By Anurag Iyer
As per a report by Kaalari Capital, India is home to 8 crore creators. Many of these creators have massive follower bases, over whom they have a high degree of influence – be it the way they eat, what they watch or what they wear.
We’ve seen this ecosystem grow exponentially over the last decade and what we see happening with an increasing number of them is they eventually must take on the role of entrepreneur. So, what happens when the creator becomes an entrepreneur and how does that impact their relationships with brands for whom they influence audiences?
Diversification Of Earnings: Quality Creator Influence
Creators have realized their massive influence and loyal audience base can be leveraged for monetization opportunities, beyond just promotions. Entrepreneurship is one of the spokes in the larger revenue creation wheel of a creator.
Over a period of time, creators find themselves with the freedom to choose the brands and campaigns they would like to work with and find additional avenues for monetization beyond branded content like live, mentorship, commerce and digital collectables. This is a pivotal shift from the time creators jumped the ‘b(r)andwagon’ for the fear of missing out. This approach does not just benefit them, but also indirectly impacts brand campaigns positively. A discerning creator will only do a campaign they believe in, that is true to them and their audiences. Brands and creators both get a chance to work with entities that are a great fit for each other.
Death Of The Passive Promoter
Gone are the days when creators were just passive disseminators or distribution channels of a brand’s marketing material. As entrepreneurs, many of them have entered the realms of social media advisors and marketers. They understand the marketing cycle better than internal digital teams and work in collaboration with these teams to achieve a brand’s goals. Since they also function as entrepreneurs, they understand the brand’s goals and can take on the role of a brand custodian. Some of them turn co-creators with the brand, participating in the making of a product or service. Here they not only get a chance to leverage their ‘influence’ profits but also gain monetary gains from product sales.
The ‘Influencer’ Edge In An Entrepreneurial Ecosystem
Here the creator turned entrepreneur has an edge in the market since they functioned in this space long before they donned the hat of an entrepreneur. They understand the ins and outs of influencing their own follower base and drawing them to their opinions and thereby their products. The longevity and sustainability of a creator led business depend upon how well their product or service is nurtured since entrepreneurship is way different from playing an influencer. The ones who see success have leveraged expertise in areas they need and have had exceptional teams to back them.
It is no secret that more creators are turning entrepreneurs with every passing day. But some misinformed creators turn entrepreneurs without a deep review of their strengths, investors, capital and setting up impactful teams to run back-end and front-end operations. If the correct mechanics are in place, creators surely have the potential to turn into successful entrepreneurs.
The author is the business head at Big Bang Social.