Influencer marketing is always one of the best marketing strategies brands follow, and it is the best strategy to grow your brand quickly. But always brands need to spend a large portion of their marketing budget to get an endorsement from an influencer with millions of followers. If it is a new brand, the budget is always a constraint for them, and the risk is also high. Because, if the campaign didn’t work well, then they are losing a huge amount of money.
Then what’s the next best strategy?
It is none other than, approaching micro-influencers.
Who all are micro-influencers?
Micro–influencers are individuals that have between 1,000 to 1,00,000 followers and are considered experts in their respective niche. They could be a travel blogger, a food blogger, a local fashionista, or a fitness guru – just to name a few.
Studies show that the engagement rates for micro-influencers in a particular niche have more engagement rates than influencers with millions of followers. More the followers, the lesser become the engagement rates. Also, micro-influencers are more affordable than influencers, some may provide reviews or promotions for free. Their audience is more likely to trust them than a large influencer.
How to choose micro-influencers?
- Create a list of Influencers from your niche.
- If you couldn’t find influencers from your niche, then find influencers who have have a large intersection of your audience.
- Always go for influencers with good engagement, average engagement per content is important than their followers count.
- Check the views/reach of the last 10 contents and give priority on the basis of average engagement.
- The style of product endorsement is very important, viewers should not feel it as an advertisement. Even though all viewers should notice the product. So always check how these influencers are promoting and endorsing other products. Go through the comment section of the product endorsement videos and check what people are talking about the product they promoted.
- It is always good to partner with influencers, ready to partner on a long term basis.
How to finalize the budget for micro-influencers?
- I always recommend you guys to provide commissions rather than fixed upfront money. Ie, We can pay commissions based on the revenue, installs or website hits came from their content. But most of the time, influencers may not ready for that, in that case, fix an amount based on the minimum assured views for the content.
- Calculate the upfront money based on the expected returns on investment. For example, if the video got 100000 views, then 10000 users may notice your product and 1000 users install your app or visit your website, out of that 100 users may purchase it.
- If you are going with a commission-based model, then provide an attractive commission %. Which should tend the influencer to promote more and earn a commission. This will also help you to achieve more revenue.
How to track micro-influencer campaign success?
Always fix a campaign objective before launching the campaign and measure success based on the objectives. ie
- If your objective is App installs, then measure the increase in app installs after the campaign launch. Always provide a tracking link to track the installs. You can track the installs by providing UTM links or using attribution tracking tools like Singular, Appsflyer, etc.
- If your objective is revenue, then track the increase in revenue after the campaign launch. You can provide an offer coupon code to users to track the exact revenue from the campaign. Also, you can track the revenue with the help of the above-mentioned attribution tools.
- You can track the registrations or website visits easily using google analytics.
- To measure brand awareness, check the views and engagements of the video. Check the comment section to know how many users noticed your product and what people are talking about your product.
Traditional marketing is not as effective as it used to be. Now people do their own research, they’re less swayed by brand messaging and clever copy than before. That’s why micro-influencers established credibility, trust, and personal connections are so effective.
Starting up a micro-influencer campaign could help you begin reaching markets you haven’t been able to before. Apply the points discussed in this article, and comment on what worked for you in the comment section.