Goldman Sachs has predicted that the creator economy could reach a value of half a trillion dollars by 2027, indicating a significant boom in the industry. While smaller companies are naturally turning to influencers for marketing purposes, larger brands are struggling to effectively leverage creators to build their businesses while minimizing risk. To understand how legacy companies can maximize the potential of the creator economy, I spoke with Frank Cooper III, the CMO of Visa.
Cooper explains that the creator economy is the ecosystem that has emerged from individuals creating content online and engaging audiences for communication, community, and commerce. He emphasizes that creators differ from general creators because they drive commerce online. Marketers must work with creators as partners, allowing them more freedom in content creation while ensuring their values align with the brand. The recent changes in social media algorithms have shifted creators’ focus to producing breakthrough content that resonates with audiences, rather than buying their way to success.
Visa has established partnerships with hundreds of creators, ensuring that they can authentically promote the brand’s values and products. Cooper suggests that more legacy brands should think of themselves as “creator brands,” developing content that adds value to the creator experience rather than interrupting it. Legacy brands like Visa can evolve by embracing a decentralized mindset focused on serving and uplifting people, adapting to the fast pace of online culture, and leveraging social media for social commerce.
Visa has implemented various campaigns to support the creator economy, such as the Visa NFT Creator Program, the Visa Ready Creator Commerce Program, and the GetP@id program. GetP@id is a social video program that pairs aspiring creators with established creators in fashion, music, and food, helping them transition from hobbies to successful businesses. The program provides mentorship and coaching for new creators to navigate challenges such as economic uncertainty and lack of access to capital, ultimately helping them get paid for their content.
Cooper believes that the creator economy presents opportunities for every brand to participate in social commerce, extending the value exchange between creators, sellers, and buyers. Visa’s efforts in supporting the creator economy have led to a 100% increase in marketing efforts focused on partnering with creators across digital platforms. By highlighting creator content in a meaningful way and providing resources like the GetP@id program, Visa is helping creators grow their businesses and succeed in the evolving landscape of the creator economy. Cooper looks forward to expanding Visa’s support for emerging creators in the future.
