Instagram influencer marketing is growing and has surpassed the $1 billion mark in 2018 and it is now estimated at over $2 billion.
There is no doubt Instagram gives brands access to a large audience in the current social media scenario. And with the proper optimization, you can target your campaigns with the right influencer and get more worth for your marketing money.
For small business owners with limited budgets, micro-influencers provide great opportunities and value. Right off the bat, here are some statistics that could convince brands –
Influencers with 10,000 followers or more have just 3.6 percent engagement.
Influencers with 5,000 to 10,000 followers have 6.3 percent engagement.
And influencers with 1,000 to 5,000 followers have the highest engagement at an 8.8 percent engagement rate.
This can be a game-changer for brands in terms of the possibilities that could open up for their campaigns.
The niche of micro-influencers isn’t just a subset of the larger influencer marketing trend. The advantages do not just limit themselves to immediate engagement rates on the posts. Here’s a shortlist of other benefits for micro-influencer marketing.
Benefits of micro-influencer marketing
Countless options of micro-influencers on Instagram
According to a report by Mention, 15.7% of Instagram users have between 1,000 and 10,000 followers, which is right in the niche of micro-influencers.
And you can expect to find these micro-influencers in just about any category imaginable. Influencer marketing has expanded into places like B2B and non-traditional sales. No matter what you sell — whether it’s business software or random goods and services — there’s likely to be a micro-influencer or dozens of micro-influencers for you to choose from.
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They provide the highest engagement rate
An influencer survey by Greenroom found that not all followers for celebrities may be real. This is to be expected to a certain degree — bots can target successful accounts, and the scale of influencers is likely to attract all kinds of people, real and otherwise. At the same time, there’s likely to be very little problem with fake followers for micro-influencers. You can know that the followers you’re targeting are real people and the engagement is authentic.
The traditional celebrity influencer with hundreds of thousands of followers feels more like a celebrity than a friend to the consumer. Is that good or bad? With micro-influencers, this isn’t the case. These are people who are much more relatable and at peer levels with consumers. Relatability is one of the main reasons why followers like micro-influencers. This feature seems to trump popularity.
Micro-influencer strategy tips
Metrics have to be carefully designed
When it comes to stats, there is more than just engagement to determine a successful influencer campaign.
For a celebrity with around 200 million followers, the engagement rate wouldn’t be more than 5%, whereas for smaller influencers brands can expect that rate to double.
You can also go deeper on measuring the ROI by tracking direct sales from the campaign from custom URLs and by using UTM parameters. Another way to measure ROI is to calculate the amount you typically pay for reach and conversion through social advertising and then apply those numbers to the reach and conversion you get from your micro-influencer campaign.
Payment doesn’t come in big numbers
Great influencers will naturally want to be compensated, but the good news is that it doesn’t always have to be financially if you’re on a tight budget. This is especially true of micro-influencers. They’re less likely to come with big price tags like the big-time influencers do.
Brands can offer the influencer shout outs on your blog, website, or newsletter. Brands can also give them products or services for free. Some brands have even offered influencers a free supply of their product for a year in exchange for a certain amount of content.
Certain incentivized methods can also work. For example, a referral program where a certain amount of commission for every 1,000 people reached, or sale, or whatever your goal is.
Set your brand’s priorities straight – Expertise, Authority, and Trustworthiness
It’s the same acronym used by Google to optimize its search algorithm. These are qualities that your consumers and followers care about. Trust, especially, is one that really resonates with people today in the time of fake profiles. Nearly two out of every three consumers say that they trust influencer messages about a brand more than a company’s advertising about their own brand. If you can judge your potential influencers according to these parameters, then your campaign is going to be in a great place.