When it comes to creating conversions and driving sales, micro-influencer marketing is the answer. Partnering with an influencer or celebrity with millions of followers will definitely get your brand’s name out there. It is ambiguous how many followers an influencer needs to qualify as a micro-influencer, but you should aim to find influencers with between 10,000 and 100,000 followers.
Refining Your Strategy – Let’s Get Started
1. Research and Align
Researching your ideal social media demographics and psychographics is the first step toward building a strong foundation for your influencer campaign. In this way, you can choose influencers whose audiences are more likely to buy from your brand. It will be easier to filter out influencers based on their audience’s interests and personas if you create buyer profiles first.
2. Set Goals
With the knowledge you have gained from these types of influencer marketing campaigns, you can weigh your options and set actionable goals, such as brand awareness, sales, and follower growth. Some questions to ask yourself during this stage are:
- How much content do I want to get out of my influencer?
- What does our budget look like? How many influencers do we plan on activating for this campaign?
- What products are we planning on promoting?
Defining your expected campaign’s duration, type, KPIs, and resources will give you fewer hurdles to jump over when you negotiate with influencers.
3. Pick and Reach Out to Your Influencers
Choosing the right influencers is both the hardest and most important part of executing an influencer campaign, and it is also where most marketers struggle. Luckily, there are several influencer marketing platforms like CreatorDB to help you source and filter influencers based on location, demographics, interests, and more.
The tools mentioned above typically have features that allow you to see:
- Reach: how many individual users your campaign has the potential to target with an influencer.
- Engagement Rate: Engagement rate (engagements like likes, comments, clicks, and shares / # of followers x 100) can be a deal breaker. For example, if they have 20,000 followers but have only 50 likes on each post, treat that as a red flag and move on to the next. According to Hootsuite, an average engagement rate for Instagram influencers is 2.1 percent, but there is potential for it to be much higher with micro-influencers.
- Relevance: Are they currently working with similar brands? Do they embody a personality and lifestyle that aligns with your brand values? Do their followers align with your ICP and researched brand profiles? Are they trending and consistently growing?
4. Determine Pricing and Content Expectations
Influencer pricing is tricky because it is entirely dependent on how they value themselves. If you’re just starting out, sometimes you should ask influencers to pitch you a price, compare the prices of all the influencers in your list, and negotiate from there. A smaller influencer will often do unpaid promotions in exchange for free products – it all depends on how you position your initial communication and negotiation. As you explore your options, you can get an idea of what the going rate is for influencers with your ideal following, industry buckets, and demographics.
Influencers’ fees are not standardized, but a good starting point is to expect at least $100 per post for every 10,000 Instagram followers. Although this may seem expensive, according to Influencer Marketing Hub, businesses earn on average $6.50 for every dollar they pay an influencer.
5. Set Up Contracts
Treat influencers as you would someone you would hire for your business. In many cases, being an influencer is their livelihood, and as such, they pay taxes as independent contractors or business owners would. Include details like the duration of the partnership, the content and copyrights requirements, payment requirements, and FTC-approved endorsement requirements.
6. Monitor and Report
When your campaign is fully underway, the next step is tracking and reporting on promo codes, hashtags, UTM links, and any other measurable KPIs you required your influencer to promote. In addition to those CTAs, other metrics to consider are cost-per-engagement (CPE), total audience reach, impressions, and conversions. You can use those benchmarks for your next campaign, and your influencer program can be expanded based on those expectations.
It will be extremely difficult to determine, out of hundreds of thousands of accounts, which influencers are most appropriate for your campaign. As long as you do your research and set yourself up for success from the beginning, your influencer campaign should run like a well-oiled machine.
Influencers aren’t going anywhere with the current social media landscape. The sooner you start reaching out to creators and negotiating partnerships, the quicker your products will reach the minds – and hands – of potential customers.