Social media has revolutionized human interaction. We’re able to connect instantaneously with friends and strangers from around the world. With this revolution, innovations in other areas have naturally occurred. One of these areas is advertising and marketing.
A social media platform is a digital public square, and since time immemorial, word of mouth has been one of the most coveted forms of advertising. After all, if you hear about a wonderful product from someone you trust, you’re much more likely to purchase it, than if you read about it in a newspaper advertisement.
This is where influencers come in. Influencers are social media users with large followings, and they are particularly effective at advertising to their audience, because they have a direct connection to their audience. However, the cost of advertising through an influencer can often times reach thousands, if not tens of thousands of dollars.
Microinfluencers on the other hand have a much smaller following, but their prices are more accessible, and their engagement rates are higher. When advertising through microinfluencers, you are basically paying someone to advertise your product to their group of friends, thus generating a much more genuine word of mouth effect.
When it comes down to the numbers, you can find microinfluencers who will promote your product at several cents/follower. Microinfluencers with up to 1000 followers also have an engagement rate of 8%, compared to the 1.7% rate for influencers with 1 to 10 million followers.
Working with a microinfluencer
As any marketing initiative, advertising through microinfluencers begins with a plan. First, you have to set your goals, and the metrics that you will use to assess progress. The goals and metrics can be anything from increased brand awareness measured by the growth of your social media following and mentions, to increased sales, measured by the amount of sales generated using a coupon code that was assigned to the influencer.
You then want to find your ideal microinfluencer. There are three main choices here:
Manual research: this is the most cost effective and time consuming way of finding a suitable microinfluencer. All you have to do is use the search feature of a platform and target keywords that are relevant to your niche.
Going through your list of followers: if you are an established brand on social media, you may already have a good pool of candidates. Here, you can also use keywords and hashtags to find relevant influencers.
Working with an influencer marketing platform: this is the most straightforward and least time consuming option. It may also be the least expensive, depending on the platform, because each platform negotiates its fees for an optimal ratio of microinfluencer and advertiser convenience. They are also streamlined, where you simply place an order, state your preferences, pick an influencer, and you’re good to go. Check out Verifyed.com for more info.
When looking for the right influencer, there are several things to keep in mind. You want someone who creates content that accurately represents your brand. The ideal influencer is influential in their niche, posts regularly, and has solid user engagement. You might also want to work with someone who has experience with this type of campaign. It’s not mandatory, but it can be helpful.
If you choose to work with an agency, you do not have to worry about contacting the influencer and coordinating the campaign. However, if you choose to contact the influencer manually, your best options are email or DMs. In terms of coordination, you will have to specify the details of the campaign and discuss compensation, means of compensation and compliance with the FTC rules regarding cooperation with social media influencers.
Finally, you will have to analyze the results. With the metrics you've set out at the beginning of the campaign, you can create a benchmark for measuring future results. This allows you to A/B test messages and influencers in order to better reach your goals in the future.