The most popular goal for influencer marketing campaigns is building awareness around a brand, product or service. In general, the more followers an influencer has, the lower their average engagement rate. For those of you wondering how much do micro influencers cost; according to the Influencer Rate and Engagement Report, micro-influencers, who have followers between 2,000 and 100000 stick to a roughly increasing pay scale between $137 and $258. Influencer General Population Consumer. Even though one probably shouldn’t be comparing conversion rates in the first place because it’s a lot like comparing apples to oranges, the average conversion rate is assumed to be about 1-3% for e-commerce websites. However, your results will depend on how well you execute your influencer marketing campaigns. 2016 Influencer Marketing Benchmarks provides 27 pages of new influencer marketing data from 150 real campaigns on Grapevine. A micro influencer is a small scale niche personality who is an expert and promotes brands in the area of their expertise. Looking at it closely, employing content created by micro-influencers aligns more with the old-fashioned idea of word-of-mouth marketing. But most marketers have converged around the idea that a micro influencer has a total reach between 5,000 and 100,000 followers. Nano-influencers – Free products or nominal amounts of money (up to $500). So micro-influencers can help brands get a lot of traction and even drive conversions. Conversion rate is simply the number of users who took the macro conversion action divided by all users who came to your site. If you're an influencer, blogger or content creator, it's important to have a blogger rate sheet available during the partnership pitching and negotiation process...and YES, it's different than your media kit. Conversion rate is typically used as: The primary measure of success for Product Managers (read more on metrics). If a brand decides to work with micro-influencers with a specific category of followers, there is a high probability that they will attain a higher rate of conversion as compared to working with big influencers on various platforms. But as with all marketing, the chief goal is always driving growth and sales, and that’s where your conversion rate KPI comes in handy. The Micro-Influencer is all the rage among marketing pros right now. Users with 1000-4000 followers receive 4.5% engagement. Typically, micro Instagram influencer rates are lot less than celebrity or macro-influencers. Follow: Subscribe. Everywhere you turn someone talks about them, even recommends them over bigger influencers out there. Influencers with a smaller following tend to have a much bigger impact on conversions. Here are the top five influencer marketing goals cited by marketers: 1. SEMrush logo en. Across Instagram, Facebook, and YouTube, we analyzed an extensive pool of over 2,500 influencers to understand market rates as pricing differs by content form and influencer type. Micro-influencers are more affordable. This is why many businesses prefer to work with multiple micro-influencers rather than, say, a single influencer with a larger number of followers. 60 percent higher campaign engagement rates are driven by micro-influencers; those campaigns are 6.7 times more efficient per engagement than … Some influencer marketing campaigns fall into both camps, driving engagement as well as some form of conversion. Micro-influencers will often cost far less than macro-influencers (those with followings larger than 100,000). The engagement rate for macro-influencers was 2.65% and that from micro-influencers was 2.75%. They’re called micro-influencers. We provide our partners with the tools they need, like real-time analytics and conversion data, to make the best decisions they can for their influencer marketing campaigns. Share It’s apparent that categorizing influencer reach requires much more than two binary categories. Take a look at six of the best tips to increase conversion rates with influencers below to ensure that your next campaign is as effective as possible. In this case, tangible conversion on bottom-line business objectives and return-on-investment. We're covering all you need to know about rate sheets and more! 3) Work with Micro-Influencers. This happens because each of those micro conversions might not directly lead to a lift in conversion rates. They might not have massive audiences, but their engagement rates are generally higher than most mega influencers. Increase brand awareness. Micro Influencers has 22% more ‘buying conversations’ than an average consumer. In April 2017, we analyzed the sponsored post rates and engagement rates of a sample of 2,885 influencers with profiles on influence.co. When it comes to influencer marketing it does, but not in the way you think. Micro-influencers often have higher engagement rates than a macro-influencer: According to a study, micro-influencers generate 7x more engagement than the average generated by all influencers with larger followings. In this article, we will discuss 19 micro-influencer statistics that you need to know. Apply Now. However, Ware also noted that working with 30-40 micro-influencers achieved a higher conversion rate than when the celebrities were promoting the tea. It was found that these campaigns included content from 288 macro-influencers and 367 micro-influencers. In fact, 82% of customers surveyed by Experticity said they would be very likely to follow a recommendation from a micro-influencer. Instead, social content creators lie along a wide spectrum of influence. What is a Mega-Influencer? AdWeek also reported on another HelloSociety study, which found that there’s a 60% higher engagement rate with micro-influencers. Rate data was collected from influencers who have voluntarily input their rates. Naturally, as influencer tiers progress, influencer rates also increase. A great way to keep your influencer marketing cost low is to collaborate with micro-influencers. Regular Rate through January 15 . The gist of the proposed example is that optimizing micro conversions by assuming an equal drop-off at each stage of the funnel ultimately led to the loss … Followers: less is more How to Find Micro-Influencers in Your Industry or Niche. 15. from Experticity’s micro–influencer network and the general population. ; Micro-influencers – A couple hundred to a few thousand dollars ($200-$4,000). They can help you engage and convert … At Grapevine, our goal is simple: make influencer marketing easy, manageable and scalable. On the surface, it seems that macro and micro-influencers are equally as effective. For instance, in an influencer campaign by GILT which utilized macro and micro-influencers, saw engagement rates of 3.7% and 3.5% respectively. Keep an eye on ROI, as some macro influencers have better engagement rates than others. An easy way to track conversions generated by the influencer marketing campaign is to track sales before, during, and after the campaign, and comparing any changes in sales that happened when the campaign was running. Those with more than 10 million followers get a like rate of 1.66 and a comment rate of just 0.05, compared to micro-influencers with less than 1k followers, who see an average like rate of 8.03 and a comment rate of 0.56. When it comes to brand collaborations, one of the most important things you'll need to know, is how to create a rate card. They might have smaller followings, but as long as you choose the right influencer, working with a micro-influencer can still provide a great return on investment for a brand. Micro-influencers on Instagram have the highest average engagement rate at 6%. For example, if you want an influencer to create a post with video content, they may charge an additional fee for creating the video. Subscribe. Micro-influencer campaigns tend to have 6.7 times higher efficiency per engagement when compared to campaigns with top influencers. In addition, more than 800 peers of these individuals were surveyed to evaluate the impact of the recommendations they had received. The reality is that the larger the following an influencer has, the lower the engagement rate is. However, these engagement rates broken down show that only 6 macro-influencers and over 25 micro-influencers were used for that campaign. Our analysis breaks down influencers into 4 categories: Nano (500-5K Followers) Micro (5-30K Followers ; Power (30-500K Followers) Login; Subscribe. Influencer Marketing Rates . 82% of consumers are “highly likely” to follow a recommendation made by a micro–influencer. With their massive reach and influence, these individuals can help you drive more conversions for your brand. Follow: Marketing Why 2018 Will Be the Year of the Micro-Influencer, According to a … ; Mid-tier influencers – Anywhere from a couple thousand to ten thousand dollars ($2,000-$10,000). An influencer with 100,000 followers could charge $2500 per post; An influencer with 1,000,000 followers could charge $25,000 per post; In some cases, an influencer may exceed that average rate. In the earliest days of influencer marketing, rising social stars would take on brand partnerships in exchange for free product. In part, that’s because micro-influencers do cost a lot less. Micro influencer: If the goal is to increase conversions, leads and subscriptions among a specific audience, choose a micro influencer. New data out from the Influencer Marketing Hub and CreatorIQ hypes micro-influencers significantly. That’s still a pretty big range! The value of an influencer recommendation Consumers are more likely to act on influencer recommendations. This could be because micro-influencers tend to focus on specific niches or subjects. As mentioned earlier, micro-influencers often have influence in a specific niche. Macro influencer: If the goal is to target a certain audience but still reach the masses, choose a macro-influencer. Micro-influencer marketing checklist: ... As for comment rate, those with 1,000 followers or fewer drive 13 times more comments than people with 10 million or more followers. While leveraging micro-influencers is incredibly smart let’s not let the hype distract us from some facts. 5 Ways to Increase Your Conversion Rates with Micro-Influencers. According to the agency, 60 percent higher campaign engagement rates are driven by micro-influencers; those campaigns are 6.7 times more … Every micro-influencer is different, and “building relationships with [them] is the best way to assure accurate expectations for ROI over time.” Also, the reach quoted above [quote]does not factor in the high level engagement of micro-influencer audiences, which typically results in exponential additional organic impressions through re-posts and shares[/quote] These statistics bring us to the notion of less holding more power than more. The false Micro-Conversion Testing Assumption [5] example explained in a post on WidderFunnel, is one example that explains this. Rates generally reflect the average payment per post an influencer receives for a posting on one social media platform. Does size really matter? Conversion Rate