Monetization is the process of converting an asset into liquid money. The monetary value of any asset is actually the amount it fetches the owner when it is put on sale. Any business acquires a certain market value depending upon the revenue base it has created, its popularity among the masses, and the profit that it creates for the stakeholders. Most of these points are driven largely by the way business is publicized or advertised about.
Social media has risen to the status of a proven tool that businesses rely on for advertising or promotional purposes. This medium offers a readymade audience that other channels of advertising struggle to achieve when compared on the same timeline. Quick response from the consumers, ease of reaching out to the real consumers and ripple effect caused due to the availability of the ‘share’ button have propelled businesses to find Instagram Influencers, for instance. Micro-influencers are those who have attracted a huge population of consumers through posts, blogs, videos, and so on. By huge, we are talking about the follower base of about a 30000 plus.
Micro-influencers drive numbers in an upward trend
Micro-influencers are not the macro influencer celebrity, which is cashing their aura. Micro-influencers are one from us, the end consumers, or an entity associated with the business in an influential capacity. They are promoting a product or service by referring to it subtly in a real-life situation. So, the impact is certainly deeper than a celebrity endorsing the product. It is the identification that matters when any business wants its messages to the consumers a big success. The immediate effect of this identification is rise in the conversions, which means more sales in return and eventually the rising value of the business in monetary terms. Thus, micro-influencers, with the help of their virtue of increasing conversions can impact a business’s value or monetization in the coming times.
Micro-influencers help to lead the niche sooner than other advertising agents
Micro influencing has become a full-time job for those who are doing well in this profile. They are being paid insanely high by the businesses who find these agents to be effective information spreaders and attractors of prospective users. With the facility of two-way conversations, commenting and moderating, the work done by the micro-influencer can surely be used for brand reputation management purposes.
Beauty influencer program, for instance, has been found to be very effective in promoting a beauty business on Instagram. Some data analytics reports reveal that Instagram has been ruled by the fashion and beauty brands in terms of followership. The very mention of an influencer in the post increases the interactions to a humongous figure of 800 per post. So, apart from the brand reputation, the higher engagement has become possible to achieve with micro-influencer who have anywhere between 50,000 to 2,00,000 followers.
Improving the bottom line with sustainable influence and self-reliance
Engaging macro-influencers certainly increase the cost because of their hefty pay per post. Many businesses fail to continue with the same excitement in the long run while engaging macro-influencers. On the other hand, micro-influencers cost comparatively less. They help achieve sustenance in promotion strategy, which eventually builds value for the brand due to its continued presence among the consumers.
Micro-influencers also turn to other revenue promising platforms like crowdfunding venues. Here, they are doing activities like selling subscriptions and boosting sales of physical products. They are using crowd psychology here to the fulfillment of their purpose and bringing more revenue to the businesses making them highly monetizable in the coming times.
Micro-influencers do not need a partnership with businesses to sustain. They are quite self-reliant by the virtue of their ability to create a fan base. It is actually the follower base because of which businesses approach them for promotional purposes. They do not demand any kind of infrastructural support, etc. except for the pay per post. Thus, advertising through an influencer saves the cost of creating advertisements, or producing creatives to a great extent. The influencer with their readymade platforms offers something consumable for all kinds of content lovers. Thus, the influencer model of marketing stands out in cost-effective and sustenance helping businesses enhance their value appreciably in a cost-controlled manner.
Real data – a valuable insight
With the help of two-way conversations, live chat programs and commenting, etc., influencers provide real data to the businesses. They can use this data to improve product or service and enhance brand loyalty. Businesses need to authenticate follower base to ascertain that the influencer impact is not falsely inflated.
So, with the help of better engagement, more conversions, a sustainable model of promotions, and invaluable customer data, micro-influencers will be a feasible contributor to monetization. However, the authenticity of the follower base does demand close scrutiny to ensure that businesses are on the right path.
With this, it is quite clear that micro-influencers will be able to fuel monetization in the future with the support of their loyal followers. Over the period influencers start to transform their working capabilities as content creators with strong marketing influence and power. This, in turn, works to attract the attention of the audience with a view to having high-engagement rates and of course high conversion rates. It is as simple as connecting with renowned brands in an interesting manner and as fruitful as extracting maximum business benefits from the engagement or connection you establish.
