencers aligned your brand values and whose audiences match your customers. Then step out of the way and give your influencers the freedom to create.
