The Rise + Success Of Micro-Influencer Marketing For Brands
Table Of Contents
Bigger Audiences Does Not Mean Better Engagement
From big-name YouTubers to newborn TikTok stars, influencer marketing has been one of the most prevalent marketing methods in the last decade. For many of us, watching one of our favorite internet personalities use and say how he/she loves a product often makes it preferable.
I personally have bought products recommended by influencers on various platforms, and so have most of my friends. As the social media influencer market grows into a billion-dollar industry, new types of influencers are emerging Instead of working with the big names only, nano and micro-influencers are also joining the playingfield. In this blog, Hollywood Branded discusses the rise of micro-influencer marketing and 4 of the main advantages to working with smaller influencers: it is affordable, accessible, authentic, and has high engagement.
What’s a Micro-Influencer?
A micro-influencer, as its name may indicate, is an influencer who has a lesser following than those social media gurus with millions of followers. They usually attract a number of fans and would engage regularly with their small but dedicated fan base. Although there is no set definition of a micro-influencer, their follower amount mostly lands between 1000 and 100,000. Unlike celebrity influencers, micro-influencers often have a very specific area of focus: fashion, technology, food…You name it! While they may not have a huge influence in their area of expertise, they are easier to reach out to and cooperate with.
Better Engagement Rates
Micro-influencers have been shown to have better engagement rates than bigger names when it comes to social media. According to a study that analyzed more than 800,000 Instagram accounts, “those with less than 1,000 followers generally received likes on their posts 8% of the time. Users with 10 million+ followers only received likes 1.6% of the time.” In turn, it makes the influencers who have 1k to 10k followers a great candidate pool when it comes to meeting follower engagement requirements.
For fashion micro-influencers, they gain popularity most likely because of the fans who like their fashion-related content. Celebrities, on the other hand, mostly have a mixed pool of fan demographics: those that follow for their glamorous red-carpet look, their newest screen work…and so on. For clothing brands that want to reach people who are potential consumers, collaborating with 50 fashion micro-influencers may yield better results than collaborating with a celebrity.
Banana Republic, for example, once worked with a set of micro-influencers on Instagram with campaign-specific hashtags such as “brmovesyou.” It creates a win-win situation where the influencers gain a certain amount of fame by being featured in the Banana Republic official account. Banana Republic, on the other hand, advertises its products to a selected pool of fans who respects those influencers for their fashion style.
Photo Credit: Markerly
Since micro-influencers mostly focus on a specific area and are generally regarded as topic experts, their recommendations often strike people as more authentic than celebrity endorsements. Compared to an official Instagram sales copy posted by a Hollywood Star, micro-influencers’ posts are often written in a more intimate tone. Unlike a celebrity, they are less burdened by their public image and have lesser restrictions when it comes to promoting a product.
In an age during which the Internet is filled with false information, people crave to grasp a sense of authenticity online. Thus, having micro-influencers promote your product gives you a bigger chance to land a better rating. Word of mouth is one of the most trustworthy marketing channels of all time. 70% of millennial consumers ask about their friend’s opinions prior to a purchase. Find someone with an audience who’s willing to share the love about your product and let the in-person recommendation do the rest.
Photo Credit: Instagram | @rachlmansfield
Micro-influencer marketing may be managed at a much more affordable rate. Compared to those with millions of social media followers, micro-influencers could settle for much less when it comes to monetary compensation. Although one’d have to work with dozens of micro-influencers at a time to match the amount of audience a celebrity could reach, their collective pricing may still be lower and more negotiable.
Aside from making a purely financial deal, micro-influencers can be paid through other creative means. For start-up brands or those with a tight budget, they can the influencer some of their product for free or at a discounted price. Whether it’s a sample package or a yearlong supply of goods, the amount of compensation and the amount of content produced are all open to negotiation.
Aside from physical compensation, a commission-based program is also a popular option. Brands may set up some sort of measurement such as a coupon given to those that clicks into the influencer’s shared link. By collecting the sales results, brands may pay the influencers based on how well his/her content helped with the actual campaign.
The final deal may be a combination of all those methods mentioned above and more. Yet, they still offer a much more flexible method of payment compared to the gurus that often come with an expensive, pre-settled package.
Photo Credit: Social Media Strategies Summit
Last but not least, micro-influencers vastly outnumber the big names in terms of headcount. According to a report by Mention, 15.7% of Instagram users have between 1,000 and 10,000 followers, which fits perfectly into the definition of a micro-influencer. Whether it’s cosmetics, technology, or travel, a brand could always find the influencers that best fit its interest. Although it might be time-consuming to locate all possible influencers available, platforms such as LiketoKnow.it are already trending by serving as the middleman that helps brands connect to various micro-influencers. The rise of those platforms proves that micro-influencer marketing is growing rapidly into a new trend. It has the potential to grow into a complete business chain and further expand the realm of influencer marketing.
Photo Credit: LiketoKnow.it
Find Your Micro-influencers Today!
Micro-influencer marketing is a relatively new marketing technique on the rise. It provides modern-day audience with the feel of authenticity they need, and partially alleviates the economic burden for many brands when it comes to expensive marketing fees. If done well, it may become one of the most efficient marketing strategies available.
Check out our other blogs on influencer marketing!
- COVID-19 Marketing: Leveraging Social Media and Influencers
- How To #7: 5 Steps To Tell If An Influencer Has Fake Instagram Followers
- College Greek Life In Social Influencer Marketing
- HollywoodBranded Best Of: Influencers
- Top Influencer Partnerships With Movies and TV Shows
This is just the tip of the iceberg when it comes to influencer marketing and all of its benefits. Hollywood Branded has a series of classes you can take to become an official influencer marketing expert! This class offers everything you could need to know and more - check it out below!