Influencing has become a desirable career option for 1.3 million young Brits; the industry was predicted to be worth £13.4bn by the end of 2022. Yet amid the UK’s ever-worsening economic conditions and an impending recession, brands have begun to cancel campaigns and today, a staggering 30% of content creators have seen a reduction in income.
There is no magic solution to finding financial stability during the worst economic crisis in our lifetime, but here are a few ways to help you keep a steady income online during such difficult times.
As our research shows, 60% of consumers in the UK say they find influencers who flaunt their wares on social media infuriating amidst the cost-of-living crisis, meaning influencers across the board are facing backlash due to out-of-touch content. So, it’s very important to be conscious of the current economic crisis when posting online. As a content creator, you may have had access to an array of luxury gifts and collaborations this past festive season, but with data revealing that 40% of Brits couldn't afford Christmas presents last year, influencers have a responsibility to tailor the content they post and ensure their content is well-timed in the current climate.
This does not mean you must completely alter your content, but to be aware of who follows you and ensure that you are consistent with what you post - whether this be budget-friendly hauls or luxury gift guides.
Try to cater your content to all budgets and audiences when you are promoting products. Hailey Bieber for instance recently shared her Christmas Gift Guide on her Instagram stories. From a YSL bag and boots, to £15 beauty products, it's safe to say she covered all bases.
When money is tight, you might be tempted to promote products in one-off collaborations. Modern-day consumers are savvy enough to know when their favourite influencer or celebrity is probably pocketing from mentioning a product on their social media and wouldn’t use it themselves. In our research, 43% of Brits said they trusted influencers who aren’t getting paid to plug products more than those who are. So, a better way to make your money’s worth and earn the trust of your followers is through long-term partnerships with brands you genuinely love.
With the start of the new year, it’s the perfect time to reflect on whether you are partnering up with the right brands or if you should seek out collaborations that align more with your values and beliefs. Research, test and trial products. Then ask yourself, would you pay for this?
To give you a helping hand, our platform here at Room Unlocked helps you find the brands you are truly passionate about. You’ll have the opportunity to work with huge brands including Virgin Voyages, Charlotte Tilbury, Size?, HelloFresh, and more. Whether it’s a week long all-paid cruise ship or a complimentary cocktail night, you have the chance to take your pick!
Interested? Apply here.