They say “ go big or home” but that may not be the case in influencer marketing. The latest statistics show that micro-influencers- influencers with 10,000 or fewer followers are getting the best result when it comes to helping brands gain online presence. They are often able to help brands achieve more engagement and more clicks. The Influencer Marketing Report 2020 shows the influencer marketing industry to hit $7.9 billion in 2020. However, the trend has shifted from celebrities to micro-influencers. Brands and small businesses are now working with influencers who have 1000 – 10,000.
According to Socialbakers, approximately 40% of all brand partnerships were with micro-influencers in the last six months, and the next largest share of brand partnerships was with nano influencers- influencers with less than 5,000 followers. Macro influencers at the other end got the least percentage, 3% of brand partnerships. The report added that the condition of the economy has made marketers turn towards a less costly partnership for their campaigns, but we do not see this going away soon, whether in 2021 or beyond.
More marketers and brands are beginning to think about micro-influencer marketing despite the stability in the budget. However, micro-influencer marketing affords brands with smaller marketing budgets who wish to enjoy the merits of influencer marketing an affordable option. Unlike paying exhaustive amounts to macro-influencers, the same budget can go into engaging a mix of micro and nano influencers who will help you dominate the internet.
Malaysian YouTuber, Jin Lim says brands may now consider working with micro-influencers as they are more affordable. According to him, mega influencers may be expensive and mostly targeted towards one niche, but brands can reach up to 19 different audiences with micro-influencers, even with the same budget.
Cost and Quality
The choice of influencer depends on the nature of the campaign. While micro-influencers are great for driving more engagements, macro or mega influencers help generate awareness. This sometimes makes brands and marketers use a mix of macro or mega influencers and micro-influencers.
Marketers and brands now opting for micro-influencer marketing is not to say that quality has been sacrificed. Rather, it is a quality influencer marketing strategy that yields effective results every time. Micro influencer marketing as a strategy generates a better and effective result than putting all your money in a big container that won’t go round. It is rich, quality ridden, and affordable at the same time.
When it comes to choosing influencers to push your brand or product, cost shouldn’t be a determining factor, rather, it should be the quality of the campaign or strategy. Finding the right influencer that can develop quality content to connect and resonate with your audience is the most important factor to consider.
Influencers with a smaller follower base often pull off higher engagement as their followers see them as “people like me”. Their audience perceives their content to be more genuine and the brand more approachable. Working with micro-influencers helps brands to foster meaningful connections with their community/audience.
So far, brands and marketers have witnessed growth, deeper impact, and greater reach due to micro-influencers across different platforms. Maybe you have toyed with influencer marketing in the past, now is the time to leverage the engagement power of influencer marketing.
Finding the right influencer is key. It’s a major factor that determines if you will achieve your aim of trying out the strategy. To find micro-influencers for your brand, you will have to identify those influencers in your niche and build a relationship with them. In other cases, you have to do comprehensive research to identify influencers to use.
Also, you have to consider where your target audience spends time. If your target audience are teenagers and young adults, you will often look for influencers on Instagram, Twitter, or YouTube. If your target audience are older people, you may want to look for influencers in Facebook groups.
A much simpler approach to find micro-influencers is through influencer marketing tools like Humanz, a platform that allows you to find relevant influencers easily. Humanz is a full-service influencer app that helps you to track and manage influencer relationships. It is a unique approach to finding relevant influencers with engagement potential.
Humanz is best for brands and marketers who are looking to drive engagement with quality content and campaigns. It simplifies the entire process and removes the stress of finding influencers for your brand.