Influencer marketing has been growing in popularity over the years, bringing in $7.65 in earned media value for every dollar spent. This is why 57% of marketers already dedicate a part of their budget to influencer marketing, with 37% intending to do so in the future. However, there is another growing trend within influencer marketing itself, and that is microinfluencer marketing.
A microinfluencer is a social media user with anywhere from 1000 to 10,000 followers. This smaller audience is much more engaged, which leads to higher interaction between the influencer and the audience. At Verifyed, we’ve found that a microinfluencer with less than 1000 followers has an engagement rate of 8%, compared to the 1.7% engagement rate for influencers with 1 to 10 million followers. But why are microinfluencers so much more effective?
Influencer marketing used to revolve around follower count. However, due to recent changes in social media algorithms, metrics such as replies, likes, and shares have become more important. Still, the metrics don’t really reflect the reality of influencer marketing accurately. The biggest factor in the efficiency of a campaign is authenticity.
In a study done by HelloSociety, it was found that microinfluencers are 6.7 times more effective at engaging with their audience than a big influencer. This is because a smaller audience allows for a more authentic connection, so while a large influencer might generate a higher net quantity of likes, shares and comments, a microinfluencer will be able to generate meaningful comments, traffic, sales, and contest entries.
There’s no doubt that a large influencer will reach many more people, even if the engagement rate is lower. However, this does not directly translate into a higher ROI. On top of that, the cost barrier the entry is much higher for a large influencer. A microinfluencer campaign on the other hand is much more affordable, and it can be tailored for a large variety of budgets.
If we go with the raw numbers, we can make a pretty straightforward hypothetical assessment based on known engagement rates. If you pay $0.02/follower, and you have a $2,000 budget, you can reach 100,000 people through 1 influencer at 2.4% engagement rate, or you can reach 100,000 people through 10 microinfluencers at a 4% engagement rate.
Building a Microinfluencer Campaign
There are several ways to start a microinfluencer campaign. Some companies choose the manual route, where they contact several microinfluencers directly, and they build a relationship. The advantage here is that 100% of your allotted marketing budget goes towards the campaign. However, this method is more time consuming, and it requires knowledge of FTC regulations that guide influencer marketing.
On the other hand, you have microinfluencer platforms such as Verifyed, which handle all of the legwork for you. We are working with thousands of microinfluencers in a wide variety of niches, each with a high engagement rate. All procedures are handled by us, and our platform allows for thorough coordination between the two parties.