Influencer marketing on Instagram is now over a billion dollar industry.
The decline of traditional TV and the growth of social media have given rise to influencer marketing, now one of the fastest growing categories in advertising and projected to be a $5-10 billion market by 2020. Instagram is one of the most quickly developing segments of the growing influencer marketing market.
It’s because it works: influencer marketing campaigns boast some of the highest ROI metrics available to marketers today. But its effectiveness also means the price of entry can be exclusionary for most teams.
But what if there was a way to see explosive ROI with influencer marketing on a scale that wouldn’t eat up half of your monthly marketing budget?
So What Is a Micro-Influencer?
Micro-influencers are brand advocates who have a deeply engaged, niche audience. They generally have between 1,000 and 10,000 followers, and while they don’t boast Kardashian levels of stock-affecting social influence, they do offer opinions that are deeply trusted by their followers, who are generally like-minded folks looking for real talk.
Check out the difference:
Traditional Influencer: @yoga_girl
- Followers: 2.1M
- Projected Cost Per post: $25,000+
- Content: broad focus with less engagement per post
Rachel Brathen is one of the most well-known influencers in the yoga community on Instagram, boasting a reach of over 2 million followers. Her content ranges broadly from her family life to her yoga practice.
However, according to Forbes, because of Brathen’s expansive reach and position as a thought leader on the platform, she charges a minimum of $25,000 per sponsored post.
- Followers: 8.9K
- Projected Cost Per post: $130
- Content: narrow focus with engaged community
Anna Guest-Jelly runs the Instagram account @curvyyoga, and while she posts somewhat similar content to Brathen, her content is more narrowly focused. Guest-Jelly’s account also features pictures of her yoga practice and family life, but her content is all laser-focused on accessible, body positive yoga.
Because of this narrowed focus, Guest-Jelly’s account (and others like it) have followers that makeup deeply engaged, niche communities – and Influence & Co. estimates sponsored posts on accounts with similar follower counts to Guest-Jelly’s will only cost you around $130.
Why Do Micro-Influencer Matters?
Though micro-influencers have far fewer subscribers than their million-plus peers, engaging them in the promotion of online stores can be more profitable. It turns out that trust and close relationship with the audience is critical for purchasing decisions. So, what exactly makes e-commerce companies choose micro-influencers?
Three simple statistics:
- 60% higher engagement
- Underpriced (6.7X more cost-efficient per engagement)
- 22.2% more weekly conversations than the average consumer.
60% higher campaign engagement rates are driven by micro-influencers; those campaigns are 6.7 times more efficient per engagement than influencers with larger followings, which makes them more cost-effective; and micro-influencers drive 22.2 times more weekly conversations than the average consumer.
Because they are personally invested in their crafts, micro influencers are trusted sources of recommendations for followers.
Just because an influencer has hundreds of thousands, or millions, of followers doesn’t mean that the specific campaign will be more effective than if a marketer or brand works with an influencer with fewer followers.
Not only do micro-influencers have more conversations, their unique position somewhere between the average joe and thought leader lends itself perfectly to brand endorsements that don’t feel forced. This unique ethos makes them more able to be direct in their recommendations with 74% using a “buy it or try it” call to action in posts.
So, why aren’t you working with influencers?
Now that you know why do micro-influencers matters, get out there and start collaborating with influencers that are a good fit for your brand. If you are a brand hoping to learn how we can help you with your influencer campaign, be sure to drop us your queries and contact us to email@example.com
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