Social media influencers are considered to be people who have built a reputation for their knowledge and expertise on a specific topic. They make regular posts about that topic on their preferred social media channels and normally generate large followings of enthusiastic, engaged people who pay close attention to their views.
But how do influencers make it into the world? And what are the challenges and costs of being an influencer?
According to a report by Influencer Marketing Hub, there were 3.7 billion active social media users in 2020, and 49% of them followed influencers or creators. The influencer marketing industry was worth $9.7 billion in 2020, and is expected to grow to $13.8 billion in 2021.
However, only a minimal percent of influencers get paid for their posts. A survey by Influence.co found that the average influencer with 100,000 followers charges $1,000 per post, but only 11% of influencers make more than $100,000 per year. The majority of influencers (69%) make less than $10,000 per year.
So who really supports influencers and what are the hidden costs of being an influencer?
Followers
One of the main sources of support for influencers is their loyal fans and followers. Many influencers rely on crowdfunding platforms such as Patreon, Ko-fi, or Buy Me a Coffee to receive donations from their audience. Some also sell merchandise, online courses, ebooks, or other products or services to their fans.
Brand sponsors
Another source of support for influencers is brands and sponsors. The most popular influencers collaborate with brands to promote their products or services in exchange for free samples, discounts, commissions, or fees. However, finding and negotiating with brands can be time-consuming and challenging for influencers. They also have to balance their authenticity and credibility with their audience while endorsing brands.
Agencies
A third source of support for influencers is agencies and platforms. Some influencers work with agencies or platforms that help them connect with brands, manage their campaigns, handle their contracts, payments, and taxes, and provide them with tools and resources.
Being an influencer also comes with many hidden costs. Some of these costs are:
- Time: Influencers have to spend a lot of time creating content, engaging with their audience, researching trends, analyzing data, and staying updated on the latest news and developments in their niche.
- Money: Influencers have to invest in equipment, software, subscriptions, travel, events, and other expenses related to their content creation and promotion.
- Privacy: Influencers have to share personal details about their lives, opinions, and experiences with their audience. They also have to deal with trolls, haters, cyberbullying, harassment, and threats online.
- Mental health: Influencers have to cope with stress, pressure, competition, expectations, criticism, and feedback from their audience and brands. They also have to maintain a consistent image and persona online while managing their personal and professional lives offline.
Being an influencer is not as easy or glamorous as it may seem. It requires hard work, dedication, passion, creativity, and resilience. It also requires support from various sources such as fans, brands, agencies, platforms, and peers.
At RILA GLOBAL CONSULTING, we understand the challenges and opportunities that influencers face in the social media landscape. We offer social listening solutions that help influencers monitor their online reputation, measure their performance, identify trends and insights, and optimize their strategies.
If you are an influencer or aspire to be one, contact us today to find out how we can help you achieve your goals.