Deloitte released a report titled “Creator Economy in 3D,” revealing the growing influence of content creators and their ability to drive consumer engagement and purchasing behavior for brands. The research, based on surveys of over 2,000 consumers, 500 creators, and 500 brands in the United States, sheds light on the distinct advantages creators offer compared to traditional influencer marketing. 

According to Goldman Sachs, the creator economy currently generates an estimated $250 billion in revenue and is expected to double in size over the next five years. 

Deloitte’s analysts claim that three out of five consumers surveyed stated that they are more likely to engage positively with or purchase from a brand recommended by a creator they follow.

The study highlights two key factors that contribute to this strong consumer-creator bond and subsequent brand trust: relatability and passionate followings. Consumers are more inclined to act on recommendations from creators who share similar socioeconomic backgrounds, hobbies, or interests. Additionally, creators with frequent content consumption and a presence across multiple platforms tend to have more dedicated audiences.

Deloitte’s research underscores the importance of brands fostering solid partnerships with creators by granting creative freedom, ensuring a brand-audience fit, providing fair and timely compensation, and offering long-term support for creators’ growth and well-being.

“Creators are at the forefront of spurring trust among consumers, supercharging the way brands form a more mature relationship with those individuals,” states Kenny Gold, Head of Social, Content and Influencer at Deloitte Digital.

The study also reveals that brands reporting high returns on investment (ROI) from creator initiatives differentiate themselves in three key areas:

1. They maintain partnerships with a higher number of creators simultaneously, typically six to ten or more.
2. They prioritize creators with follower counts between 250,000 and 500,000, balancing reach and impact.
3. They allocate a significant portion of their social media budget (42% on average) to creator partnerships.

“To create a more meaningful impact, industry leaders might want to reconsider their marketing plans if creators aren’t in their arsenal,” noted Dennis Ortiz, Advertising, Publishing, Social Media, and Platforms Sector Leader at Deloitte Consulting LLP.

The full report is available here.