Influencer marketing has evolved significantly over the years, from its early days when celebrities like Kim Kardashian and David Dobrik were the go-to influencers for advertisers. Nowadays, the TikTok-ification of social media has caused a surge in the influencer marketing stratosphere. A majority of marketers who buy into influencer marketing are reportedly working with micro-influencers.
In this article, we explore the power of micro-influencers in influencer marketing. We examine the case for and against micro-influencers, discussing the advantages and disadvantages of each strategy. We also provide insights on how to make the most of influencer marketing, including tips for identifying the right influencers, setting goals, tracking performance, and measuring ROI.
Influencer marketing has come a long way since its early days when advertisers handed out wads of cash to celebrities and big-name influencers with large followings. However, as audience engagement started to wane, the rise of micro-influencers began. Nowadays, micro-influencers with between 10,000 to 100,000 followers on social media have become the sweet spot for advertisers looking to capitalize on peer-to-peer, word-of-mouth style marketing.
Looking at the numbers, micro-influencers with fewer than 100,000 followers cultivate around 60% more engagement than those with larger followings, per HubSpot. Additionally, smaller influencers are supposedly seen as more authentic than larger ones, and therefore more suited to touch on niche communities.
For an advertiser with a tight budget, micro-influencers are a big get considering the average pay rate for U.S. micro-influencers hovers around $1,000, whether that be on Instagram or TikTok. In comparison, a macro influencer with between 500,000 to a million followers could run an advertiser for $4,000 on TikTok and $10,000 on Instagram.
There are several advantages to using micro-influencers in influencer marketing. First, micro-influencers have a more engaged and loyal following, which can translate into better results for advertisers. Unlike big-name influencers, who often have a wide range of followers with varying interests, micro-influencers typically have a niche following that shares similar interests and values. This means that they have a better chance of resonating with their followers and driving engagement.
Second, micro-influencers are more affordable than big-name influencers, making them a great option for advertisers with a tight budget. As we mentioned earlier, the average pay rate for U.S. micro-influencers is around $1,000, whereas big-name influencers can cost upwards of $10,000 or more.
Third, micro-influencers are often more authentic and relatable than big-name influencers. They are everyday people who have built a following based on their passions and interests, rather than their celebrity status. This means that they are more likely to create content that feels genuine and resonates with their followers.
While there are several advantages to using micro-influencers in influencer marketing, there are also some disadvantages to consider. One of the main disadvantages is that working with several micro-influencers can be more time-consuming and complex than working with a single big-name influencer. This is because advertisers need to identify, negotiate, brief, and contract a handful of influencers, as opposed to working with a single larger influencer.
Another disadvantage is that tracking metrics can be more difficult when working with several micro-influencers. Advertisers need to track spend and performance across several different accounts, making it more challenging to get a clear picture of how the campaign is performing.
Finally, working with smaller creators can also present a risk for brands if the partnership is inauthentic. Brands risk a public backlash if the partnership feels forced or disingenuous. Therefore, it’s essential to ensure that the partnership is authentic and aligns with the brand’s values and message.
Whether you choose to work with micro-influencers or big-name influencers, there are several tips to keep in mind to make the most of influencer marketing.
The first step in making the most of influencer marketing is to identify the right influencers for your campaign. This means identifying influencers who align with your brand’s values and message and have a following that matches your target audience.
Once you have identified the right influencers for your campaign, the next step is to set goals. This means defining what you want to achieve with your influencer marketing campaign, whether it’s driving sales, increasing brand awareness, or boosting engagement.
To measure the success of your influencer marketing campaign, it’s essential to track performance. This means tracking engagement rates, click-through rates, and conversions to determine how well the campaign is performing.
Finally, it’s essential to measure the ROI of your influencer marketing campaign to determine whether it’s worth the investment. This means tracking your return on investment and comparing it to the cost of the campaign to determine whether it’s generating a positive ROI.
In conclusion, influencer marketing has evolved significantly over the years, with micro-influencers gaining popularity as a more authentic and affordable alternative to big-name influencers. While there are advantages and disadvantages to using micro-influencers in influencer marketing, there are several tips to keep in mind to make the most of your campaign. By identifying the right influencers, setting goals, tracking performance, and measuring ROI, you can ensure that your influencer marketing campaign is a success.
First reported by Digiday.