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Opinion formers are formal experts. They work in this area, may be qualified or professionally trained and have significant specialist knowledge about the subject.

Opinion leaders are informal experts who carry out research and whose knowledge is valued amongst family, friends and followers.

As Lazarsfeld, Berelson, Gaudet, Katz and Rogers observed, the opinion leaders, or influencers, are key to spreading the word about new products and services. These influencers are generating an income from their online following and, according to Forbes.com (O'Connor, 2017), a paid-for social media post can be very lucrative, with fees of $25,000 paid to a top yoga teacher (e.g. Rachel Brathen) for their endorsement or $3000 to $5000 paid to a recognised fitness instructor.

The fees can be higher for specific social media platforms where they have greater numbers of followers and fans, for example:

 $300,000 for a YouTuber with 7 million subscribers or more

 $200,000 for Facebook

 $150,000 for Instagram

In our digital age, as celebrities charge more and more to promote brands, brands are turning to alternatives. We have seen the development of a new type of opinion leader, the micro-influencer. Forbes.com suggested that ‘an Instagram user with 100,000 followers can command $5,000 for a post made in partnership with a company or brand’ (O'Connor, 2017, p. 1).