How Not To Break Your Bank
Influencers seem to be the hottest topic in marketing these days. Brands are paying tens of thousands of dollars hoping to put their product, message or service into the hands of an almighty social media celebrity (also known as macro influencer) to sweep the internet and generate massive sales for the business.
Though this strategy used to work, the power of these social media stars with ridiculous sized audiences has quickly began to dwindle. In this blog, Hollywood Branded shares three insights to create affordable influencer marketing that sells.
Is Bigger Really Better?
When it comes to influencer marketing these days, bigger is not always better. The power of influencer marketing has shifted from mega personalities into the hands of their smaller, more nuanced counterparts, "micro influencers".
If you aren’t quite sure who these small but powerful social players are – micro influencers are knowledgeable and passionate social media personalities that have smaller and more engaged audiences. These influencers typically have a follower count between 1,000 and 10,000 people. Although micro influencers may not have the reach of a celebrity sized influencer, their effectiveness is not to be doubted. Below are three (3) reasons why micro influencers should be on every brand marketers radar.
They Have A More Engaged Audience
First of all, content produced by micro influencers performs significantly better than macro influencer’s posts. Influencers with a follower base of 10,000 to 100,000+ typically garner a 2 to 3 percent engagement rate per post, whereas micro influencers typically receive an 8 to 10 percent engagement rate per post – that’s 3x better!
They Are More Trustworthy
Secondly, influencers gain an audience from people that perceive them to be experts in their respective field. The smaller the following an influencer has, the more trustworthy they appear.
As an influencer’s follower count increases, individuals begin to perceive that influencer as a paid extension of the brand as opposed to a trusted expert. Therefore, the deep connection that micro influencers are able to maintain with their fan base allows for their posts to be perceived as more relatable, trustworthy and genuine, ultimately achieving every brand’s goal for an influencer campaign.
They Are More Cost Effective
Lastly, some of today’s macro influencers are demanding upwards of $10,000 for a single post. And celebrity influencers can be 10x or more than that fee. Most brands simply do not have the funds to do this, making it quite difficult for them to compete in the influencer space.
Fortunately, working with micro influencers can be an opportunity to overcome the potential outlay of some of these exorbitant costs. Because micro influencers do not have large followings, many of them charge very little per post and can sometimes even be free!!!! Many micro influencers are often times more than happy to work with brands in exchange for free product or early access to product releases, both of which are cheaper than paying out large sums of money up front.
The Guide To Working With Social Influencers
So, is only working with micro influencers the answer to all of your influencer questions and/or concerns? Probably not...but they are certainly a step in the right direction. Like any form of marketing, working with micro influencers surely have their own challenges to overcome but working with an agency that has the knowledge and expertise in this space will absolutely help to mitigate these challenges moving forward. In fact, read our blog to learn 5 ways to make your brand stand out to influencers!
Are you interested in learning more on how your brand can work with social media influencers? Download The Only Guide You Will Ever Need To Social Influencer Marketing to help you get started on your way!