Influencer marketing is fast becoming one of the most popular ways to market new products online. Many brands are investing in Influencers to endorse their products over traditional marketing techniques and seeing great rewards.
The power of influencers
Influencer marketing has become so powerful that these social figures are now being favoured over celebrity endorsement. This is due to the fact that influencers have cultivated an audience, tailored relevant content and are genuinely concerned about what products/services they endorse. They have built the trust factor with their own audiences and therefore can ‘influence’ these followers in ways that most brands struggle to do.
This makes influencers a lucrative option for brands, not to mention a much cheaper one.
The flip side to influencer marketing is authenticity. When this type of marketing first took hold, it was so effective because the paid endorsement was not made clear to the influencer's followers. This meant that followers were buying products they thought the influencer genuinely liked, without realising they were just being paid to advertise and in some instances had no real interest in the product.
As well as a hidden endorsement, once savvy Instagram users saw the benefits of becoming an account with lots of followers aka, free stuff..duh! These users started building fake audiences quickly, made up of spam bots and other non-organic routes just to build their following to appear influential and popular on the channel. This meant lots of brands were paying ‘influencers’ who actually have no real influence at all.
Thankfully, Instagram pulled out the stops to help shed a light on these issues and new laws came into play to clamp down on both fake accounts and unfair representation. This led to a demand for “quality over quantity.” Hence the slow demise of the “macro-influencer” and the quick rise of the ‘micro-influencer.’
“A macro-influencer is an influencer who has risen to ‘stardom’ and has established a large following. Since their fan following is huge, reach and visibility is strong and they can have anywhere from 500,000 and 1 million followers. They tend to have a broad and diverse audience.”
The micro-influencer is a category of influencers that have more potential for bringing in business as most of their followers are unique and know them personally. Their trust level and engagement is considered to be higher. They tend to acquire more of a ‘loyal’ following. Think of it as a person who is more approachable and relatable, with a smaller, yet immensely dedicated following, micro-influencers are deeply connected to their audience. This type of influencer typically has between 10,000-100,000 followers. They are used by the likes of startups and low-budget players.
It can be said that micro-influencers leverage better than the macro-influencers for the following reasons:
-Their audience trusts them
-They are easily approachable
-They enjoy a high engagement rate
-They cost less than macro-influencers
So while macro-influencers may have more followers, their engagement rate may not be as strong as a micro-influencer.
Forbes stated that:
“While the overall following numbers do attract attention, engagement is the key factor in an influencer’s ultimate success when it comes to commercial viability. The concept that an influencer must have millions of followers to be valuable to a brand is misleading.”
Engagement rate is far more useful when it comes to conversion before you can drive conversions, you have to drive engagement. Therefore brands can benefit from using a micro-influencer to leverage their brand.
For a brand to receive the best ROI on a campaign, it is ideal to utilise more than one influencer, since micro-influencers don’t have the same reach as macro-influencers it can be really effective. We now understand that the concept of an influencer having a million followers can be misleading.
Micro-influencers have become a key part of an effective influencer marketing strategy for brands. This way of marketing can allow for more precise targeting. In short, macro-influencers can boost reach, impressions and brand awareness. However, in terms of increasing engagement and conversions, a micro-influencer is a better option.
Are micro-influencers right for your brand? You need to really look at your brand's goals and strategies. What exactly is it that you are wanting to achieve? There are specific factors you can look at when it comes to choosing an influencer suitable for your campaign. This includes assessing whether their content image is in line with your brand and also whether their audience is a quality one? With these 2 questions in mind, you will find a suitable influencer much more efficiently.
Are micro-influencers right for your brand? Here at Vast we have an in-depth knowledge of the industry and strong network of micro-influencers. We can offer an understanding of the most effective ways to grow brand awareness, favourability and, as a result, sales. Our team of experts keeps regularly up to date with the latest trends and updates. Get in touch to see how we can help.
Published by: Vast Digital in Uncategorised