Mavrck surveyed 552 US-based creators to get an unfiltered scoop on influencer marketing, stating: “We know that content creators hold the key to unlocking valuable insights within the industry.”
The survey included a range of creators from various races, genders, and industries — with over 51% of respondents between the ages of 25 and 34.
Here are three noteworthy takeaways from Mavrck’s Creator Compensation report:
Brand Collaborations Have Increased in 2022
Micro Creators Are on the Rise
Pay Transparency is a Growing Need in the Industry
According to Influencer Marketing Hub, the influencer marketing industry is currently valued at $16.4B — a number that’s likely to increase in 2023.
And Mavrck’s report supports this prediction: 57% of survey respondents said their brand collaborations have increased in the past year.
As more and more brands recognize the value of influencer marketing, it makes sense that they’ve begun to shift some of their traditional ad spend toward partnerships with creators.
But rather than one-off posts or videos, the best collaborations will be those that occur on a more ongoing basis.
As creator John William Barger III told Mavrck, “When you have an established relationship with the brand, it’s much easier.”
He also noted that his most successful partnerships are with brands that are communicative, flexible, and “skip the free products in favor of cash, points, and experiences.”
Brands, take note.
Over 59% of the respondents surveyed for Mavrck’s report self-identified as Micro creators — pointing to the fact that you don’t need a massive following to work with brands and make money on social media.
Plus, Micro creators are a brand’s dream. Why? They often have a higher engagement rate than creators with larger followings:
Creator Paula Carozz told Mavrck, “I always tell anyone who wants to dive into the creator world that they don’t want a massive following, but rather should try to stay a micro-influencer as long as possible.
In this micro realm, creators can build such a strong community. Once you lose that community and go over a certain follower count, your chances of being that same unique resource decrease.”
There you have it — the smaller, the better. Micro communities hold power.
A 2021 report found that the pay gap between white and BIPOC creators is 29%, spotlighting a growing need for pay transparency and diversity in marketing.
And as blogger and creator Jamie Lynn shared with Mavrck for their 2022 report, “I’ve noticed some brands who are willing to pay influencers of other races cash incentives, but will only send a Black creator, like me, product.”
That said, Mavrck reports that the industry is changing — albeit slowly.
According to their findings, BIPOC creators have noted a positive upward trend — with many saying their rates have increased.
But while the numbers may be trending upwards, there’s still a gap in knowledge across the industry for how much creators should get paid, as seen by the rise of platforms like Clara for Creators and FYPM.
Lindsey Gamble, Mavrck’s Associate Director of Influencer Innovation, agrees: “Creators need to be partners and not just considered part of a transaction. Marketers need to understand creators produce great work and want to be paid equitably.”
He adds, “[Brands should] look for trends to see if they’re actually paying more or less to certain creator groups.”
Judging by the rise of brand collaborations and Micro creators, the influencer marketing industry will boom in the coming years — and hopefully, more conversations about pay transparency will too.
Time will tell.
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Source: later.com, originally published on 2022-12-02 09:29:14