The influencer marketing industry has been growing steadily for quite some time now and is currently on track to become a $15 billion industry by 2022. While influencers are scoffed at by some for being pseudo-celebrities who monetize their appearance through paid sponsorships and brand endorsements, content creators are so much more than that – and Gen Z knows it. In fact, 44% of Gen Z members have purchased a product recommended to them by an influencer. With Gen Z’s purchasing power rapidly increasing (estimated at nearly $100 billion), influencer marketing is a pivotal strategy for marketers to adopt. In fact, it is predicted that nearly 3 in 4 U.S. marketers from companies with 100 or more employees will use influencer marketing in 2022. For brands without a monumental influencer marketing budget who want to see high engagement, micro influencers hold the key to success.
Different Types of Influencers
Influencer marketing does not adhere to a one-size-fits-all approach. Put simply, the number of followers that an influencer has does not directly correlate to the amount of engagement, website traffic, or sales that will come from that partnership. In fact, research has found that influencers with fewer followers actually produce a higher engagement rate. With that said, let’s take a closer look at the different types of influencers.
- Nano – under 10k followers
- Micro – between 10k and 50k
- Mid – between 50k and 500k
- Macro – between 500k and 1M
- Mega Macro (essentially celebrities) – 1M+
Nano and micro influencers are small but mighty. Since they have super niche audiences who value their content, their engagement rates can be as much as 7x higher than those of mega influencers. 2021 is the time to take advantage of the many benefits of working with these valuable creators!
Benefits of Working with Micro-Influencers
Due to their more niche audiences and dedicated communities of followers, micro influencers are able to create a sense of authenticity and credibility that macro influencers and celebrities are unable to muster. Therefore, their recommendations come across as trustworthy – almost like recommendations from friends or family. Since these smaller creators come across as relatable and approachable, their posts receive consistent high engagement and their followers are more likely to buy recommended products. In fact, 82% of survey respondents identified themselves as highly likely to follow a micro influencer’s recommendations.
Not only are micro influencers more engaging than macro influencers, but they are more cost effective too. If you don’t have the hefty budget to dole out on creators with massive followings, there are most certainly micro influencers who will work within your budget. Another plus, since micro influencers are less costly, brands have the opportunity to work with several influencers (reaching more communities) for the price of one major creator.
Lastly, micro influencers may be more open to forming long-term partnerships and working with brands on an ongoing basis. Long-term strategies have been found to be more effective when it comes to influencer marketing, as they work to build brand familiarity and trust.
How to Work with Micro Influencers
The first step in working with micro influencers is to outline your brand’s goals and expectations. What are you seeking to get out of the partnership? Whether you are looking to increase site traffic, drive sales, increase followers, or raise brand awareness, you will need to set KPIs prior to partnering with an influencer.
Once your goals are set, you are ready to partner with a creator! It is important to partner with an influencer who aligns with your brand’s values and shares your target audience. Other factors to consider include finding influencers that are local to your area if your brand is regional as well as being sure to consider diversity and inclusion when selecting a brand partner.
Lastly, consider partnering with an experienced agency to ensure that all of your influencer marketing campaigns go smoothly. For more information about influencer marketing, contact Anvil.