Let's take Love Island, for example.
Its contestants are renowned — or, by some, even reviled — for their cavalier leverage of new-found social media followings. Brands recognise that the islanders offer a fast, quick and direct route to target audiences, and within no time, our feeds are filling up with promoted products from the most recently-dumped contestants.
Instagram influencer budgets. They’re growing — rapidly.
As you probably know, influencer marketing on Instagram is big business.
However, it might surprise you to learn just the extent to which the Instagram influencer marketing industry is defying a global pandemic. Indeed, according to a recent report, two-thirds of marketers are expecting to increase their Instagram influencer spend.
- Total spend on Instagram influencers is set to grow to $2.3bn — up from $800m in 2017.
- #sponsored or #ad Instagram posts have grown 30% year-on-year since 2017.
- 89% of marketers report Instagram as one the most important channels to their strategy.
- Instagram influencers have been increasing their output by over 50% during the COVID-19 pandemic, with sponsored posts on Instagram seeing 76% more likes.
With brands’ Instagram influencer budgets expanding, it should come as no surprise to learn that those with sizable followings are looking to monetise their feeds. When you’ve got the right audience ready to listen, Instagram is by far the most lucrative social media channel.
It’s been recently estimated that well-known Love Islanders can pocket well over £1,000 per sponsored Instagram post. For 2019 finalist Molly Mae Hague, sums can be vastly greater — she reportedly bagged a whopping £500,000 deal with fast-fashion brand Pretty Little Thing!
So, to what extent does this Instagram influencer earning power hold true for The Great British Bake Off and its pastry-punching participants?
The tent’s top three: Influencer income power
Just in case you missed it, this year’s terrific trio of finalist bakers includes Dave Friday, Laura Adlington and Peter Sawkins.
Having shown culinary fortitude in abundance to bake their way to the final three, our estimates show that two of this year’s finalists could be in line to earn over £39,884 each per year, and the other £13,728, from Instagram alone.
To calculate the influencer earning potential of the tent’s 2020 top three, we’ve taken data from Klear on influencer rates and research by Fourstarrz on influencer behaviour.
Two of the GBBO finalists, Laura and Peter, just about fall into the category of ‘power influencers - those with Instagram followings between 30-500K - who can typically charge $507/£384 for a post, $775/£586 for a video, or $210/£159 for a story.
Dave is considered a ‘micro influencer’ - with a following between 5–30K - accounts in this category can typically charge $172/£132 for a post, $219/£169 for a video, or $73/£55 for a story.
Source: Klear Rate Card
Research indicates that influencers are posting less than in previous years, instead opting for quality over quantity — projecting an average of two posts per week in 2020.
Many are increasingly turning to the Stories feature as a way to connect with their following, creating fun content with an array of filters, stickers and music that can only be viewed for 24 hours (unless added to a highlight reel). Such is the popularity of Instagram Stories, 93% of marketers say they’ll be posting more of them in the future.
So, armed with these calculations, each of our GBBO finalists are in line to earn £767 per week, or £39,884 per year from sponsored Instagram posts alone — potentially even more if they incorporate videos and stories!
Micro — the way to go?
With our GBBO contestants’ follower figures just on the borders of the ‘micro’ and ‘power’ influencer categories, they may not be up there with the Love Island big boys in terms of earning power from having millions of followers, but they might actually not be that much worse off!
In fact, 56% of UK brands say they prefer working with micro influencers, seeing them as better value for money than celebrity influencers. This is because they’re seen to have more dedicated and engaged followings, as highlighted by Influencer Marketing Hub.
Source: Influencer Marketing Hub.
What about the very top GBBO influencers?
Most of us will be familiar with Nadiya Hussain, who won back in 2015. She’s since amassed over 660,000 Instagram followers. So, just for example, how much can a very top-earning GBBO influencer earn?
As a benchmark, an influencer like Nadiya could be on track to earn £1,577 per sponsored Instagram post. If producing a mere two promoted posts per week, influencers with audiences like this are looking at pocketing £164,000 per year just from Instagram — potentially more!
That’s not to mention the potential TV shows, book deals and other income streams that might come the way of star bakers who follow in Nadiya’s footsteps.
What’s next for our GBBO influencers?
Influencer Marketing Hub predicts a shift to more strategic, long-term relationship management between brands and influencers, with heavy investment in the development and nurture of deeper connections for ‘scalable intimacy’ with consumers.
If Bake Off contestants can connect with the masses authentically, and create a strategic portfolio of brand deals, they could be in for a long-standing, financially rewarding career as an influencer. If not, they could always leave the tent behind for the villa and try their hand at finding love!
Don’t risk a half-baked influencer marketing strategy.
Did you know that 61% of marketers find it difficult to identify the best influencers for their next campaign? It shouldn’t have to be this way. If you’re looking for a hand taking your influencer strategy to the next level, we can help.
Note: All figures reported are accurate as of 18th November 2020, they may be subject to change as is the nature with social media follower counts and hashtag use across platforms. As with all influencer marketing, rates can vary depending on the brand and their marketing budgets.