Not so long ago it was inconceivable that posting content on social media could be classified as a real occupation. But the notion that digital platforms can’t provide employment for their users hasn’t aged well. Some of today’s most successful pop culture icons have found fame on platforms like Instagram rather than the big screen. Against this background, what does the rise of Instagram, its influencer economy and digital media marketing on Instagram mean for our economy? At a glance, the existence of Instagram has impacted the job market and living standards.
Digital media marketing has proven to be an invaluable tool for business success. Platforms like billboard and magazine advertising once consumed large chunks of companies’ marketing budgets, yet arguably didn’t offer companies the intimate access to potential customers that Instagram and influencers have today
In fact, Daniel Wellington, who sells watches, bypassed all traditional forms of marketing and used influencers by gifting them watches in hopes of gaining fame.
Their innovative marketing strategy has certainly helped them become one of the fastest growing companies in Europe in 2013-2015.
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Instagram’s intimate reach makes it attractive and cost-effective for businesses. Equally important are the sophisticated data analysis tools available and the highly engaged user base. Instagram users spend about 28 minutes a day scrolling through their feeds, a high proportion of which are ads. Today, companies can reallocate their valuable funds to appear in these feeds through stories and posts that target very specific communities.
Businesses can also select segments from Instagram’s overwhelming potential advertising base of 849.3 million users, resulting in increased sales when their offerings are attractive.
Instagram’s ad revenue is projected to be $12.32 billion in 2020, indicating how willing companies are to pay to have access to this vast pool of potential customers. This effort is why being an Instagram influencer is considered a legitimate profession.
