The creator economy, fuelled by social media influencers, enables creators to make money from their creativity. While influencer marketing is often a highly lucrative career path, for many influencers it’s not always straightforward. Many creators struggle to sustain their income. For example, the Michalaks, a popular YouTube family who found success in 2016, recently shared that they can no longer sustain the lifestyle they once had and have no option but to sell their £1 million house and move to Portugal. It is now more important than ever that creators understand and leverage the power of the creator economy. While views and followers are important, focusing solely on numbers can be misleading. Here are our top tips to maximise earning potential:
Build an authentic platform:
Being the ‘it’ creator can be fleeting. To build a lasting career, creators should be nurturing their communities and building long term relationships with their audiences. Creators need to show up authentically and connect with brands that align with their vales and lifestyles. An example is Zoella, an influencer who has shared her passion and admiration of Liz Earle products for over a decade, so when her most recent collaboration with Liz Earle launched, it felt like the most authentic partnership and her audience fully supported her.
Work Towards Long Term Goals:
Working towards long-term goals is crucial. It gives vision and ensures that creators are building a personal brand that can survive outside of social media. By setting and achieving goals beyond social media validation, creators can build a more fulfilling career. Simply Sayo's love for spoken word has always been central to her content. Despite expanding into comedic skits, presenting and other content formats, she remains dedicated to her long-term goal of being a spoken word artist, using her platform to showcase her talent and to bring in more opportunities to share her artistry.
Expand Beyond Social Media:
Creators cannot solely rely on social media platforms and brand deals for long-term financial sustainability. Creators should look to align their passions, expertise and areas where they can give value to money-generating opportunities outside of social media platforms. For instance, a fitness influencer could create a subscription-based workout guide or app and podcasters can sell tickets for a live show. Two Two's Podcast is a great example. They initially connected the POC queer community through their podcast, however recognising a gap in the market, they leveraged their platform to create Two Two's Presents, a series of club events for their community.