In the wild, wild, west of social media marketing, you might be wondering how much should you be focusing your efforts on the influencer segment and what your spend should look like. It’s different for every industry, but social media budgets across the board are rising, seemingly with positive results for brands and independent creators alike. As such, we’ve developed some best practices and thoughts to keep under consideration when engaging influencers and using social media in your marketing efforts.
For the purposes of this blog, when we refer to influencers- we’re speaking in regard to creators who exist primarily on Instagram with a follower count ranging from 2,000 on the low end to just around 30,000 on the high end. A creator with this range of follower count is typically referred to as “micro-influencer” in the biz and based on the associated costs and ROI, we find this to be the most approachable and effective segment to engage for most brands. This is for several reasons, the first of which will be of no surprise, is cost.
Thankfully, as the social media industry grows, the science to determining how much brands should be paying influencers and how much creators can be charging for their services has evolved. According to Later, an Instagram marketing platform, a creator can expect to earn about $.01 cent for every follower they have- meaning an account with 10,000 followers can expect to earn about $100 per post. Fake followers can obviously affect this equation, but engagement is fairly easy to assess and is another key factor that bolsters our philosophy of engaging micro-influencers more frequently than paying big bucks for a one off post by a mega-scale influencer.
Tell me more, you say. Engagement rate can be calculated by averaging the comments + like count on any given post and dividing the result by the overall follower count. Multiply this number by 100 to see a digestible percentage. See handy dandy graphic below for a clearer (I think) visual.
Because that would be too easy, engagement rate isn’t the only factor to consider here because aside from ensuring you’re not working with a creator who has purchased the majority of their followers, you also need to be looking at other key factors to determine if this influencer is a good shepherd for your brand. These include, but are not limited to, brand fit, personality, and ratio of sponsored to original content. Unfortunately, there is no formula to plug in here as this is a little bit more of an art than a science.
Keeping some perspective around your brand and how big of an ask it is for the creator you’re targeting to work your product or service into their feed will help in answering these questions. Are you a natural fit, say, asking a food influencer to promote a probiotic juice, or is your service a little more dry in nature? If your brand is on the less glamorous side, you may have to get comfortable paying a little more and diversifying the deliverables; for instance interspersing stories and Live videos as a way to ensure your message and partnership comes through authentically.
Where are these perfect partners?
Finally, the last topic on deck in regards to micro-influencers is…how to find them. Accounts that hold your interest are seemingly everywhere when you’re browsing your own feed, but stepping back and taking a thousand foot view when you’re evaluating creators on how they could potentially relate to your brand can feel like searching for a needle in a haystack.
This is when scale comes into play- do you need one influencer posting 6 times over the course of a few months or do you need 50 concurrent posts from unique creators to help with a new launch? Dependent on your goals, there are any number of platforms that can assist you in collaborating effectively which is why it’s important to set overall campaign goals prior to beginning outreach.
If you’re curious about how a micro-influencer program might benefit your brand or how to get started laying the groundwork for a successful campaign, give us a shout. We’re happy to walk you through the process and help determine your next best steps as well as how it corresponds to your overall consumer experience.