Influencer Marketing today is an upgraded approach to the most effective form of marketing since the Industrial Revolution – Word of Mouth. It allows your business to increase reach, stay relevant, and influence buyer behavior authentically.
With 82 percent of consumers saying that they would be very likely to follow a recommendation from a micro-influencer and 65 percent of consumers discovering a new brand or product through an influencer at least once a week – your potential customers are motivated by consumers.
Our boutique travel and lifestyle public relations agency spotlights our partner agency, The Stylista Group, and shares insights about micro-influencer campaigns as the most effective form of Influencer Marketing.
What is Micro-Influencer Marketing
Unlike macro-influencers and mega influencers (celebrities) who boast millions of followers, micro-influencers can range between 10,000 to 100,000 followers. Micro-Influencer Marketing is a social media influencer marketing strategy that enables a more focused approach to find your target audience in a niche market whilst maintaining a considerable reach.
This approach often results in higher ROI.
Finding Your Niche
Micro-influencers have a competitive advantage due to their hyper-engaged and loyal following. Consider mega influencers such as celebrities, who have so many followers that interests can vary.
On the other hand, micro-influencers tend to be highly engaged with their audience because they work harder to maintain their following and often focus on specific content within a niche. Being niche enables them to sustain their influence over common interests with their followers.
#fashionblogger to #foodblogger
‘’Micro-influencers have 22.2 times more conversations weekly about buying recommendations compared to the average consumer.’’
Influencer Marketing Hub 2021
With the internet accelerating the growth of information accessibility combined with conscious consumerism, it is more important than ever for brands to ensure that their advertising efforts are genuine and brand values align with the customer.
Although mega-influencers may appear more impactful, they are not relatable. For example, if a celebrity promoted a Target handbag with a good recommendation, followers may think that the promotion is only for monetary gain.
Customers are also inundated with information from brands every day. How do you as a business cut through the noise whilst positioning your brand as credible? Saying you are trustworthy is not enough today – this is why peer-to-peer marketing builds authenticity amongst your potential buyers.
In a 2019 global survey, 87 percent of consumers were inspired by an influencer to purchase from a brand. Micro-influencer campaigns have become a credible and genuine marketing channel to influence buyer behavior.
The micros are more affordable than macro and mega influencers. Let us use Instagram as an example as 67 percent of brands use Instagram for Influencer Marketing. Micro-influencers tend to charge between $100 – $2500 per post depending on follower count. Whereas influencer profiles reaching millions can start from $10,000 per post, that is only affordable for businesses with bigger marketing budgets.
Additionally, your marketing investment in influencers goes further than solely generating leads for your business, it can generate content. According to a 2020 Influencer report, ‘’80 percent of brands say they have increased the amount of content they produce’’ – meaning that their investments in influencer marketing are also enabling them to promote more content on the business’s digital platforms. And as a bonus, your business has more positive customer testimonials guaranteed.
Better ROI, More Value
The ability to relate to your customers evokes emotional buyer behaviors – so it’s no surprise that ‘’89 percent of marketers say influencer marketing ROI is as good or better than other marketing channels’’.
Nano-influencers (generally under 10,000 followers) are similar to micro-influencers in terms of accessibility to a niche market. And, nano-influencers may achieve higher engagement rates depending on the product or service on offer due to their close community of followers. However, micro-influencers offer
- further reach;
- higher impressions and conversion rates; and
- greater brand awareness
At the same time, they continuously maintain a high level of trust amongst their followers. Micro-influencer campaigns can generate more focused leads as they tend to be more experienced too.
To conclude, Influencer Marketing is expected to reach a market size of $10 billion – it is clear that peer-to-peer marketing and word-of-mouth is still the most valuable method to generate customers and revenue for your business.