The majority of people surveyed say their trust in influencers supersedes their favourite celebrities when it comes to brands and/or product suggestions, according to the newest report by research establishment “Morning consult” who surveyed 2,000 Americans between the ages 13 to 38 on the influencer culture.
A whopping 3/4 of Millennials and Gen Z in the U.S. alone follow influencers on social media and not only do these young people trust influencers, they want to be them!
86% of Gen Z and millennials surveyed would post paid content for income, and 54% would become an influencer if given the opportunity.
According to the survey 61% Americans said they already would promote brands they like through posts to their stories and/or timelines, so this begs the question.. if they were to get paid, how much money could they potentially make?
Bryan Gold, CEO of #Paid, a website that connects influencers and brands says on Instagram, a small time influencer – better known as a “micro-influencer” – with 15,000 followers has the ability to make $457 on average for a paid post.
Micro-influencers generally have less than 50,000 followers.
Gold continues to state that If an influencer had 50,000 followers on Instagram they could easily profit $1,026 on average per post, and with 250,000 followers, they could make $3,766 in profit. The amounts continue to increase as follower count does too. Not bad if you ask us!
Claire Winegar, senior content associate at marketing agency Digitas states “Pricing can really vary, anywhere from a couple hundred dollars to upwards of a couple hundred thousand dollars for a campaign,” & “It depends on an influencer’s following, their audience engagement (their interaction with followers, including ‘likes’), how niche their audience is, how involved the production is” and more.
It was reported this year by eMarketer that about 31% of chief marketing officers said they were making influencers their main focal point.
The continual rise of the influencer market is certainly paving and shaping the way firms determine their advertising budgets.
According to the report, even though only 12% of young people considered themselves influencers, the influencer job market is massive.
Some of the motives of the surveyed Millenials and Zoomers (Gen Z) differed when asked their reasons for wanting to be an influencer.
Zoomers and millennials would both be influencers to make a difference in the world, sitting respectively at 48% and 58%, and both desired flexible hours – 55% and 60%.
While most millennials were motivated by money (58%) the motivator for Gen Z was the opportunity to share their ideas with a large audience (53%).
Bryan Gold says of Influencer marketing “it is not a fad and it’s not going away anytime soon. At a micro level, attention is still phasing from major media channels, like T.V., to mobile and social channels where creators dominate”.
According to a 2019 report by Cheq, Some influencers have purchased fake followers (also known as “Bots”) to interact on their posts to boost engagement and make it seem as if they’re popular and influential. This causes problems as it misleads Instagram users and brands, Cheq reports this cost advertisers a massive $1.3 billion this year alone.
The Federal Trade Commission have given out warnings to influencers for not legitimising some of their posts by marking them as ads, and some – including the famous Kardashians- have been criticized for promoting products that are controversial.
Some influencers have even gone as far to fake paid posts to look like they have more sponsoring clients than they actually do in order to boost their “cred” and stats among their audience and potential partnerships.
There have been problems with influencer marketing but still Winegar exclaims
“given how many people are involved on social media, the growth of influencers isn’t slowing down anytime soon”
And the market for influencers is expanding in other ways with nano-influencers, who generally have less than 10,000 followers.
It is emphasised by Gold that those only starting out or still slowly building their audience will still have success as he also states
“There will be lots of opportunity for nano-creators to get their foot in the door and start proving their worth to brands with only a few thousands followers”