Why is influencer marketing thriving?
Influencer marketing is thriving and has become a popular marketing strategy for businesses across various industries. Influencer marketing involves partnering with social media influencers to promote products or services to their followers. This marketing strategy has become increasingly popular due to the rise of social media platforms such as Instagram, TikTok, and YouTube, where influencers can reach large and engaged audiences.
Many businesses are investing in influencer marketing because it is an effective way to reach their target audience, build brand awareness, and drive sales. Influencers can create what seems authentic and relatable content that resonates with their followers, which can lead to increased engagement and conversions for businesses.
According to a report by Business Insider Intelligence, the global influencer marketing industry is expected to be worth $13.8 billion in 2021 and is projected to continue growing in the coming years. This indicates that influencer marketing is not only thriving but is also likely to remain a popular marketing strategy for businesses in the future.
Let’s cover the types of Influencers at the high level and then jump into each one in more detail.
The seven types of Influencers you need to know about
There are several types of influencers, each with unique characteristics and niche audiences. Here are some of the most common types of influencers:
These influencers are loyal customers or fans of a particular brand and are often given free products or services in exchange for promoting the brand to their followers.
These influencers are well-known celebrities or public figures with a large social media following. They often partner with brands to promote products or services to their fans.
These influencers are professionals in a particular industry or field with a significant social media following. Businesses in their industry often seek them to promote their products or services.
These influencers have a following of 1 million or more followers. They are often celebrities or well-known public figures who can command high fees for sponsored posts.
These influencers have a more considerable following from 100,000 to 1 million followers. They have a broad appeal and can reach a wide audience. This group usually has excellent creators but because of the broad audience, brand targeting becomes harder.
These influencers have a following of 10,000 to 100,000 followers. They are often seen as experts in a particular niche and have a loyal following that trusts their recommendations. This group has more polished skills when it comes to creating UGC content.
These influencers have a small following of typically 1,000 to 10,000 followers. They are often more affordable to work with and have a highly engaged audience, which can lead to higher conversion rates for businesses. However, this group may not be the most astute creators.
Each type of influencer has its own strengths and weaknesses, and businesses must choose the right type of influencer based on their goals and target audience.
The Benefits of Working with Macro Influencers
Macro Influencers are often celebrities, industry experts, or social media personalities who have built a significant online presence and influence. Brands may work with macro influencers to promote their products or services to a large audience, as macro influencers can reach a wider range of people than micro or nano influencers.
Here are a few key characteristics of macro influencers:
Wide reach: Due to their large following, macro-influencers have the potential to reach a wide audience, making them a good choice for brands looking to increase their visibility.
Established brand: Macro influencers often have a well-established personal brand, which can help build credibility and trust with their followers.
Commercialized content: Macro influencers may be more likely to produce sponsored or branded content, which can help brands reach new audiences but may also be seen as less authentic by some followers.
High cost: Due to their larger reach and established personal brand, macro influencers may charge higher fees for sponsored content than micro or nano influencers.
Less personal connection: As macro influencers have a larger following, it may be more difficult to develop a personal connection with each follower. This can make their content feel less authentic to some followers.
Macro influencers can be a valuable addition to a brand’s influencer marketing strategy, especially for those looking to reach a large and diverse audience. However, it is important for brands to carefully consider the cost and potential drawbacks of working with macro influencers, such as the potential for commercialized content or a lack of personal connection with followers.
Who are Micro-Influencers and what are the benefits of working with them?
Micro-influencers are a popular choice for businesses because they offer several benefits over larger influencers. Here are some interesting facts about micro-influencers:
A more engaged audience than larger influencers. According to a study by Markerly, Instagram accounts with fewer than 1,000 followers have an average engagement rate of 8%, while accounts with 1,000 to 10,000 followers have an engagement rate of 4%.
More authentic and relatable than larger influencers. They are often experts in a particular niche and have a loyal following that trusts their recommendations.
More cost-effective to work with than larger influencers. According to a study by Linqia, micro-influencers charge an average of $250 per post, while macro-influencers charge an average of $1,000 per post.
More likely to collaborate with brands they genuinely believe in. According to a survey by HelloSociety, 61% of micro-influencers said they have turned down brand partnerships because they didn’t align with their values or interests.
A More localized audience, making them ideal for businesses targeting specific geographic areas. According to a study by ExpertVoice, 82% of consumers are highly likely to follow a recommendation made by a micro-influencer in their city or region.
Micro-influencers can be an effective way for businesses to reach their target audience and drive engagement, while also being cost-effective and authentic.
The advantages of working with Nano Influencers
Although nano influencers may have a smaller reach compared to bigger influencers, they are often considered more authentic and trusted by their followers due to their niche expertise and closer relationships with their audience.
Here are a few key advantages of nano influencers:
Highly engaged audience
Due to their smaller following, nano influencers often have a more engaged audience that trusts and interacts with their content.
Nano influencers often specialize in a specific topic or industry, allowing them to provide deeper insights and knowledge to their followers.
Nano influencers are often seen as more authentic and trustworthy than larger influencers, as their content is often less commercialized and more genuine.
Working with nano influencers can be a cost-effective alternative to larger influencers, as their fees are often lower.
Nano influencers often have a more localized following, making them a good fit for businesses looking to target specific geographic areas.
The difference between a creator and an influencer
Let’s clarify one aspect which is highly important to notice before we discuss the most important part of this article. There is a difference between creators and influencers. These terms are often used interchangeably, but there is a contrast.
A creator is someone who produces original content, such as photos, videos, or written articles, on social media or other platforms. They may or may not have a large following, and their content is often focused on their creative talents or expertise in a particular niche.
An influencer, on the other hand, is someone who has a significant following on social media and can influence their followers’ opinions and behaviors. Influencers often collaborate with brands to promote products or services to their followers, and their content is often focused on lifestyle, fashion, beauty, travel, or other popular niches.
While there is some overlap between the two terms, creators tend to be more focused on producing original content, while influencers are more focused on building a following and leveraging that following to promote products or services. However, many creators also become influencers as they gain a larger following and start collaborating with brands.
The new era of influencer marketing: What’s coming next?
With the development and expansion of various influencer marketing methods, one thing is clear; consumers value authenticity and honesty. So, the new era of influencer marketing involves turning your audience into creators and influencers. Crowdsourcing through the community, customers and fans yields the most authentic user-generated content (UGC). With the rise of social media platforms, more and more businesses are utilizing UGC campaigns as a way to engage with their audience and promote their brand.
UGC campaigns involve encouraging your supporters to create and share their own content featuring your brand or products. This content can be in the form of photos, videos, or reviews, and can be shared on social media platforms using a specific hashtag or tag to help track and monitor the campaign.
By turning your audience into influencers, you can tap into their creativity and authenticity to promote your brand in a more organic and relatable way. This increases customer and community engagement, brand awareness, and trust among your target audience.
Some benefits of UGC campaigns are
Cost-effectiveness: UGC campaigns are more cost-effective than working with larger influencers, as you are leveraging the creativity and content creation skills of your own audience.
Authenticity: Community-created videos are authentic and relatable to the brand’s audience, as the content is created by real people who use and love the products or services.
Direct Brand Engagement: UGC campaigns increase engagement with the brand. Creating content is a lengthy engagement with your brand. Engaged consumers have much larger CLV compared to those not engaged.
Engagement over Social Media: are encouraged to share their own content and engage with your brand’s social media accounts.
Reach: UGC campaigns expand your brand’s reach, as your supporters’ content is shared with their own followers, potentially reaching a wider audience.
Some ideas for UGC video campaigns
Here are five UGC video campaign ideas that businesses use to engage their audience and promote their brand
User-Generated Product Reviews: Encourage your followers to share video reviews of your products, highlighting their favorite features and how the product has improved their life. You can share these videos on your website and social media channels to provide social proof and build trust with potential customers.
User-Generated How-To Videos: Ask your audience to create how-to videos using your products or services. This could include anything from recipes to makeup tutorials to DIY projects. These videos can be shared on social media with a specific hashtag and compiled into a playlist on your YouTube channel.
User-Generated Brand Story Videos: Create your brand’s story templates and have your users fill in with their personal experiences. These videos can be emotional and authentic and can help build a strong connection between your brand and your audience.
User-Generated Humorous Videos: Create a humorous campaign encouraging your supporters to share funny videos related to your brand or industry. This could include parodies or skits featuring your products or services. These videos can be shared on social media with a specific hashtag and can help your brand stand out in a crowded market.
User-Generated Charity Campaign Videos: Create a charity campaign where you donate a certain amount of money for each video submitted. Encourage your audience to create videos sharing why they support the charity and how it has impacted their life. These videos can be shared on social media with a specific hashtag, and the donation amount can be announced at the end of the campaign.
The value of user-generated content (UGC) has increased significantly in recent years, as more and more consumers crave authenticity and transparency from brands. UGC has become an effective way for businesses to engage with their audience and build trust, as it is seen as more genuine and relatable than traditional branded content.
However, the success of UGC relies heavily on the platform used for video creation. Businesses need to choose a platform that is user-friendly and easy to use, as well as one that allows for high-quality video content creation. Through BrandLens, communities get an opportunity to create content for their social media accounts and the brand’s website, email campaigns, and social media platforms.