Fri, 09 Jun 2023 14:30:00 GMT
When seeing the growth trajectory of the creator economy, there’s often a tendency toward knee jerk partnership to hop-on-board. The last 10 years are littered with loss-driving co-created products, book deals and fashion lines that are fuelled by good intentions but have only ever been destined to sell to an influencer’s organic audience. Instead, the magic comes when you use your creators as entrepreneurs, paired with your brand expertise to answer a genuine consumer need. Within this moment, you surpass the influencer audience to access true potential.
It’s time to draw a line under creators as glorified promotional models and the growth trajectory of the creator economy is how we seal the deal. Currently the creator economy is estimated to be around $105 billion. Only 20% of this is being accessed by the average brand, with the influencer industry estimated at around $21.1 billion. This is record breaking, but it begs the question – what about the other 80%? As the creator economy grows, I’m excited to work with brands to unlock the potential of that other 80%.
Where influence is now intrinsic to successful paid strategies, it's easy to lose sight of the heart of what makes the discipline so effective. Three reasons why you need to stop thinking of your influencers as inventory:
If it works in earned, it’ll work in paid
The same is not true in reverse. Where we focus on a paid media first approach, we lose track of focusing on creative which drives efficient use of your media spend. Your media budget will always guarantee eyeballs but earned-first (not earned-only) influence can guarantee those eyeballs stick around.
Negotiation gets personal
Skilled negotiators know that personal connection is the difference between market rate, and added value. When we move the conversation to one of value exchange, beyond purely financial gain, we’re able to nurture holistic relationships that foster partnerships, not transactions.
Creators don’t need you to pay their rent
The creator economy is levelling up and with this comes less and less reliance on brand deals as a source of revenue. Where creators are seen as entrepreneurs, smart businesses are capitalising on the mutual opportunities between product development and audience ownership.view more - Thought LeadersOgilvy UK, Fri, 09 Jun 2023 14:30:00 GMT