Influencer marketing has grown rapidly and marketers are using this trend to get the buzz about their brands out. The rise of the online platform has brought on a new age of marketing. Gone are the days where celebrity influencers like Priyanka Chopra and Virat Kohli were the game changers in promoting a product or a brand. Huge name influencers were once the big thing but now the Micro-Influencers are ruling the market.
Micro-influencers are regular "people next door" who have grown their social media following but posting about some specific topics for eg. Sports, Travel, fashion, etc. They usually have a small social media following starting anywhere from 1000 to 50,000.
Even though micro-influencers have a small follower base, they share a close-knit relationship with their followers. They develop this relationship with their fan-base by posting regularly and giving the fans a behind-the-scenes look at their daily routine. It has been proved by many studies that micro-influencers have a higher engagement rate when compared with celebrity influencers. Moreover, people tend to take the advice of these micro-influencers over celebrity influencers because they are a lot more relatable. It's just like getting advice from friends or family.
A large follower size does not guarantee a successful engagement anymore. Thus, brands started noticing micro-influencers when they realised that they can make a new type of ambassadors that can bring them closer to their consumers.
There are many reasons for brands to consider working with micro-influencers for their campaigns:
There is a big difference between a macro influencer and a micro-influencer in terms of budget.
Celebrity influencers like Priyanka Chopra and Virat Kohli charge up to ₹ 1 Crore per sponsored post and sometimes even more. Whereas, micro-influencers depending upon the size of their following may charge from ₹8000 to ₹30,000. It’s not just a cost-effective solution; it can also be a more successful option for smaller brands. The number of followers does not necessarily guarantee improved success. In fact, larger brands have started working with micro-influencers seeing that they can help them reach their target audience. The ROI encourages more brands to experiment with rising micro-influencers and the results seem to justify their risk.
Influencer marketing is a clear example of the Law of Diminishing Returns. Paying for an influencer with 100,000 followers is unlikely to bring you twice the success that somebody with 50,000 followers could achieve.
Celebrities typically have the most followers, followed by mega influencers, and then micro-influencers. With engagement, though, the results are reversed: micro-influencers engage more than mega influencers, who in turn engage more than celebrities.
Micro-influencers can be very knowledgeable about a brand or product and potentially better at explaining its “ins and outs” to their fan base. They are personally invested in their craft and continue to develop a relationship with their fan base by responding to their questions and comments about their posts. This results in higher engagement and eventually conversations that lead to sales.
Micro-Influencers can help bring the brand closer to its customers. Having a small follower base works to their advantage as they know what their followers will respond to. This makes it easier for them to create content which drives conversations. In this day and age brands do not need to handle their marketing anymore. They just need to pick the right influencers to promote their products. If they manage to find the most appropriate choice for their needs they can speed up the process of building trust with their consumers.
One of the most important reasons that more brands start working with micro-influencers has to do with their authenticity. People are more likely to relate to their feeds and everyday content.
Oftentimes, the traditional influencer with hundreds of thousands of followers can be more like a celebrity than a friend. With micro-influencers, this isn’t the case. These are people who are much more relatable and at peer levels with consumers.
Although celebrities can still be successful ambassadors, their authenticity may be questioned especially if they see every new partnership as an opportunity to gain additional income. Consumers start appreciating micro-influencers seeing that they can be one of them. Brands also benefit from this trend by boosting their own level of authenticity. Their messaging has more chances to be trusted by their target audience, improving brand affinity and making it easier to reach conversions.
When it comes to micro-influencers, the brands can get creative with Compensation. Unlike macro-influencers, micro-influencers don't always require monetary compensation. The brands can offer them special coupons, free products, shout outs, etc. So if you are a small brand and on a tight budget, then micro-influencers are the answer for you.
To wrap up, Micro-Influencers have become a powerful marketing tool in today's world. In the bid to increase brand awareness and create a huge social media following, brands are approaching Micro-Influencers. When launching campaigns for either new or existing products, micro-influencers could just be that added edge to provide one of the best returns on investment. With their budget-friendly nature, ability to drive social media buzz and high levels of fanbase engagement, this type of influencer could just be the key to your next successful marketing campaign.