Marketers Embrace the Growing Impact of Online Influencers
The “creator economy” is more than a catchphrase. It’s a powerhouse: The creator economy is currently valued at $250 billion, according to Goldman Sachs, which states it could approach $500 billion by 2027.
So what exactly is the creator economy? It’s made up of people who use their skills and personalities to build revenue streams on digital platforms, according to Theleap.co. Examples range from an artist selling paintings to a social media influencer serving as a brand ambassador to a guitar teacher with online classes – and others who earn money on the internet. Instagram, YouTube, TikTok and SnapChat are the most popular platforms, according to Fast Company.
Staggering Scope of Creator Economy
Fast Company goes on to say that more than 200 million people work in the creator economy, including independent content creators, curators, community builders, social media influencers, bloggers and videographers. They often operate as solopreneurs or microbusinesses; for some, their creator economy earnings serve as a supplement to the paychecks from their day jobs, the publication says.
YouTube estimated that roughly 390,000 full-time jobs last year were supported by its creators’ work — that’s four times the number of General Motors employees, the Washington Post reported. YouTube estimated that its creators contributed $35 billion to the nation’s gross domestic product in 2022, which put their total output ahead of furniture manufacturing and behind rail transportation, per the U.S. Bureau of Economic Analysis.
Marketing departments for a wide array of brands turn creator economy stars into publicists. Ford Motor Co., Marriott, TGI Fridays, Dave & Buster’s, Tinder, BMW Motorrad, Rolls-Royce and Westminster Kennel Club have gotten on board the creator economy, according to Ad Age.
Fast Food Brands on Leading Edge
Nation’s Restaurant News and Rolling Stone gave props to three fast-food giants’ marketing executives as pioneers in using the creator economy:
- Tariq Hassan, McDonald’s chief marketing and customer experience officer. Rolling Stone said Hassan is “reimagining the world’s most iconic fast-food brand by collaborating with billions of McDonald’s fans worldwide. He’s letting creators remix brand artifacts and teaming up with artists and fashion designers to put the brand at the center of culture.” One of his innovative campaigns was the Cactus Plant Flea Market collaboration.
- Sean Tresvant, Taco Bell global chief brand and strategy officer (he’ll become the brand’s CEO on Jan. 1). He is credited with creative initiatives such as the Doja Cat and Mexican Pizza campaign.
- Chris Brandt, chief brand and marketing officer for Chipotle. Rolling Stone noted that he utilized “viral creators for vital components of Chipotle’s marketing campaigns” by building direct relationships with creators.
In its report, NRN.com noted that Crumbl Cookies and Big Chicken also are dipping into the creator economy. Big Chicken CEO Josh Halpern told NRN.com that consumers have come to expect influencer partnerships, something he expects will continue indefinitely. “In five years, our consumers are going to be curating our brands more than they are today,” Halpern said. “Younger generations … they’re making a conscious decision to attach their personal brand to our brands. It’s a collaboration now.”
The Trend Snowballs
“Clients no longer need to be convinced that influencers can provide a real ROI,” Mona Munayyer Gonzalez, chief growth officer of Pereira O’Dell, told Ad Age. “They’re now much more interested in how an agency partner can help find authentic macro-micro influencers and build a collaborative dialogue with them.”
Advertising executives told Ad Age that their clients perceive social media marketing as a less risky expense than television commercial. The trend is heavily driven by cost – social media advertising is cheaper to produce than a TV spot. Social media marketing is also a direct line to Gen Z, a diverse generation of consumers born from 1996 to 2010 who are socially conscious and spend significant time online. Pew Research reported that in 2022, more than 70% of Americans aged 18 to 29 stated that they follow an influencer on social media.
One Agency’s Success
Wieden+Kennedy’s Bodega content creation studio, which boosted the McDonald’s Grimace Shake and Grimace Birthday Meal, aggressively recruits social media influencers.
“When we find super comedic voices online, the Bodega management team is thinking that voice would be great for McDonald’s,” said John “JP” Petty III, global executive creative director of Wieden+Kennedy Bodega. Petty says his firm aggressively tracks down clever creators. “When we see somebody make an amazing meme or video or something that … we’re trying to get them to be a part of the fold.”
Petty doubled down on the importance of the creator economy within marketing. “There’s no way around social,” he said in the Ad Age article. “You can’t avoid social media surfaces as we define them today. So it’s just smart for agencies and creative organizations to start prioritizing not just this work, but also this more dynamic way of thinking.”
