Digital influencers plot recession plans
The Future. Social platforms are already feeling the repercussions of an ad slow-down (fueled by recession fears), and influencers are bracing for brand deals to dry up. Although that may not totally come to pass, new monetization tools from nearly every social platform in existence may give anyone with an entrepreneurial sensibility the ability to ride the economic storm.
What are influencers to do when brands stop paying the bills? Insider broke down five strategies recommended by creators and talent managers.
- Launch direct-to-consumer products to create a more direct line of revenue.
- Establish deals that extend several months to lock in a longer timeline of work.
- Go beyond traditional brand partnerships and potentially use them as a launchpad for a paid book deal, podcast, or newsletter.
- Rely on more passive income options like affiliate marketing, which can be more recurring than typical brand partnerships.
- Establish a fan-paid model with memberships, subscriptions, or courses, which is essentially available through every platform now.
Luckily for creators, Insider Intelligence analyst Jasmine Enberg notes that influencer marketing “has been more resilient than other types of digital marketing, and brands have continued to spend on their partnerships.”
Companies are expected to spend about $6.16 billion in the space next year — a pretty big increase from this year’s $5 billion.