Everyone is talking about influencer marketing - it's cheap (for what it is) and effective when done right. But if you don't have a lot of money to spend, putting it all on one influencer with millions of followers might not be the best strategy.
Micro-influencer marketing is the next best thing - it's growing but not THAT popular yet. Brands have been able to cash in by tapping into micro-influencers, but it takes a lot more time and effort.
What exactly is micro-influencer marketing? Is it right for you?
The key difference between influencer and mico-influencer is follower number. Depending on who you ask, a micro-influencer is anyone with 1,000 to 50,000 followers. Depending on the industry and location, this could also be anyone with 1,000 to 10,000 followers. For example, in Hong Kong where the market is quite small, a micro-influencer would be anyone with 1,000 to 5,000 followers (anyone with more than 10,000 followers might already be considered a true influencer in HK).
The reason these micro-influencers are good to target is that: 1) brands are unlikely to be talking to them already, and therefore there are more receptive to fun and interesting ideas, and 2) they're going to be cheap (or free) to work with.
So, instead of working with 1 influencer with 500,000 followers at a rate of USD10,000, you can instead work with 20 influencers with 1,000-5,000 followers each at a rate of USD500 each (total of USD10,000). You can work with less depending on what your budget is.
What's good with working with more influencers is that the likelihood of some of their content being seen by your audience is a lot higher (if you selected the right influencer). Chances of the content being lost in the feed if big influencers create content is actually very high (they're professional content creators, and have a constant stream of content in addition to the fact that algorithms will make the chance of the content being seen very low).
Finally, it's important to set the key metrics before you start (it's all about success!). Engagement? Traffic? Sales? Followers? Whatever it is, make sure these are set during the planning stage as it will highly affect the type of influencer you end up using.