Your favourite beauty guru just recommended their favourite makeup item which gives them that afternoon glow or glass skin. Or maybe your favourite fitness Instagrammer just posted a picture of them in their best workout gear, posing and showing off their physique in the gym mirror. You take a look at the description box or caption; there’s a 15% discount if you use their affiliate code, and even a chance to enter their latest giveaway with some free goodies up for grabs.
Seems a bit tempting to have a look at the site linked below, isn’t it?
Unknowingly, situations like these happen numerous times within our daily lives. We are becoming more educated as media users and more critical of the brands we choose. Businesses struggle to stand out amongst the never ending crowd of advertisers, and thus, must find a way to survive in the market. Micro-influencers are leading this new wave of marketing strategy and system, deeming traditional tools of television ads and overly glamorous macro-celebrity endorsements not as successful.
Micro-influencers are everyday people who have a growing number of followers on social media accounts, by simply following their interests and posting at a regular frequency. 1000 followers are enough to establish yourself as a micro influencer. Yes, you may have thought to yourself “Hey, I have more than 1000 followers on Instagram, does that make me a micro-influencer too?” Well, yes. You well could be.
If you caught the eye of a business and they asked you to promote their product on your account, little would you know that you’re likely going to receive higher engagement rates than celebrities we see on television. This is because followers value the authenticity, relativity and everyday presence of ordinary people just like you and me.
DIVING DEEPER: So, why do businesses take this millennial approach to marketing?
1. It’s effective.
Influencers with smaller followings have higher engagement rates. A promise via influencer marketing is that brands will become more memorable and trustworthy as their products appear on profiles after numerous mentions. This will ultimately increase brand awareness, such as when a YouTuber continues to talk about a certain product within a number of vlogs, or an Instagrammer continues to tag the same brand in their photos.
2. It’s affordable.
Micro influencers sometimes receive products for free and are happy to work with brands, whilst celebrities and mega-influencers are paid huge amounts for their endorsements. And even then, businesses are not guaranteed priority or immediate success as celebrities tend to work with a countless number of brands. On average, if not receiving products for free, a micro influencer costs around $180 per post on Instagram. This is more affordable for small industries and start-ups trying to break through the competitive environment, compared to top-influencers with millions of followers who charge over $2,500 for a sponsored YouTube video, or $1,000 for a sponsored post on Instagram. As small businesses have limited influencer marketing budgets, micro-influencers are their most powerful weapons to survive in the market.
3. It’s authentic.
Audiences generally prefer more realistic, authentic and not overly glamorous marketing campaigns. The use of the products endorsed become more relevant for everyday use. The smaller following of Nano influencers allows a more solid and manageable base to build trust with customers as they tend to have more personal relationships with their followers. Data collected from a large-scale national survey in the U.S. highlighted that only 3% of consumers would consider buying a product that was endorsed by a celebrity. This is compared with 30% of people who would consider purchasing a product endorsed by a non celeb, micro influencer. Businesses benefit as return on investment is said to be 11x more when working with micro influencers.
DIVING DEEPER: From the perspective of a growing influencer – Sponsorships and Money
DIVING DEEPER: Google Adsense – The Win-Win Situation
From personal experience, the first thing people ask when they find out someone has a YouTube channel, and has a fair audience of above 1000 subscribers is, “Do you get money from YouTube? How? Do you consider it your part-time job?”
There’s an extensive range of ways that you can earn money off being a micro-influencer on social media, like from sponsorships and partnerships.
However, Google Adsense is probably one of the easier, popular ways to do this. Adsense is a free service that allows you to monetize your YouTube videos, matching relevant advertisements with your channel. When one of your viewers click on an ad on your channel or on one of your videos, you end up getting paid a specific amount of money. Advertisers and businesses bid on the video ad space that you and other YouTubers provide in your monetized accounts. The highest bidder gets their advertisement showcased in a banner ad or pre-roll video in your video or on the sidebar of your channel. The company or individual behind the advertisement is charged and basically, you get a share of money they pay Google to showcase it. The more people visit your channel and watch your videos, the more people will see these advertisements and potentially become interested in the products or services of those companies.
It’s a win-win situation for both you and the business partnering with Google.
Although it’s not guaranteed, the general gist of it is that you get money from ad revenue and they get money from more engagement collected from their ads.
So, what do you think of this growing phenomenon? Is it fair that these micro influencers supposedly “have it easy” and are climbing their way through money making success? Or do you think it’s unfair to those who work just as hard and don’t have the luck or opportunity for enough exposure or attention from businesses? Or maybe, are you convinced that you too, should give this a go and be a part of this micro influencing revolution?