It’s no secret that influencer marketing is a powerful tool to grow your brand. In fact, a recent survey found that almost 84% marketers have at least one influencer marketing campaign running in 2017. Advertising through influencers is win-win-win situation for brands, influencers and consumers. When recruited correctly, influencers can bring an authentic feel to the endorsement, a loyal base of followers for themselves and a trustworthy review for their readers (and potential customers). We often think of celebrities as the ‘true’ influencers: they promote products to millions of fans and endorse brands in commercials and on social media. However, this type of campaign can be very expensive and perhaps not super effective for reasons we will describe below. Instead, we suggest that brands turn to micro influencers.
Micro Influencers are authentic
Influencer marketing leverages the trend-setting power of influencers, big and small. They build customer trust by writing only about products they are interested in (niche marketing), create quality content and engaging with their followers in a natural, authentic way. The authenticity we are talking about is best brought by micro-influencers: niche bloggers with a following of 1K-10K. Instead of posting sponsored ads, brands can partner with influencers to promote products in much more personal way. Micro-influencers are social media users who typically specialize in a particular niche and are passionate about it. While their following is fairly small compared to that of a typical celebrity, they can actually get higher engagement rates and more loyal followers.
For example, a study by Markerly states that Instagram users with fewer than 1,000 followers had 8% “like” rate, while users with more than a million followers – only 1.7%. They also found the sweet spot of influencer follower range: a user with 10K-100K followers is likely to offer the best combination of engagement and reach rates.
Another reason micro influencers are a great advertising channel is their highly targeted audience. Taylor Swift, a celebrity influencer, has 104 million followers and can offer a variety of niches to promote products to. However, the majority of these followers might not even be interested in your product. A micro-influencer, on the contrary, will have “only” 10,000 followers, but with a guarantee that 75% of them would actually be interested in a product in their interest niche. That’s 7,500 potential customers! That’s why it is recommended to go after several micro-influencers rather than one celebrity endorsement.
Micro Influencers are affordable
No, they’re not cheap and need to be paid for their hard work. But when compared to celebrity endorsements, which may cost up to $75,000 per placement on instagram, micro-influencers usually charge less than $500. Granted, we recommend partnering with at least 100 influencers using a simple influencer management tool like Mediarails. It will still be cheaper and more effective than buying a sponsored placement from a “big time” celebrity.