The Creator Economy refers to revenue opportunities and consumption patterns driven by digital content creators: normal, everyday citizens who just so happen to possess a platform on social media, and a voice or persona worthy of capturing followers.
With the unstoppable rise of social media, consumers are turning to content creators not just for entertainment, but for advice on what to purchase. Compared to traditional media and advertising, the messages and advice offered by creators are personable, trustworthy, and compelling.
Today, the Creator Economy permeates not just marketing budgets and boardroom decisions, but everyday life. Digital content creators have staked their claim as an essential aspect of any advertising strategy, meaning that many of your favorite products, and even more of your future favorites, likely popped onto your radar thanks to influencer marketing.
As the Creator Economy grows increasingly inseparable from the regular economy, brands have devoted more resources to building teams of creators who can effectively market their products. In a recent survey of nearly 150 brands and over 200 content creators conducted by Tribe Dynamics, a CreatorIQ company, a significant 82% of creator respondents claimed to have worked with brands in a paid capacity over the past year. Additionally, 50% of brands reported that the proportion of content creators they compensated had increased relative to the previous year.
The value of creators is clear: in an ever widening, always confusing market, creators can serve as your brand’s strongest allies, as well as your loudest megaphones for reaching new customers. Creators are key to how brands communicate their stories and values on social media, and how brands build trust with new generations of consumers. It’s not enough to place banner ads on TikTok—you need TikTok stars touting your products, preferably to the tune of a catchy, brand-generated song.
Amid a space that’s always evolving, the rise of creators is the latest paradigm shift within marketing. From airlines to zoos, from one-woman teams to billion-dollar conglomerates, brands across all industries and of all sizes are recognizing the importance of tapping into the tremendous power wielded by creators.
The benefits for brands that adapt to the Creator Economy are as stark as the drawbacks for brands that ignore it: build a winning influencer network and marketing strategy, or be left behind.
The full scope of the Creator Economy is overwhelming, and it can be difficult to know where to start. While every brand faces a unique set of challenges, here are some general bits of advice to keep in mind, whether you’re building, maintaining, or growing your influencer marketing program:
When selecting creators and devising campaigns, choose creators with an established history of posting organic content about your brand. The best relationships are built on that authentic passion. It seems like a no-brainer, but trust us—you’d be surprised how often brands mess this up.
No matter what kind of outreach to creators your brand is conducting, you should do so at a regular cadence, making sure that members of your creator family stay engaged.
Brand/Creator partnerships should prioritize the needs of the creator. By granting these creators agency and empowerment, brands will lock in long-term loyalty and establish a fruitful, mutually beneficial relationship.
This one speaks for itself. But if you want more details, see below!
With CreatorIQ, you can do all this in a single, streamlined software platform.
And your brand will be supported at every step of the influencer marketing journey. But don’t just take our word for it—take it from our clients:
No matter the size of your brand or the sophistication of your influencer marketing program, CreatorIQ can provide data-driven insights and services to help you stay ahead of the Creator Economy curve. As you look to manage your growing creator community and maximize ROI from your creator campaigns, and to scale your influencer marketing program with custom integrations, CreatorIQ can be your guide at every step of the journey.Schedule a Demo Today