Goldman Sachs has predicted that the creator economy could reach half a trillion dollars by 2027, indicating a booming industry. While smaller companies are more likely to use influencers for marketing, larger brands struggle to leverage creators effectively. To better understand how legacy companies can maximize the potential of the creator economy, Visa’s CMO Frank Cooper III provides insights.
Cooper defines the creator economy as the ecosystem emerging from people who create content online to engage with audiences for communication, community, and commerce. He notes that successful creators have become distribution channels themselves, requiring marketers to work closely with them to reach their audiences authentically. Marketers must identify creators whose values align with their brand and focus on producing hit content that resonates with specific audiences, rather than controlling the message.
Despite challenges faced by Bud Light with their influencer program, Visa has established partnerships with hundreds of creators, emphasizing the importance of allowing creators to stay true to themselves while promoting the brand. Cooper suggests that legacy brands should consider themselves “creator brands” to develop content that adds value to the overall creator experience, instead of interrupting it.
Cooper believes that legacy brands like Visa can evolve to leverage the potential of creators by shifting their mindset from ‘command-and-control’ to ‘serving-and-uplifting’ people. Marketers must adapt to the fast-paced online culture, produce more content in partnership with creators, and explore social commerce opportunities. Visa’s support for the creator economy includes campaigns like the Visa NFT Creator Program, Visa Ready Creator Commerce Program, and the GetP@id program, which aims to help aspiring creators turn their passions into successful careers.
Visa has partnered with over 500 creators across digital platforms and developed programs like GetP@id, which pairs aspiring creators with established ones to mentor and coach them in building their careers. This program addresses challenges faced by creators, including economic uncertainty and getting paid on time. Cooper is proud of the program’s success and looks forward to expanding ways Visa can support emerging creators in the future.Legacy brands must adapt to the changing marketing landscape of the creator economy, embracing decentralization, producing more content, and exploring social commerce opportunities in collaboration with creators.
