The creator economy is flourishing, and brands are eager to strike deals with influencers in an effort to better connect with millennial and Gen Z consumers. But navigating the influencer marketing landscape can be tricky, from figuring out how to diversify your creator base to understanding how to measure the effectiveness of these campaigns.
Influencer marketing spending is on track to exceed $4 billion by the end of this year and approach $5 billion in 2023, according to a report from market research agency eMarketer, and nearly 70% of U.S. marketers worked with influencers to some extent in 2021. Although brands are already flocking to platforms such as TikTok that are flush with creators, and may already realize the power of incorporating influencer marketing into their overall social media strategy, it can be daunting to take the first steps into the creator economy and begin building authentic brand partnerships.
Last week, Ad Age hosted Ad Age Next: Social & Influencer Marketing, where brands, social media representatives and experts in influencer marketing, came together to offer insight into strategies brands can adopt to tap into the creator economy. Here are some of the biggest takeaways from their discussions.