Millennials are known to be risk takers and innovators who are ready to jump at new opportunities and be their own boss. And this, contrary to what many may think does not necessarily mean inventing something new. Many times in fact, you just need to provide solutions to the gaps in the already existing industries and make money while at it. Are you a millennial with a deep-seated desire to step into entrepreneurial waters? Here are some ideas to start you off.
We live in an age where consumers look at ads with a jaded eye, and generally, trust in advertising is slowly diminishing. Some apparently not-so-obvious findings from a survey on consumer trust in advertising reveal that a majority of consumers feel that ads are completely exaggerated. Cleaning ads and weight-loss ads for instance, according to consumers do nothing more than promoting the oh-so-magical Photoshop.
No wonder the old saying, “Believe half of what you see and nothing of what you hear”. As if to offer a solution to this growing concern, influencer marketing is emerging as a working solution for brands and a gold mine for millennials. This is not a new concept, but its popularity has grown wildly and rapidly in the last few years, proving to be a force to be reckoned with in marketing. Forbes actually calls it a “golden goose” of marketing.
Based on new social media trends, influencer marketing is considered an effective tool to achieve marketing goals. Brands are looking to speak to and engage with a target audience with an influencer’s voice. Naturally, audiences are captivated by people they know and trust, and as a result, their response to brands is more positive.
Needless to say, the potential in this field is boundless and true to this, many millennials have ventured into this area. Brands, on the other hand, are devoting more time and effort into this tactic than ever before. Kenyan mobile telecommunications company Safaricom, has partnered with several influencers, including artists and entrepreneurs to captivate their consumers with the BLAZE ‘Be Your Own Boss’ initiative.
Unlike celebrity endorsements, influencers are trusted individuals within a niche community on social media with a loyal following. They create content and choose how to incorporate a brand’s message in a way that will captivate their audience. For instance, a popular fashion blogger may advertise a brand’s outfits as part of content creation while raising awareness of that particular brand.
Popular categories include fashion, beauty, technology, food enthusiasts and adventurists to name a few. Influencer marketing finds individuals right in their forte, and allows them the freedom to control content while preserving their authenticity.
According to Forbes, the monetary value of an influencer is dependent on their following and the platform they are using. Industry experts suggest a price point of USD1000 per 100,000 followers on Instagram and USD100 per 1,000 views on YouTube, although this may vary depending on the country and other variables.
24-year-old Joanna Kinuthia is one of the Kenyan digital influencers reaping big bucks from this venture. She is a make-up and beauty enthusiast with a massive following on social media. Joanna, like other influencers, has carved her niche in influencer marketing, so much so that she has gone ahead to launch her own make-up line, Joanna K Cosmetics. Other influencers, like Jackson Biko have mastered the art of marketing through creative writing, commanding a presence on social media with over 150,000 followers.
Brands all over the world have embraced this growing trend, and some have actually noted solid returns, of up to six times more than the investment. This goes to show that investing in influencer marketing is not just worthwhile, it is necessary! And for millennials, there’s no telling the opportunities this new frontier presents.