A micro-influencer can be anyone on social media with a few thousands of followers (less than 100K). When it comes to endorsing a product it is sometimes better to work with micro and nano influencers rather than creators with millions of followers because their audience is more engaged.
So the question is, what makes micro-influencers stand out?
Micro-influencers are backed by a limited number of followers (1K to >100K). Their posts receive better engagement because in most cases they know their audience better and regularly interact with them so when they upload any content they get a good response from their followers.
As a brand, if you think hiring celebrity influencers would help you achieve your business objectives better you need to rethink because micro-influencers are way better than those celebrities in more ways than one.
Scroll down to discover more on this topic:
Why should you consider working with micro-influencers?
1. Better engagement rate
Engagement rate is measured by the total number of likes, comments and shares a post gets. When brands partner with the influencers their initial objective remains to reach as many relevant audiences as possible. Though micro-influencers are followed by a few thousands of people when it comes to engagement they provide a better rate than mega and celebrity influencers.
2. More conversions
More engagement means better chances of conversions. Micro-influencers are considered experts in their fields because of their skill and talent as a result their opinions matters to their audience. That means a properly planned influencer marketing campaign that includes micro-influencers can create huge traction in the market. Multiple studies suggest more than 68% of people trust influencers’ recommendations before making their final purchase decisions.
To make the most out of your influencer partnerships you can offer a discount code so that it encourages more purchases through the influencers.
3. Easy to approach
Micro-influencers are easy to communicate with since they are very active on social media most of the time. In contrast to that if you think of hiring mega or celebrity influencers you need to talk to their marketing representatives or assistants first which is not only time taking but frustrating too especially if you are working on a tight schedule.
Needless to mention micro-influencers charge way less than mega and celebrity influencers because more than making money they focus on making good brand content to improve their reputation. If you are lucky you can make the micro-influencers work on barter collaboration content especially if they like your product.
If you are confused about reading the outcome of the campaign and working on a really tight budget working with the micro-influencers would be rational to understand the potential of your campaign.
5. Better for long term partnerships
Micro-influencers are great to work with on a long-term basis since they allow them to understand the brand better. Not only that they will better understand the voice, tone and objectives of your business which would help them in creating better brand-centric content. Brands that are looking to stand out in this stagnant market must consider working with micro and nano influencers in long term to meet their business objectives. Moreover, if the same influencers promote your brand over and over again your audience would find it more loyal.
How do decide the payment rate for micro-influencers?
Now that you know the benefits of working with micro-influencers you can think about hiring them for your upcoming campaign, but the question is how to decide the payment rate for them? Here is some heads up:
The payment practically depends on the engagement rate followed by the number of followers, however, the latter is completely secondary as we have mentioned earlier that influencers with a higher number of followers do not necessarily provide great engagement rates.
But how do decide the engagement rate? (This is under the above question keep it as a subheading and not a heading)
Let’s simplify the scenario for better understanding:
Let’s say you choose 3 influencers all with 10k followers each.
- Influencer A has an average engagement rate of 10%
- Influencer B has an average engagement rate of 5%
- Influencer C has an average engagement rate of 2%
So, what does that mean?
- Influencer A with a 10% engagement rate of 10K followers = 1000 people engaged (per post)
- Influencer B with 5% engagement rate of 10K followers = 500 people engaged (per post)
- Influencer C with 2% engagement rate of 10K followers = 200 people engaged (per post)
So if influencer A shares a content mentioning your products around 1000 people would engage with it, similarly, when influencer B shares similar content 500 people would engage and for influencer C it would be 200 people.
Now, let’s take a look at a different scenario:
Influencer D has 100,000 followers with an average engagement rate of 10% and influencer E has 150,000 followers with an engagement rate of 5%.
What do you think would provide maximum engagement for you?
Influencer D is able to engage around 10,000 people on his/her posts whereas influencer E can only get 75,000 people to engage instead of having more number of followers.
So clearly the payment of the influencers would depend on the engagement rate, the higher the engagement rate the higher the payment.
Some other factors that directly influence the payment rate of the influencers are:
- Type of the content (video/carouse image/blog/affiliate)
- Duration of the campaign (one time/ multiple promotions over a long period)
- The lifespan of the published brand-content
Handpicked related content:
5 Most Effective Influencer Advertising Ideas With Examples
How do compensate influencers?
Here are some possible ways through which you can reward your influencers.
Cash payouts are one of the most common types of payment that brands can offer the influencers. Before deciding the rate it is crucial to double-check the profile of the influencers, if they showcase previous work experience you can trust them more and consider paying them accordingly.
If you are determined to generate more sales through your influencer marketing campaign you can offer exclusive discount coupons to your influencers so that they can purchase from you and encourage their followers to buy your products.
If you want your influencers to pay based on their performance affiliate marketing is the best option to consider, where the affiliates get paid to buy after making a successful purchase.
If you are tight on your budget but want to reach your potential customers you can give away free products to the influencers so that they can generate social media posts about them and tell their audience how they like your product along with other USPs.
Driving sales is extremely important for the brands through such partnerships so the influencers must showcase their potential to reach a huge audience. Influencers without proper experience are extremely risky to work with.
Handpicked related content:
Tips To Effectively Promote Baby Care Brands With Parenting Influencers
Where to find niche-specific authentic micro-influencers?
Are you looking to hire experienced micro-influencers of your particular niche? The truth is genuine micro-influencers are not easy to find like celebrity influencers because anyone can be a micro-influencer. You can search with proper hashtags if you are looking for Instagram or TikTok influencers.
If you are running out of time and thinking about planning a large scale influencer marketing campaign that requires hundreds of genuine micro-influencers you can connect with an experienced influencer marketing company like InfluGlue. They have a huge database of genuine influencers starting from nano to celebrities you would get the desired profile for your campaign. Discuss your project with their experienced influencer marketers so they can help you handpick the best-fitted profiles after evaluating your business objectives.
Handpicked related content:
10 FAQs About How To Use Explainer Videos As A Marketing Tool
Few words before wrapping up
How much should I pay the influencers? It is one of the most common questions asked by brands who are thinking about investing in influencer advertising. Hope this article helped you clear your thoughts about the pay scale scenario of influencers.
If you are interested in getting influencer marketing services at a lucrative package connect with InfluGlue now!
Discover how to decide the payment rates for influencers and what factors that play a major role in the decision making.