As we continue to see a steady rise in the number of influencers online, it’s apparent that a new influencer to consumer power dynamic has arrived – and it’s here to stay. Let’s explore the Power of Micro-Influencers.
Social Media Matters
For several years social media has been a top-of-mind medium when advertising to consumers in the digital space, but as 2020 and the pandemic graced us, the number of potential consumers to advertise to has skyrocketed.
According to Hootsuite, by July 2020 annual growth in the total number of social media users was +376 million, a 10.5% increase from the previous year.
As we saw an increased amount of time spent staying safe at home and picking up new hobbies, we also saw an increase in the time said new users were spending on social media. In 2020, users spent an average of 65 minutes daily on social media, a significant jump from 54 minutes and 56 minutes in the years prior.
This increased amount of user exposure time translates into more time spent consuming followed and discoverable content. Now you may be wondering, who are these users following? The short answer: influencers.
Influencer Marketing
Influencer marketing and its many iterations have been around for decades, but in recent years it has metamorphosed into a 13.8 billion dollar industry.
So what is it? Influencer marketing is a social media strategy where brands partner with people who have a large social media presence to promote their product/service. This is typically done in exchange for free products or monetary compensation.
The Effects of Influencer Marketing
So why trust these influencers with the promotion of your products and services? Increased reach, brand loyalty and a greater understanding of consumer psychology are just the tip of the iceberg for what’s possible.
- Reach: When an influencer aligns promotes your product, you’re reaching their followers who have similar interests and getting your message across to thousands of potential customers who may not have heard about your brand otherwise.
- Brand Loyalty & Trust: 61% of users trust recommendations from an influencer that they follow. This positive endorsement naturally results in followers trying the product as well.
- Customer Insights: When you partner with an influencer, you can design your campaign utilizing sponsored Instagram polls and posts, asking customers certain questions about your brand and what they may want to see more of in the future. This allows you to fine-tune your products to provide customers with exactly what they want.
Influencers Segments
In recent years influencer marketing has been broken down into more concise segments, which allows businesses to reach their target demographic on a more focused and local level. Is your business a new local coffee shop or the trendiest clothing store with the best-curated pieces? Various types of influencers and influencer segments exist to speak to those very niches.
Based on a growing interest to integrate influencers into our client’s marketing strategy, we at Harvard Media have created categories of influencers segments to deliver a succinct product to clients in the markets we serve.
Our influencer segments are broken down into:
- Nano influencers: between 500 and 999 followers
- Micro-influencers: between 1,000 and 4,999 followers
- Mid-tier influencers: between 5,000 and 9,999 followers
- Macro influencers: between 10,000 and 24,999 followers
- Mega influencers: between 25,000 and 49,999 followers
- All-star influencers: more than 50,000 followers
High Engagement Among Micro-Influencers
If you’re looking to work with influencers who garner high engagement rates, micro-influencers might just be your brand’s best match. Micro-influencers are those who have between 1,000 and 5,000 followers.
According to Hootsuite, when it comes to engagement, anything between 1 and 5% is considered satisfactory. With a whopping 5% engagement rate, micro-influencers outperform every other tier, signalling just how invested and trusting this audience segment is of the Micro-influencer in question and the product/services that they promote. As a result, this influencer segment yields the highest likelihood of customer buy-in.
As an influencer’s follower count increases and moves into higher, mid-tier, macro, etc. segments, their engagement rate begins to fall off. The opportunity costs here is that when you opt for an influencer with a higher following, you’ll reach a larger audience and increase brand awareness, however, your message to 20,000 followers may not be as impactful as your message to 10,000 followers. This is due to a de-saturation of a niche group of followers.
So when choosing your influencer segments, think about your campaign’s unique goals and objectives.
Which Social Channels Perform The Best?
You’ve decided that partnering with an influencer is the right fit for your marketing goals, now it’s time to decide which social network you want to be promoting your products/services on.
Hot Tip: Instagram is hot! Instagram is still dominating the influencer marketing space with 93% of U.S marketers choosing to use this platform for their marketing campaigns in 2021. Although the influencer was born on Instagram, that’s not where it ends.
According to Influencer Marketing Hub, brands are still using various other platforms for their influencer marketing endeavours:
- 43% of brands are using Facebook.
- 36% of brands are using YouTube.
- 15% of brands are using Twitter.
- 16% of brands are using LinkedIn.
Choose your influencer marketing channels(s) based on where you want to reach your target audience. Are you looking to pivot your target audience? Let’s connect to discuss which channel might be best suited for your brand!
Choosing Your Influencer(s)
Harvard Media sees the importance and benefit that influencer marketing has on companies, large and small. Our influencer list serves several markets across Western Canada.
From large metropolitan cities such as Calgary and Edmonton to smaller markets such as Regina and Red Deer, we provide our customers with the opportunity to work with influencers who make waves on air and within the digital space. The result? More brand awareness, brand loyalty and increased traffic from your desired target market.
Ready to select your influencer? Browse through our in-house influencer list and read various bios and stats to find the niche influencer whose personality and interests align with your target audience. Once you’ve selected who you want to work with, we’ll work with you to integrate your chosen influencer into your strategy to see maximum results.
Make Your Move
So, what’re you waiting for? The time is now. Integrate influencers into your social media strategy and provide your customers with a new perspective on your brand.
Connect with the team at Harvard Media today.