Influencer marketing is without a doubt a credible component of the marketing mix. In fact, research suggests that as much as half of young people in the U.K. purchased products that were promoted by influencers in 2017.
According to a survey of 2,293 adults aged between 18 and 30, consumers in the U.K. were five times more likely to buy products that were reviewed or promoted by an influencer (than someone who wasn’t). These results can be attributed to the fact that influencers bring authenticity to sponsored posts and that adds value to marketing campaigns.
While influencer marketing campaigns originally began with celebrities and brand ambassadors, brands have started to figure out that it’s not all about celebrity endorsement.
This is because while celebrities might have hundreds of thousands or even millions of followers if they don’t have the ability to change behaviours or influence the masses with their tastes, they don’t have influence over their audience.
Who are Micro-Influencers?
Micro-influencers are individuals who have gained a considerable amount of respect within a particular niche (travel, wellness, fitness, etc.). These individuals are deeply connected to their audience, and they can change the behaviours and tastes of others.
While the number of followed required to be considered a micro-influencer is always up for debate, anywhere from 10,000 and 500,000 followers on social media channels will suffice. In the grand scheme of things, it’s not the number of followers that really matter, it’s audience engagement.
Why are Micro-Influencers Important?
Compared to celebrity social media channels, micro-influencers have far fewer followers. However, engaging them in promotional activities can be more profitable because they have built trust and have nurtured a close relationship with their audience (and this is critical when it comes to purchase decisions).
Micro-influencer marketing is important because the influencer’s opinion is trusted, their audience is brand relevant, and they have the power to turn fans into loyal brand advocates. But to get the maximum exposure for your micro-influencer campaigns, a single mention by one influencer might not be enough.
Instead, it’s better to engage multiple micro-influencers to extend your reach. However, this won’t be easy as you’ll have to find relevant candidates, engage them, evaluate their channel, and this will be time intensive.
Micro-influencers on Instagram with over a 100,000 followers can command as much as $5,000, and that doesn’t include all the free stuff (that usually goes along with an endorsement).
When micro-influencers grow their audience and become more prolific, their fees will also increase. But marketers will need to tread carefully because engagement tends to drop as the audience grows.
For example, research suggests that individuals with less than 1,000 followers generally attracted likes on their posts about 8% of the time and generated comments about 0.5% of the time. When that number rose to over 10 million followers, the likes they received fell to 1.8% and generated comments about 0.04% of the time.
So there’s a clear downward correlation that can’t be ignored. So if you’re looking to engage a micro-influencer, what should you look for?
While there isn’t a sweet spot when it comes to the number of followers a micro-influencer should have, experts believe that the 10,000 to 100,000 range offers the best combination of broad reach and engagement.
In this scenario, the likes and comments rates often exceed those accounts with a higher number of followers. As the audience is keyed into their niche, you can get a higher return on your investment at a fraction of the cost you would typically have to pay a celebrity.
Micro-Influencer Marketing Today
Today, micro-influencers are more popular than ever within marketing. In fact, it’s one of the most successful strategies employed by marketers in the digital age.
This can be attributed to the fact that enterprises can gain as much as $7.65 in earned media value for every dollar spent on influencer marketing. So it’s not surprising that 57% of marketers have dedicated budgets for micro-influencer campaigns while another 37% plan to do so shortly.
As micro-influencer marketing grows exponentially, brands have to make an effort to identify the right influencer for their product and campaigns. Often, brands will look at a variety of statistics ranging from authentically grown audiences for individual campaigns, relevance, and the growth of their own USP.
However, whenever these statistics include personal data, regulations like the General Data Protection Regulation or GDPR will come into effect. Whenever this is the case, both the brand and the micro-influencer will have to have a reasonable justification for collecting and using this information.
Going forward, it will be imperative for brands to build a long-term relationship with relevant micro-influencers to connect with their target audience. As these advocates cover a wide range of niche markets, there’s a micro-influencer for just about any type of business.
For brands and micro-influencers, it will be critical to build strong and mutually beneficial relationships to help create authenticity and credibility without breaking the bank.
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Marketing Recruitment / Group Social Media and Marketing
James Gray Associates Ltd, Marketing, Payroll, HR & Reward Specialist Recruiters
Email: email@example.com Twitter: @JGA_Marketing Tel: 01727 800 377
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Mirreh, M. (2018). Half of UK Adults Have Bought Products Promoted by Influencers. [online] PerformanceIN. Available at: https://performancein.com/news/2017/12/06/half-uk-adults-have-bought-products-promoted-influencers/
McLaren, L. (2018). What would you do if your teenager became an overnight Instagram sensation?. Retrieved from https://www.theguardian.com/technology/2018/jul/22/what-would-you-do-if-your-teenager-became-an-overnight-instagram-sensation
Instagram Marketing: Does Influencer Size Matter? – Markerly Blog. (2018). Retrieved from http://markerly.com/blog/instagram-marketing-does-influencer-size-matter/
The Remarkable Rise of Influencer Marketing [INFOGRAPHIC]. (2018). Retrieved from https://influencermarketinghub.com/the-rise-of-influencer-marketing/
EUGDPR – Information Portal. (2018). Retrieved from https://eugdpr.org/