You’ve probably read a good deal of doom and gloom about the influencer economy and how it’s been plummeting due to COVID-19. These reports are largely on the money – brand deals are being pulled, marketing spend has been reduced and I’m sure it’s a tough time for many influencers.
However, if you follow me on Instagram or YouTube or seen previous blogs, you probably have a different impression of how Genflow is coping, as I’ve posted snippets here and there of how the company has been successful.
Having analysed how we’ve done in March and April compared to February, I wanted to share with you where we are now and how proud I am of the team and our clients. Here are some quick fire Genflow facts:
- It’s no surprise that demand for physical and digital products has gone up during lockdown – we saw a 284% increase in sales across March and April, compared to the previous month
- We saw an average 114% increase in revenue and average 151% increase in profits from social media advertising across March and April
- The average ROI from Genflow’s social media advertising was X10 across March and April compared to X5 in Feb
- Genflow’s total client base’s following has risen by 1,610%, from a combined total of 49 million followers to 79 million
- The company has signed 13 new clients in recent weeks, including Love Island couple Siannese Fudge and Luke Trotman and U.S based influencers Michelle and Cassie Randolph.
Take Jessica Olie as an example. She encapsulates much of the above. She gained 113,000 extra followers across March and experienced a 400% increase in sales. That’s amazing at a time when so many influencers are struggling.
What’s my take on all this?
I’d say that COVID-19 has accelerated the evolution of the influencer economy because now more than ever, influencers are realising that owning their own business offers the greatest possible rewards. Influencers that own their brands in high demand spaces such as fitness have seen their revenues triple in weeks, and this revenue goes directly to the influencer, not big brands, many of whom have pulled influencer marketing plans. If you turn your following into a business, you can be a 22-year-old influencer making millions from your passions. The crisis has brought this into sharp focus, but with or without COVID-19 this would be the case. It’s why I firmly believe the future of the industry is brand building and not brand deals.