While it's trendy to dislike influencers and what they’re selling, influencer marketing is not a new concept. It’s been used by many companies to promote their products and services.
About 93% of marketers have used influencer marketing in their campaigns, and it's now considered a key advertising strategy. According to the Influencer Marketing Hub, this industry reached a whopping $16.4B in 2022 in value, a rise from $1.7B in 2016.
Influencer marketing has also emerged as a profitable career choice, with 10.2 million Instagram users who can be considered influencers in the US.
Duchess Steps Into The “Influencing” World
Since her Netflix documentary and a recent contribution to chef José Andrés' new cookbook, the Duchess of Sussex, Meghan Markle, has expressed interest in influencing.
New research by JeffBet reveals how much the Duchess could make as a full-time influencer now that she's relaunching her lifestyle blog The Tig. The findings consider her Instagram audience, engagement rate, and average likes to calculate her earnings.
A JeffBet spokesperson says, “It's been really interesting to see how Meghan Markle has chosen to use her platform after departing from the Royal Family, and it stands to reason she'd look to return to her pre-engagement passion projects, now that she has the time, space and freedom to.”
The report states that Markle and her husband, Prince Harry, made money on a $22 million deal with Spotify to launch their first podcast series back in 2020.
If Markle decides to go all-in with her lifestyle blog, it stands to reason she’ll be open to advertising her favorite products and brands online. The content on her lifestyle website can reach the couple's Instagram account, with 9.4 million followers and a 5.82% engagement rate.
That means they could make a hefty sum of money per upload. The report reveals that they are valued at $29,900 per sponsored post.
The report further reveals that it would only take 27 sponsored posts a year to cover the couples' reported $800,000 spent each year as members of the Royal Family, previously paid for by King Charles III through the Duchy of Cornwall.
It will also take her just 66 Instagram posts to earn the $1.9 million Royal Family clothing budget, which reportedly skyrocketed after Meghan and Harry's engagement.
Both Meghan and Harry are likely to earn big over the next year if their endeavors continue, with Harry rumored to have pocketed at least $19.7 million from his memoir Spare, which became the fastest-selling non-fiction book of all time earlier this year.
Speaking on the findings, a JeffBet spokesperson says: “It's a bit uncanny to imagine how much Markle and Prince Harry could make from advertising their favorite products online. Their per-post value is astronomical; realistically, they stand to make even more than that based on their relevance alone.
“It'll be fascinating to see whether Meghan does relaunch her lifestyle blog, and if so, whether it'll be similar to before or if it'll naturally become more commercial to compete with the likes of Gwyneth's Goop, as well as Kourtney Kardashian's Poosh.”
How You Can Start Influencing Too
While the Duke and Duchess of Sussex are considered celebrity influencers, there are many micro-influencers – those with a following under 10,000 on Instagram – making money with their brand.
On average, Instagram influencers ask for $363 per collaboration. Even with only five collaborations yearly, an influencer could make about $1,500 on the side.
It’s a lucrative side hustle for women and men in 2023, with 77% of influencers being female and 23% being male.
There are five significant categories of influencers on Instagram
- Nano Influencer: Follower Count Under 10k
- Micro-Influencer: Follower Count 10 – 50k
- Mid Tier Influencer: Follower Count 50 – 100k
- Macro Influencer: Follower Count 500k – 1 million
- Mega Influencer: Follower Count more than 1 million
Depending on which category you fall under, you can expect to earn from $80 per post to more than $1900. Numbers vary based on niche, engagement rate, consistent following and value to advertisers.
Here are a few tips for those interested in influencing:
- Find Your Niche: Before jumping into influencing, carve out a niche for yourself. Consider what you are passionate about or an expert in, and start there.
- Create High-Quality Content: Work on your photography and videography skills to create visually appealing content. Influencers must provide value to their audience.
- Be Consistent: Influencers must consistently show up to connect with their audience and grow their following.
- Learn To Use Instagram: Successful influencers must learn how to use Instagram to get the best results. You should look into using the right hashtags, creating seasonal content, collaborating with other influencers, etc.
- Be patient: because it takes time to grow the audience.
While there are many ways to make money online, now is a great time to start for those interested in becoming an influencer. The influencer marketing industry is booming, and there's never been a better time for people to make money by sharing their thoughts and experiences with others.
This article was produced and syndicated by Wealth of Geeks.