Topic: How does Beacons help influencers find the best brand deals?
Reader: creator industry professionals, product leaders, brand managers
Intent: Informational
Title: How creators and brands will use data to build better influencer partnerships
There’s one undeniable fact about the rapidly expanding creator industry.
Over the past few years, the explosion of growth in creators on social media and influencer marketing has resulting in a thriving creator economy. The influencer marketing industry is set to grow to approximately $21.1 Billion in 2023. With this growth comes the potential for enormous upside for both creators and brands.
Creators can capitalize on this upside by monetizing the attention of their hard-earned audiences. For savvy creators, this offers nearly uncapped earning potential, with many creators quitting their day jobs and pursing content creation full time. One of the most effective ways to capture this opportunity is through brand partnerships—69% of content creators say brand deals are their most lucrative revenue source.
On the other hand, brands are able to reach new audiences through creators in a more genuine way. Partnering with creators allows brands to build trust, generate social proof, and capture attention by marketing through the social media channels of creators. After all, social media is now where consumers spend their time: the average social media consumer uses seven social media platforms per month, and internet users spend an average of 2.5 hours on social media per day—and this is only increasing year over year.
Caption: Source: DataReportal
But let’s back up. These business opportunities are still relatively new—it’s only been a little over three years since TikTok skyrocketed to popularity, and the market has scrambled to keep up. Because of this, there is still a lot of uncertainty and chaos in the brand deal process on both sides: