PTT

7 things you need to know about the creator economy (as a marketer)

The world of content creation has rapidly grown in recent years. There are more content professionals than ever before, and most are individual creators. There are over 50 million content creators in the world, with 2 million of them able to pursue it as a full-time career. Although only 4% of that population reaches six-digit earnings, many of them generate some level of augmented income through their content. Moreover, the rate at which people consume content from individual content creators also continues to rise. Platforms like YouTube, Facebook, TikTok, and Instagram have been on an uptrend for the past decade and show no signs of slowing down.

What is the creator economy?

The creator economy is on the rise, but what is the creator economy to begin with, and who is part of it? The creator economy is simply the overall market of content creation in video, visual, writing, and voice-based content. The creator economy is prevalent mostly on platforms like YouTube and Facebook, where people can earn from views and traffic on top of other additional ways they can cash in on their influence and following.

PTT

While “influencers” are more closely associated with growing their following and partnering with brands for monetary gain, the term “creator” includes a broader group of individuals who may produce content just for the art itself, in addition to all types of influencers.

Most creators have multiple channels and constantly build on rising platforms as they come up. They earn through sponsored content, advertising, and sales on their own products and on affiliate deals with partner companies.

How the creator economy is affecting marketers

The creator economy doesn’t just affect content creators and consumers. It also affects marketers. Influencer marketing is becoming one of the most effective ways to market online, although there is still room to improve how marketers and companies can accurately measure the ROI on influencer spending. But putting money into third-party content definitely has many perks. It’s much cheaper compared to traditional tri-media and has a more targeted reach (especially when it comes to micro-influencers). It helps build awareness, trust, and convert followers into buyers when the right strategy is put in place. So marketers should definitely be in the loop regarding the creator economy and know which creators to tap within their respective industries.

instagram post of nail art on hand

Instagram user and micro-influencer Nicole McArthur (@nicmcnailsit) considers herself a self-taught artist rather than a professional, and uses her profile to share nail looks and products like Revel Nail's polish.

Where the creator economy is going

To say that the creator economy is huge would be an understatement, but we haven’t seen the peak of the industry yet and might not see it for a while as the digital revolution continues to evolve. Disruptions come up on a daily basis and the landscape is always changing. Here are a few trends that marketers should keep an eye on.

1. Education and entertainment still rule the pack

One of the biggest creator economy trends for the past few years is an emphasis on education and entertaining content. People like consuming content that allows them to learn or laugh. And so, marketers should find creators that not only match their industry and brand values, but also have a certain level of expertise in the field and can provide value to your target audience. When designing a campaign with a creator, try to focus on crafting content that not only promotes your brand but gives educational and entertainment value to people too.

2. The growth of affiliate marketing

Tracking sales from influencer marketing can be tough. Influencer marketing is great for building awareness as it gets eyeballs on a brand, but doesn’t always translate to a lot of sales. One way that companies have tried to incentivize content creators to sell their products is by creating an affiliate marketing program. Many companies start affiliate programs, especially those in the digital product and SaaS market.

One solution for influencer discovery and management, as well as ambassador marketing strategy, is an automated CRM platform like an influencer marketing solution. When you build out your partnership campaigns over time, it can be helpful to have one software to manage those relationships.

woman's instagram post doing yoga pose

Yogi and influencer @omniyogagirl partners with apparel brand KiraGrace, posing in their gear and offering a unique affiliate discount code to her followers.

3. Voice-centric content is on the rise

While video still trumps all forms of content because it can show movement, there has also been a steady increase in voice-centric content as well. Podcast listenership has grown by 29.5% in the last 3 years and will continue to grow. Voice gives people more flexibility to multitask as they consume content. They can drive, exercise, or even work in some cases while also consuming pure audio content. There has also been a rise in voice platforms like Apple Podcasts, Google Podcasts, Spotify, Twitter Spaces, and Clubhouse, to name a few.

4. Building trust is key

When looking for influencers to work with, marketers should always look first to brands and individuals that have built a level of trust with their audience. There are a lot of vanity numbers in social media, which can often be quite deceiving. Some things that help determine whether a content creator has long-term trust with his or her audience is checking whether the creator has received verified status on social media, or analyzing their engagement rate per post.

Also, look for content creators who have mastered the art of reducing bounce rates and focus on quality listens and views and have longer watch times than most. These criteria help marketers determine whether they’re really getting engagement on influencer contracts and not just shallow visibility.

5. Monetizing strategies are varied

Content creators are making money in various ways now. We already discussed sponsorships and affiliate marketing, but there are other ways, too, such as making money through e-commerce, dropshipping, and direct advertising. Some creators prefer to earn by sharing their expert knowledge and make money by selling online courses. The creator economy market map is also quickly expanding as influencers and content creators start tapping into more niche markets. For instance, there are some creators that might focus on entry-level gadgets while others might focus on higher-tier products. The gamers’ community also is another great example as some might reach a bigger reach with popular games like PUBG and Mobile Legends, and some might narrow their focus down by talking about novelty games on old-school consoles. Spend time researching what scale of influencer is right for your brand.

6. The future looks bright

In 2019, over a third of children aspired to be YouTubers when they start working. Some are starting that journey early as there has also been a rise in online child influencers and stars. What that tells us is that the future of the creator economy looks bright as we will still see an uptick in content creators.

PTT

Content creators with a communications degree have shown to have a lot of success in their field, so it's still one of the most desired college courses for people looking to become professional bloggers, vloggers, or influencers.

7. Digital content will continue to rise

The creator economy growth is obviously still on an uptrend. This is because there is an increase not just in the supply of content, but also in the available platforms to publish content and the available audience. People are spending more and more time on the internet, and the market will continue to rise as that shift continues to happen. So it’s not too late for marketers who aren’t leveraging influencer marketing yet to get into the game. Influencers will be here for quite a while and they will continue to provide results and value to brands.

Marketing in a content-driven world

Content is quickly becoming the new currency as individual creators continue trumping the attention-grabbing game. Brands should focus on three main areas when it comes to content marketing: user-generated content, branded content (created in-house), and influencer or ambassador partnerships. With these three tools in your marketing arsenal, expect to see your brand influence grow.

Editor's Note: This article was originally published on pixlee.com. Any statistics or statements included in this article were current at the time of original publication.

More great insights and news from Emplifi

Top image: 4 ways to use UGC beyond social media

4 ways to use UGC beyond social media

Emplifi Fireside chat — Zarnaz Arlia (Emplifi CMO) and Kelsey Chickering (Guest Speaker - Forrester Principal Analyst)

Fireside chat with Kelsey Chickering (Forrester) on the creator economy: 5 key takeaways

Emplifi - 5 ways to use UGC to boost your bottom line

5 ways to use UGC to boost your bottom line

Forrester: The State Of The Creator Economy

Forrester Report: The State Of The Creator Economy

Top image: How to deploy social proof within your marketing strategy

How to deploy social proof within your marketing strategy

Emplifi Press: Emplifi Reveals Nearly 90% of Consumers Say Customer Ratings and Reviews Have the Biggest Impact on Purchasing Decisions

[Report] Meeting the demands of the modern customer: A deep dive into the importance of social influence

Emplifi 2023 Social Media Predictions release

Emplifi Predicts 2023 To Be The Year of Authenticity with Brands Relying on “Customer Influencers” Across Social Platforms

Emplifi - The pros and cons of virtual influencers

The pros and cons of virtual influencers

Word of mouth marketing

How brands can harness word-of-mouth marketing

Emplifi Blog: The influencer marketing stats you need to know this year

[Infographic] The influencer marketing stats you need to know this year

Emplifi Press: Emplifi Social Benchmarks Analysis Reveals Best posting times on TikTok

Emplifi Reveals How Marketers Can Maximize Reach on TikTok to Engage with the Modern Consumer

Emplifi Customer Experience Statistics 2024

Top 35+ customer experience statistics to know in 2024

Nos prix parmi les plus récents

MarTech Breakthrough Awards 2023 - Emplifi (Influencer Marketing Innovation Award)
Emplifi -  AI Breakthrough Awards 2023 - Best Text Generative AI Solution
Award - G2: Users Love Us
Award - G2: Leader (Fall 2023)
Award - G2: Easiest to Use (Fall 2023)
Award - G2: Easiest Setup (Fall 2023)
Emplifi - TrustRadius Best of 2023 Badge
Emplifi - TrustRadius Best Value for Price 2023 Badge
CUSTOMER Contact Center Technology Award 2023