If you’ve ever gone on Instagram, the chances that you have seen an advertisement for FitTea are very high. Scroll a little more, and you’re bound to see an advertisement for Fashionnova. The people advertising are known as “influencers,” and they dominate Instagram. If you are a millennial, you have an advantage over every other generation. Influencers have an ability that everyone has — they are immediately connected to the world in a way never before seen due to the internet. However, it is their influence and amount of followers that give them the coveted title of influencers and earn them big bucks when slyly advertising a product. Is this the new face of millennial entrepreneurship?
Despite the opportunities available in the millennial generation, many people are clueless on how to make a penny outside of their jobs. What’s more is the inclination to dislike “Instagram-famous” people, who aren’t taken seriously as celebrities. Most people still don’t think it’s a real job, and they judge the newly branded “Instagram models” and leave nothing but hateful comments and direct messages. What those people don’t know is how lucrative social media fame can be for almost anyone. Let’s look at Instagram, where an average sponsorship costs $300. For bigger stars, earnings can fly into the stratosphere. Kim Kardashian clocks in at $158,000 to $264,000 per post. However, numbers like this are expected with her amount of starpower. What’s more intriguing is discovering how much smaller accounts are making.
Influencers with more than 100,000 followers can make upward of $800 per post. On the flip side, those with less than 1,000 followers probably won’t make $100 per post. Those with 100,000 followers can look forward to roughly $200 per post, while those with 1 million followers can pocket a few grand. Again, this is per post — many influencers post many brands in a given post, from clothing brands, to protein supplements, to restaurants they visit. The number has a parabolic trend, going up to accounts with 1 million followers, who are making tens of thousands per post. It’s something that anyone can cash in on as long as they have the right number of followers, a metric known as social engagement — how many people are actually commenting on your post or liking your pictures? The more that these factors go up, the more money can be made. Even the “cash me outside” girl is making $18,000-$30,000 a post. How bout dat?
Influencers work by tapping into their own demographics, whether it’s college students, women, people in fashion, world travelers, men in sports, or anything in between. Advertisers know that the face of advertising has changed and is changing constantly — few people watch TV commercials anymore. But people, specifically impressionable young adults, are on YouTube and Instagram. And, like clockwork, that’s where the advertisers are. Top YouTubers can expect to generate thousands from advertisements. Ads on YouTube, however, are a little more sly. Products aren’t overtly advertised; nobody is shouting 877-CASH-NOW from your screen these days. Those methods are antiquated and easily seen through. Rather, influencers on YouTube can advertise products they already use, or plug certain restaurants that they were actually paid for visiting. Advertisers see these influencers as people you can trust. They have built a loyal fan base because people genuinely like them and look up to them in one way or another. Their audiences usually follow.
There is no framework that is set in stone detailing the rules and regulations to being a millennial influencer. However, if you are a millennial and have a social media account, you may want to consider being an influencer. Invest in a camera, bump up your number of followers and open a Shopify account, where drop shipping can rake in hundreds of dollars. Or, consider starting a YouTube account or using your influence to generate revenue. You never know how much money influence can bring you.
Have something to add to this story? Comment below or join the discussion on Facebook.
Header image: Getty Images