When the business of social media influencing first hit mainstream culture back in 2015, influencing itself had already been a fixture in other global industries for years. From fashion insiders to cultural leaders within the beauty and food industries, influencer marketing was alive and well long before the advent of social media.
Back in the 90s, Cindy Crawford–in her signature white tank and boyfriend jeans–Pepsi ads were considered marketing at its best. Those ads would brighten the pages of your favorite magazine and litter long stretches of highway on massive billboards. Today, social media influencers play in a digital landscape removed from two-page centerfolds and pricey signage. But quite possibly, the biggest difference in modern influencer marketing is the term “influencer” itself, defining it, and understanding its value set.
Although influencer marketing is equally met with fascination and contempt, its growth has far outpaced many other marketing initiatives. Set to reach 15 billion dollars in spending by 2022, influencer marketing has quickly surpassed print marketing as the primary pay for play medium. But for influencers themselves, are they playing for fair pay?
As the industry widens and more influencers enter into the space, what has become clear is that many of them aren’t being fairly compensated for the impact of their influence. In today’s blog, we’ll discuss best practices for negotiating your worth with a potential brand partner, understanding how to calculate your rate, and maintaining your brand value.