"Influencers earn so much money, they will help us for free" is the wrong strategy and here is why.

“Influencers earn so much money, they will help us for free” is the wrong strategy and here is why.

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Everywhere I go I speak to people who think that influencers = millionaires. They assume that influencers are all independently wealthy or are kids who don’t need money and therefore think it’s okay to ask for their endorsement for free. Or maybe they just have no clue about the kind of work it takes to become an influencer.

These assumptions don’t pass a reality check at ALL. The situation is exactly the opposite – most of them are both very hard working and could really use the money!

Here – this is very recent research – almost 80% of the influencers earn LESS THAN £1,000 (or $1200) A YEAR…that’s not enough to pay one month’s rent…:

Source: https://blogen.influence4you.com/influence4you-introduces-the-biggest-study-on-influence-marketing-in-2019/
Only 23% said that they earned more than £1,000/year in a survey conducted by influence4you

You see, there are about 98 million SMI (social media influencers) out there. But you mostly likely hear only about the mega-influencers, the super famous celebs, and – yes, those often do get high earnings.

However, those – and that’s a fact – are a very small portion of the whole 98 million SMI cake. Most SMI (that’s million and million of small businesses, students, mom and pops and people/dogs like you) are not even known to the public and either do not earn anything at all for their work or earn very little, and not enough to pay the bills from.

[bctt tweet=”Although #influencers are business entities, their earnings are one of the lowest in the tech industry. The only exception are the #Megainfluencers/celebs, who are a tiny portion of that workforce” prompt=”If you found this useful, share this”]

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PS/Why are they still doing social media production then? Because they love to write and inspire about a topic they are CRAZY about. They have a fire in them, they just like it so much. They don’t do it for the money, but that doesn’t mean they don’t need the money.

For the amount of time SMI invest in their craft, it may as well be a full-time job and they should be considered business entities. So please consider paying them! It takes my Dear Mishu on average a full day of work to do one endorsement, plus the time it takes to engage after the endorsement has been posted. Think about fair compensation for such efforts. Doing so will also make the whole partnership and their delivery more professional and will ensure that they are committed to your goals. And if you cement it all in a nice contract, you’ll really get your money’s worth!

Related: Signing a Brand-Influencer Agreement as Part of Your Influencer Marketing Strategy

Sincerely yours,

Dear Mishu's Dad

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SMI* = Social Media Influencers

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I am the creator of Dear Mishu, a dog character that gives underdog advice to humans on social media. I originally built the account to learn about influencers and how they work. Over time, the account grew and Dear Mishu became a real social media influencer with a community of followers who ask her for advice. I use this experience and my 20 years of marketing experience to help brands understand how to reach their goals through Influencer Marketing and Social media branding.