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How the Producer Economy Is Changing Influencer Marketing

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How the Producer Economy Is Changing Influencer Marketing


Influencer marketing is evolving into what’s being called “the producer economy” consisting of content creators who seek to build their own media brands that are independent of social media platforms. This push for greater control over distribution also affects brands as they build their own media networks to engage consumers.

“The digital landscape is so messy and it’s so hard to break through the noise,” said Jennifer Smith, CMO of online video platform Brightcove. “The challenge for marketing is to think about two things: how to create content for that space, and then how do you distribute that content back to the right people?”

By taking full ownership of what they create, producers and brands can work on distributing long-form content resembling TV channels and shows. They can deliver higher-quality content that builds on subject matter expertise over time and prolong the exposure to their own media brands, according to Brightcove. But while the approach offers flexibility and greater creator control, it isn’t without challenges. By ditching mainstream sites popular among consumers, creators and brands are gambling with the Wild West of independent platforms and may risk audiences passing them up for content already available on their preferred social apps.

Greater ownership

This next stage in the transformation of influencer marketing follows significant growth of content creators over the past few years. Brands’ global spending on influencers was estimated to more than double from $6.5 billion in 2019 to $13.8 billion last year, according to data compiled by Statista. Amid this industry boom, content creators often face difficulties in determining their value in negotiating brand partnerships, especially as social media platforms can collect as much as 45% of creators’ ad revenue, according to data provided by Brightcove. Creators and brands with their own channels on social platforms or video-sharing sites are at the mercy of recommendation algorithms that don’t ensure organic reach. Their content can get lost amid the vast amounts of clutter, diminishing the return on investment.

“You can spend a lot of time creating all this very expensive, great content,” Smith said. “You put it up on YouTube and your competitors are advertising against it, and it’s the same with all these social media channels.”

Faced with the clutter of videos across various websites, Smith said Brightcove customers are looking for greater ownership over content so they can wield greater control over video production and channel management.

“They’re saying, ‘how do I create a channel that keeps my audiences engaged, [but] not a website because they’re hard to navigate?'”

Developing creator partnerships

As the creator economy is poised to evolve into a producer economy consisting of influencers and brands owning and managing their own media channels, their relationships are also likely to change. Marketers that are negotiating partnerships must not only consider their needs, but also the needs of the content creator, influencer or other potential brand partners, according to Brightcove.

“Marketers are thinking about this whether they’re selling financial services or a piece of technology or a children’s game,” Smith said. “They’re saying, ‘how do we actually create content in a compelling way, and how do we put that count out in channels that we own?'”

There’s more opportunity for flexibility among brands that build in-house content production teams, including how they negotiate influencer relationships. Whether they collaborate for a single campaign or for a longer-term marketing partnership, brands and influencers will need metrics to evaluate outcomes and inform future efforts.

“Between the one-off engagement and more of a longer-term contract, the challenge comes in understanding the return that it’s getting you,” Smith said. “Marketers are still behind when it comes to the analytics of understanding what it’s delivering for us.”

Authenticity and brand safety

The proliferation of user-generated content (UGC) on video-sharing and social media apps has led to greater public acceptance of online personalities who come across as more authentic and relatable. UGC makes up 39% of the weekly media hours for U.S. consumers, compared with 61% for traditional content, according to a Consumer Technology Association survey. Among teenagers, the time spent with UGC is close to overtaking traditional TV, the study found. However, that swelling popularity comes with brand safety concerns for advertisers whose marketing messages appear next to it or embedded within it.

“The producer economy is creating new opportunities for marketers as they step up and become producers themselves,” Smith said. “Now that they are unleashed from the constraints of other publishers and even social sites, it gives marketers more control over their content.”

Those controls include video with a clearer message and brand tie-in, along with data and analytics that offer a more transparent view of audiences. With videos posted on social media or other platforms, the information is aggregated and more anonymized, limiting the insights marketers can glean.

While brands can alleviate some issues through controlling their own media channel — whether it’s a connected TV (CTV) app or other method of distributing video — they no longer have the ability to outsource production, content management or influencer recruiting, forcing them to become jacks-of-all-trades. Building that in-house expertise on a range of tasks can take significant time, money and experimentation.

It’s a delicate balance between producing content that conveys a desired message and doing so in a way that gels with the less-polished style of content that’s currently in vogue. Brands and creators that experiment in this space early on and navigate hiccups may help to steer the influencer marketing industry at large.

“I’m challenging people to think outside of the box when it comes to creating their own owned and operated channels,” Smith said. “The long-term will pay off dividends.”



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4 new social media features you need to know about this week

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New social media features to know this week


Social media never stands still. Every week there are new features — and it’s hard for the busy comms pro to stay up-to-date on it all.

We’ve got you covered.

Here’s what you need to know about this week.

LinkedIn

Social media sleuth Matt Navarra reported on Twitter that LinkedIn will soon make the newsletters you subscribe to through the site visible to other users.

This should aid newsletter discovery by adding in an element of social proof: if it’s good enough for this person I like and respect, it’s good enough for me. It also might be anopportunity to get your toe in the water with LinkedIn’s newsletter features.

Instagram

After admitting they went a little crazy on Reels and ignored their bread and butter of photographs, Instagram continues to refine its platform and algorithm. Although there were big changes over the last few weeks, these newer changes are subtler but still significant.

 

 

First, the animated avatars will be more prominent on profiles. Users can now choose to flip between the cartoony, waving avatar and their more traditional profile picture, rather than picking one or the other, TechCrunch reported, seemingly part of a push to incorporate metaverse-esque elements into the app.

Instagram also appears to have added an option to include a lead form on business profiles. We say “appears” because, as Social Media Today reports, the feature is not yet listed as an official feature, though it has rolled out broadly.

The feature will allow businesses to use standard forms or customize their own, including multiple choice questions or short answer.

Twitter

In the chaotic world of Twitter updates, this week is fairly staid — with a useful feature for advertisers.

The platform will roll out the ability to promote tweets among search results. As Twitter’s announcement points out, someone actively searching for a term could signal stronger intent than someone merely passively scrolling a feed.

Which of these new features are you most interested in? That LinkedIn newsletter tool could be great for spreading the word — and for discovering new reads.

Allison Carter is executive editor of PR Daily. Follow her on Twitter or LinkedIn.

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Twitter Tests Expanded Emoji Reaction Options in DMs

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Twitter Tests Expanded Emoji Reaction Options in DMs

Twitter’s looking to give users a broader set of emoji reactions for their DMs, while also, potentially, enabling personalization of your quick reactions display in the app.

As you can see in these mock-ups, shared by Twitter designer Andrea Conway, Twitter’s testing a new search option within the reaction pop-up in DMs which would enable you to use any other emoji as a reaction to a message.

An extension of this would also be the capacity to update the reactions that are immediately displayed to whatever you choose.

Twitter DM reactions

It’s not a game-changer by any means, but it could provide more ways to interact via DMs, and with more interactions switching to messaging, and more private exchanges, it could be a way for Twitter to better lean into this trend, and facilitate a broader array of response options in-stream.

Twitter’s working on a range of updates as it looks to drive more engagement and usage, including tweet view counts, updated Bookmarks, a new ‘For You’ algorithm, and more. Elon Musk has said that he can envision Twitter reaching a billion users per month by next year, but for that to happen, the platform needs to update its systems to show people more of what they like, and keep them coming back – which is what all of these smaller updates, ideally, build to in a broader approach.

But that’s a pretty steep hill to climb.

Last week, Twitter reported that it’s now up to 253 million daily active users, an increase on the 238 million that it reported in July last year. Daily and monthly active usage is not directly comparable, of course, but when Twitter was reporting monthly actives, its peak was around 330 million, back in 2019.

Twitter MAU chart

As noted in the chart, Twitter switched from reporting monthly active users to daily actives in 2019, but looking at the two measurements, it’s hard to imagine that Twitter’s monthly active usage is any more than 100m over its current DAU stats.

That means that Twitter has likely never reached more than 350 million active users – yet Musk believes that he can best that by close to 200% in a matter of months.

Seems unlikely – even at current growth rates since Musk took over at the app, Twitter would only be looking at around 500 million users, optimistically, by the end of 2024.

If it can maintain that. More recent insight from Twitter has suggested that user activity has declined since those early post-Musk purchase highs – but maybe, through a range of updates and tweaks, there could be a way for Musk and Co. to maximize usage growth, beyond what seems possible, based on the stats.

We’ll find out, and as it pushes for that next level, you can expect to see more updates and tweaks like this, with enhanced engagement in mind.  



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Tarte Influencer Marketing Criticized 01/31/2023

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Tarte Influencer Marketing Criticized 01/31/2023

With consumers obsessed over the price of a dozen eggs, could conspicuous consumption-driven influencer marketing falling out of favor? That is the question brands might be considering after the
backlash that cosmetics brand Tarte is receiving after a sponsored trip to Dubai. “Influencers were called out for appearing not …

Read the whole story at Marketing Brew »



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