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Lifetime value services for platforms in a creator economy
Boosting creator monetization and loyalty on social platforms
Social platforms are competing to retain content creators and optimize creator lifetime value (CLTV)—how much value the creator generates for the platform over the course of their relationship. How can platforms today provide the personalized support and monetization pathways creators need to grow their loyalty and lifetime value?
Competition for creators among platforms is heating up
In today’s creator economy, the social platform content creator ecosystem is growing exponentially as the global appeal of social media influencers, the emergence of micro-creators, and social commerce trends bolster demand for user-generated content.
Creators and their content help social platforms increase site traffic, strengthen consumer engagement and conversion, and drive advertising revenue. Creators, in turn, seek the right platforms to grow and monetize through brand collaborations and follower contributions.
Given creators’ ambitions and a rise in platform switching due to technology, service, and relationship pain points, competition to attract and retain content creators is heating up.1 This trend is creating an urgent need for platforms to reduce churn and strengthen creator loyalty.
Creators’ support needs are shifting as they grow
As content creators grow and evolve, their behaviors, motivations, partnerships, and monetization opportunities evolve with them—as does the support they need to stay engaged in the platform and profitable. To accomplish their growth goals, creators need:
- A holistic view of data across functions
- Ongoing visibility into performance and revenue analytics
- Back-end, cross-functional process automation
- Self-service tools
- Personalized support and seamless creator-platform experiences
- Increased creator monetization
Thriving in the creator economy
Social platforms have an opportunity to lead and accelerate the creator economy by using technology to meet creators’ evolving needs, providing personalized experiences at scale across the creator life cycle and focusing on opportunities to increase creator monetization and loyalty. A solution architecture centered on creator lifetime value can help drive engagement, acquisition, retention, and increased lifetime value by leveraging real-time data and modeling and providing personalized and seamless cross-channel engagement management.
Start your CLTV improvement journey today
Deloitte’s creator lifetime value services help platforms drive creator engagement, acquisition, and retention and increase CLTV. In addition to our technology solutions to improve how platform–creator relationships are managed and nurtured, Deloitte offers corporate and customer strategy services to help platform leaders understand how enabling creators drives business value and increases customer engagement.
We also understand the unique challenges facing the social commerce ecosystem at large and offer an array of services to solve them in an ever-evolving enterprise technology landscape. Connect with our contacts to learn more.
Endnotes
1 TechSmart, “Why many influencers are leaving Instagram,” February 9, 2022; Mike Donoghue, “Creators are seeking alternatives as big platforms vie for talent,” Fortune, February 7, 2022.
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