Are you looking to get paid as an influencer?
Monetization is what drives innovation in our society as it provides sustenance and relevance. Monetization means getting a monetary reward for knowledge, goods, or service rendered. With influencers, it means exchanging their social media reach and influence for money. The influencing industry is worth billions of dollars, and it pays no matter the level of your influence.
Micro-influencers, by definition, are influencers whose reach is between 1,000 followers and 100,000 followers. Medium-sized brands prefer to work with micro-influencers as they are more affordable and have higher engagement rates than a macro influencer. Macro influencers and social media heavyweights and real-life celebrities, their followers vary between 100s of thousand and millions. They are expensive to engage, international brands like Coca-Cola and Nike need macro-influencers to be able to reach millions of target audience around the world.
For example, a tae kwon do near me had the good sense to hire our taekwondo influencer to use her online influence to help grow his business. He is on his way to opening his second school as a result of this smart decision.
Micro-Influencers vs. Macro Influencers
Both types of influencers are important in the influencing industry, there are pros and cons to both, and crucially most micro-influencers will grow to become macro-influencers with time, so you can regard micro influencing as a starting point to being a macro influencer.
Pros of Micro-Influencer
It costs 500 dollars or less to engage a micro-influencer for a post, in comparison, it takes between thousands of dollars to millions of dollars to engage the service of a macro influencer.
Increase in Sales
Even though working with macro-influencers means wider reach, the problem is followers don’t trust celebrities to use every product they market, research conducted revealed followers are likely to believe the feedbacks of micro-influencers as they are more likely to use whatever brand they promote. Therefore, working with micro-influencers is more likely to drive sales.
Many followers know their micro-influencer since they started their social media account, some even know them in real life, and they can relate with them, vouch for them and know the kind of products they like, this kind of closeness is unlikely with superstars who are admired from a distance. This closeness with followers makes micro-influencers more authentic and accessible by followers.
Are you looking to get paid as an influencer?
High Communication Rate
Fewer followers in comparison to macro-influencers ensure they build a connection with them, it means increased communication, which in turns gives followers a sense of belonging and feeling of connection.
Since their reach is limited, brands can decide to employ multiple micro-influencers to improve their reach. You can engage multiple micro-influencers instead of a single macro influencer, it can give the brands about the same reach of macro-influencers while paying less.
Cons of Micro Influencing
There are not too many disadvantages of micro influencing, the major that is is their reach, micro-influencers are not suitable for brands hoping to reach millions of users around the globe.
Pros of Macro Influencing
The obvious reason why brands engage macro-influencers is their wide coverage, if your target audience is millions and scattered around the world, you will definitely need macro influencer.
Low Risk of Fake Followers
Celebrities, whether real-life or social media, attract followers because of the fame and influence they are less likely to use fake followers to boost their number of followers.
High Level of Professionalism
The services of macro-influencers are quite expensive to engage, one of the reasons for their high charges is their level of professionalism. They pay attention to details of the promotion and run their promotions exactly the way the brands want it.
Cons of Macro Influencer
Only big brands can afford to engage the services of macro-influencers because of their high charges.
Hard to Execute
It is sometimes complicated to employ the services of, and they might have reservations about promoting a brand because of their loyalty to another brand or because they are not convinced with products themselves.
Most macro-influencers engage the services of agencies which makes contract negotiations a little complicated.
Ways of Monetization Available to Influencers
There are many ways of making money online for influencers, and some involve selling products while some don’t. Monetization options include:
Selling your Products
A common way to monetize your social media influence is by selling your products to your followers, this is particularly useful for micro-influencers who have fewer but more loyal followers than macro-influencers.
Alternatively, influencers can market the products or services of a third party in exchange for a reward. Rewards for affiliate marketing vary, it could be commission on every product purchased, a barter for service or an outright fee for the service.
Influencers can make money by representing brands over a while. It comes with handsome financial reward agreed on contractual terms, certain details about the contract like duration and clauses are stipulated too. Influencer responsibilities may include posts, videos, appearances on billboards, and events.
Often influencers make post strictly tailored and paid for by brands. They are usually paid per post and are always indicated as ‘sponsored post’.
License your Contents
Micro-influencers have to explore every monetization opportunity to stay relevant in the game, one of such is licensing your contents for use by other media in exchange for money.
Crowdfund your Project
Micro influencer’s followers are usually more loyal and closer to the influencer, they are more likely to be willing to fund the next project of their favorite influencer. Many influencers have used this opportunity to fund their dream projects and improve their standing in the industry.
Do I Need an Influencer Agent to Make More Money?
Influencer agencies are agencies whose service are employed by both brands and influencers to connect the two parties and to some extent regulate their activities. Most brands rely on agencies to provide the most suitable recommendation for them when engaging and influencer. Influencers rely on agencies for engagement, and it’s particularly useful for micro-influencers who are still struggling for engagements
Influencer industry is a multibillion-dollar industry that is expected to grow to trillions in a few years. The market is big enough for both micro-influencers and macro-influencers to thrive. Big international brands are attracted to macro-influencers as they provide huge followership to target. Micro-influencers are useful with medium-scaled brands with a limited budget.
Monetization opportunities available include selling products, affiliate marketing, brand ambassador, and content licensing. Engaging the services of influencer agencies can improve the rate of engagements for micro-influencers. Imagine engaging several micro-influencers for your small startup. It can never hurt to obtain the services of a high performing SEO company to help you expand your brand and increase your reach.