When statistics show that for every $1 spent on influencer marketing, businesses make $5.20, we cannot help but become firm believers in the power of influencer marketing.
Businesses and brands use influencer marketing strategies to promote their products on various social platforms like YouTube, Facebook, TikTok, and Instagram. Among them, Instagram has become a popular social media channel.
Instagram's growth was quick. Launched in 2010 and later acquired by Facebook, Instagram took social media by storm and emerged as a platform to share captivating photos and videos. It has also dominated influencer marketing for quite some time and helped brands expand their reach by releasing new content formats through different types of Instagram influencers.
With 2 billion monthly active users on Instagram, brands cannot go wrong in adding Instagram influencer marketing to their overall marketing strategy. It's an excellent platform for brands to reach their target audience, increase brand awareness, grow their follower base, and drive significant sales.
So, let us uncover what makes Instagram influencer marketing a powerful strategy. More so, learn to find the right influencers for the business, how much it costs, and how to determine if Instagram influencer marketing strategies are working for you.
Influencer marketing is an effective strategy that brands and marketers widely engage today due to its ability to reach a large audience at the right time. The marketing strategy built on influencers with authentic followers who trust these brand advocates deeply has a profound impact.
The basic formula of Instagram influencer marketing is to associate with a chosen influencer, a right fit for the brand, who creates content and shares it with their followers. It helps the brand reach a broad audience and, in turn, help spread awareness and boost sales.
There are different types of influencer campaigns on Instagram to carry out with various influencers, all based on the needs and goals of the brand. Let's talk about the different Instagram post types you'd like the influencers to carry out on your behalf on Instagram:
To learn about Instagram influencer marketing campaigns in detail, go through our post on it, but if you have a fair idea of what it is – let's move on.
After establishing that influencer marketing is effective, let us look at why adopting Instagram for influencer marketing can be a good option and learn if it's the right option for you.
Instagram influencers have the power to affect their Instagram followers' buying decisions because of the authority they have created in their specific niche. Collaborating with Instagram Influencers can help brands:
An Instagram influencer is an individual who has built a reputation on Instagram around a specific niche. Instagram influencers have an engaged audience who trusts them with what they suggest, recommend, and promote. They can be great brand ambassadors for your business.
Instagram influencers belong to different niches, having their follower base. Brands must gauge a perfect fit based on their goals, budget, and relevance.
The four groups of influencers include:
Instagram influencer marketing works best for businesses within the retail industry, especially the D2C brands. Some categories of brands that can benefit from Instagram influencer marketing include:
Below is a list of the hottest niches on Instagram that businesses can explore to find their best fit:
Instagram influencers are powerful marketing assets for getting the word out about sales, promotions, and deals. With more and more buyers turning into online shoppers daily, the search for the new thing, an upcoming brand, or a major sale event is constantly on.
But it also seems like there are so many sales that it's challenging to narrow down and shop from one particular brand. With such intense competition, it's the words of beloved influencers that make all the difference. When followers' favourite influencers tell them about a big sale, they are bound to check it out. Read this post to find out the best Instagram influencer marketing strategies to promote your big sale or an event.
According to a Fox Business report, an average Instagram influencer earns anywhere from $30,000 to $100,000 per year from promoting products.
Some influencers report charging as much as $5,000 to $10,000 per sponsored post. The cost, however, varies depending on whom you want to partner with and the size of your project.
Working with influencers in the 100k+ range can cost $1,000 per Instagram post. Rates can vary for additional services like Instagram Stories, takeovers, blog posts, and more.
Micro-influencers charge closer to $300 per Instagram post, and nano-influencers charge slightly less. And while cash is the most desired form of payment, in-kind campaigns can still be a meaningful exchange.
Unfortunately, there's no one-size-fits-all answer when it comes to how much Instagram influencer marketing costs, and there are a variety of factors involved that go well beyond an Instagram influencer's number of followers, and they include:
Businesses are seeing more value in partnering with Instagram influencers with a small but highly engaged following. How do micro-influencers and nano-influencers are beneficial to brands? Micro- and nano-influencers are everyday people living a normal life and hence are very relatable. Mega influencers have larger than life stories, so their feed is aspirational than relatable.
When a micro-influencer recommends a product, it appears as a trusted recommendation from a friend. And this makes all the difference. One of the best parts of working with micro-influencers is that they retain higher levels of engagement than top-tier influencers. It means their Instagram posts are more likely to be seen by a large chunk of people.
Nano-influencers enjoy an engagement rate of 7.2% on Instagram compared to the 1.1% engagement rate of influencers with over 100,000 followers. If you are trying to market to a hyper-local market, partnering with a nano-influencer makes sense. Moreover, both nano- and micro-influencers charge less than the big players.
If you are a new company wanting to increase your brand awareness, you might consider using metrics such as influencer's reach and traffic when looking for the right influencer. And if the goal is to accumulate a lot of engagements for the company, consider teaming up with micro-influencers that have smaller audiences but higher engagement rates. Some of the factors to consider when choosing the right influencers include:
A study by Econsultancy reported that finding the right influencer is the biggest challenge of working with influencers. That said, if you are clear with what you are looking for, your job will be much easier. Figure out what characteristics define your ideal influencer. These characteristics should be relevant to the brand and the campaign. Once you define ideal influencers, use various search options to find them.
To learn more about how you can find the perfect influencers for your Instagram campaigns, book a Free Demo, and we will show you how.
With over 1 billion active monthly users, Instagram can significantly boost a brand's visibility. And Instagram influencers play a crucial role in conveying your brand personality and building brand awareness.
Ready to kick off your Instagram influencer campaign? Hope this guide helps you get started, but tools like Affable.ai can simplify the entire process for you. Trust our influencer marketing platform to find the right Instagram influencers for the job, monitor campaign performance, track conversions, and everything in between.
Get new blogs, case studies and our Market Landscape reports directly in your inbox.
We don't spam.