Whilst the online world provides more opportunities for businesses, it makes for a more competitive market. Lead generation and acquisition can be challenging when you’re up against the masses, so finding different avenues of marketing is crucial.
Celebrities are somewhat considered to be influencers in their own right, however, a new breed of influencers has evolved through social media. There are hundreds of thousands of influences across the globe generating millions for brands and it’s thanks to their influence.
However, to be an influencer, you don’t need millions of followers. The popularity of micro-influencers has grown and many businesses are finding the appeal and engagement potential with this type of influencer. So how can your business take advantage of micro-influencer marketing?
- What are micro-influencers?
- What are the benefits of using micro-influencer marketing?
- What kind of businesses can benefit from micro-influencers?
- Why is micro-influencer marketing so popular?
- The caveats of micro-influencer marketing
- Tips for finding the right micro-influencer
- Use micro-influencer marketing to improve engagement
What are micro-influencers?
Influencer marketing, it’s one of the best for ROI currently, beating email marketing, organic search, etc. It’s considered one of the most cost-effective methods of marketing by 35% of marketers for acquiring new customers.
Micro-influencers are essentially what it says on the tin. They’re hyper-specific influencers that have a lower following but are more specific in their niche. They also tend to have a higher engagement and influence over what their followers buy or engage with. Influencers that have less than 25,000 followers are commonly known as micro-influencers.
It’s common for larger influencers to see a drop in their engagement rate and as a business, it’s important to work with those who will help sell or promote your product/services.
What are the benefits of using micro-influencer marketing?
Having a micro-influencer marketing strategy can contribute positively to your business in many ways. Here are just a few reasons why it’s beneficial to use micro-influencers in particular.
Refines focus toward your audience
Micro-influencers can help refine your focus on your company’s target audience. For some businesses, they may have more of a specific niche that requires a certain type of following and bigger influencers are not likely to provide that in comparison to those micro ones.
Boosts your revenue
Any business wants to improve upon its revenue and when it comes to micro-influencers, they are likely to inspire more of their following to purchase from your business. Businesses will make around $5.20 for every $1 that’s spent on influencer marketing.
This is one of the reasons why micro-influencers are better because they’re more likely to convert their following into customers for you.
Their following becomes your following
A successful marketing campaign or method is not just assessed on its financial gain but how it contributes to your business’s own growth on social media. When you work with influencers that have a following that matches your target audience, they’re more likely to follow even if they don’t purchase anything initially.
Reputation is important for any business, especially in some industries that are heavily saturated with competition.
What kind of businesses can benefit from micro-influencers?
There are many businesses that can benefit from micro-influencers but not every business will need it. If you’re wondering whether your business could make use of these influencers, here are a few examples.
- Small businesses or start-ups.
- Businesses with a unique niche.
- Big-name brands looking for specific audience types.
- Those who don’t have much of an online following.
Micro-influencers can drive awareness and can increase conversions for any businesses that use them when it comes to marketing.
Why is micro-influencer marketing so popular?
Micro-influencer marketing has become so popular, particularly for those who cannot afford to spend a large amount. It’s another avenue to explore when it comes to marketing and it is paying off for many of the brands who utilize them.
One of the reasons why it has become so popular is likely down to the increase in social media usage across the world. According to Smart Insights, more than half of the world’s population uses social media.
With the influencer marketing industry being forecast at $13.8 billion in 2021, it’s a wealthy industry to take advantage of, regardless of how big or small your business is. The same article states that 17% of companies devote more than half of their annual marketing budget to influencer marketing campaigns.
Despite B2B marketing being competitive, introducing micro-influencer marketing can help you target the right audience. It also helps make full use of the budget you spend on this type of marketing.
Knowledge of these micro-influencer marketing statistics can definitely help influence your marketing strategy for business.
Examples of brands that have successfully leveraged micro-influencer marketing
As a business, it’s useful to see evidence of how effective micro-influencer marketing can be, especially when you’ve not implemented it before. With that being said, there are a few micro-influencers examples of brands that have successfully leveraged this marketing opportunity.
A relatively new beauty brand to the industry, Glossier has utilized the help of influencers both big and small to generate promotion on a major scale. Through the use of micro-influencers, they encourage their users to share their favorite Glossier products.
The brand has over five hundred ambassadors helping spread the brand through beauty reviews, how-tos, and more.
Prestigious watch brand, Daniel Wellington has made use of micro-influencers from a variety of backgrounds. Creating personal discount codes for their influencers, it’s helped generate more sales as a result.
A recent example of their partnerships with influencers can be seen on Scuba and Shadow, a pet influencer account. The post, in particular, has reached thousands and ultimately helps towards sale conversions.
These micro-influencer marketing case studies are a great example of how useful they can be for your business.
The caveats of micro-influencer marketing
Just like anything in marketing, there are some caveats of micro-influencer marketing. Knowing these disadvantages can help make better-informed decisions on who you work with and how much time and effort you spend on this marketing.
More research is needed
Research is necessary to ensure the right influencers are being selected. Not all businesses have the available resources to commit time to this research. As a result of that, the wrong influencers will be picked and that might reduce the success you have as a result.
Lower reach available
Even though these types of influencers provide a more specific niche and target audience, they won’t have as big of a reach when it comes to influencers with bigger influencers.
Potential for less engagement
If you’re not working with the right influencers, then this could impact the amount of engagement you get with your marketing campaigns. That’s why it’s important to work with the right profiles, regardless of what social media platforms you’re targeting.
Tips for finding the right micro-influencer
Now that you know the benefits of this marketing type, it’s time to answer the question of how to find micro-influencers. An effective micro-influencer marketing strategy requires the right individuals to help represent your brand.
Conduct research on social media platforms.
Before you go selecting any influencers, it’s important to first conduct research. Look at each platform as a separate channel when searching for the right individuals. Search through your following as the first point of call as you may already have those with a micro-sized following who already love and engage with your brand.
Hashtags are a great way to find the influencers who are already talking about your brand or anything in relation to your brand. Whether it’s the brand or product name or a category related to it, hashtags are a great source of knowledge for finding influencers.
Use Google for finding influencers.
Google and other search engines like Bing are a great opportunity for finding influencers. Using certain keywords can help discover those influencers whether they’re a blogger, YouTuber, etc. It can also help to find influencers that are more local to your business and may prove more useful.
Check they’re posting regularly.
Even though the influencers you’re looking at, tick all the boxes when it comes to the right audience but it’s important they’re posting regularly. If they’re not posting regularly, then it can impact the amount of engagement and reach your posts will get when working with the individual.
Ask for their statistics.
One of the most important tips for finding the right influencer is to ask for their statistics. There’s only so much data you can gather yourself, such as the average engagement rates, likes, and comments. However, there will be further information on the demographics of the audience that will be helpful to know.
Use micro-influencer marketing to improve engagement
Micro-influencers are a great source of marketing for your business. If you’ve got the available budget to do so, using micro-influencers can be a great contribution to your marketing strategy overall.