Influencer marketing is growing. While the exact value of the social media influencer market is hard to pin down. No matter where the market value currently stands, there is no doubt influencer marketing gives brands access to a large audience. And with the proper optimization, you can target your campaigns with the right influencer and get more bang for your ad dollars.
For small business owners with limited budgets, micro-influencers provide great opportunities and value. Micro-influencers are growing at a much faster rate than their macro counterparts.
Engagement for Influencer Marketing
Engagement rates are post likes or reactions, shares, views, and comments. When it comes to influencer marketing engagement rate is important. When the rate is high, it means people are responding to the content and if it is low, they are not responding. Subsequently, influencers with high engagement rates charge more.
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As a business, the engagement rate is but one metric you should look at, but it is an important one. By carefully analyzing the influencer’s engagement rate and other metrics, you can determine if they will deliver a good return on investment.
When it comes to engagement from influence marketing, nano influencers (1K-10K) have the highest rate at 4.4%. Micro (10K-100K), medium (100K-1M), and mega (1M+) influencers have rates of 2.4%, 1.8%, and 0.7% respectively.
Platforms for Influencer Marketing
The best platform is YouTube and Instagram in 2019-2020. They have some of the highest engagement rate for nano (6.7%), micro (6.2%), medium (5.0%), and mega (4.0%) influencers. Facebook and Twitter have the lowest rates with under one percent for all levels of influencers. But even for these platforms, the nano and micro-influencers fare much better.
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When it comes to the type of content, images do better than videos across all levels of social media platforms. You might also be missing out if your content or product isn’t engaging your audience. Social media influencers run the gamut, which is why it provides a new opportunity for reaching a targeted audience depending on what industry you are in.
Choosing the Right Influencer
By gaining a deeper understanding of what your audience is into, you can choose the influencer that speaks to these areas. This can help you avoid getting stuck in a restrictive niche while still allowing you to target your audience that wants to engage with you.
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Also beware of the demographic information about the people who engage with your business, including their various interests. Choosing the right influencer catering to your demographic profile is essential factor in the success of influencer marketing.
Analyze The Customer Engagement Data
Analyzing the engagement data will give you a format that makes marketing research a breeze. Therefore, you can figure out what is working, so you can do more of it and what isn’t, so you can stop doing that.
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