2018 according to Inc.com was the year of micro-influencers, meaning that brands would rather work with several micro influencers to reach their target audience than big influencers with hundred thousands of followers. Micro-influencers are considered to have a following between 10k and 50K followers.
The main advantage of working with several micro-influencers is the reach you will get. It is better to collaborate with 10 micro influencers having, say 15k followers, than just one influencer with 150K followers.
Why? Because of the reach and engagement rate per post.
What is the reach?
The number of unique accounts that have seen your post.
What is the engagement rate?
It is the total number of people who saw a post and left a “Like” or “Comment” on it divided by your total number of Instagram posts.
So if you are a brand or business owner willing to collaborate with Instagram micro-influencers in order to reach your target audience, these 2 metrics are the main one to focus on.
Now the question is how much should you pay an influencer to post a photo or video promoting your product or service.
Good news for you this free tool on influencer marketing hub can answer this question for you.
All you have to do is enter the handle of the influencer you want to work with and hit enter.
The tool will provide you with stats regarding the account like how many posts are on the account, how many likes and comments based on the last 12 most recent posts, the engagement rate and the estimated earnings per post the account can claim.
You can then use the average Instagram Engagement rate chart to make your decision on whether you want to work with the micro-influencer or not.
In this case, my account has an engagement rate of 1,70% which is below average of 2,4% for the size of my account. Therefore some brands would less likely collaborate with me and would look for other influencers with a better engagement rate.
However, I’d not only rely on the engagement rate of the Instagram account to pick an influencer. Some influencers like bloggers might not have a huge engagement rate on Instagram, but they can create evergreen blog posts to promote your product or service that can drive leads to your business from the moment the post is published onwards. It is always good to have a chat with the influencer you want to work with and ideally ask them for their media kit to have a better idea of the potential reach and impact a collaboration could benefit your business.
If you would like to learn more about how to find influencers and setup a successful influencer campaign to promote your online business using Instagram, make sure to check out this blog article How To Create An Influencer Marketing Strategy to Sell Online (Ultimate Guide).
I hope you found this article helpful and that you now have a better idea of how to find the right influencers to work with on Instagram and what budget to allocate if you want them to create a post that would promote your business. As always, if you enjoyed reading this post, make sure to like it, it actually makes a difference. And if you know anyone that would be interested in learning how to collaborate with Instagram influencers and not necessarily break the bank, feel free to share this blog post with them.