In this next evolution of social media influence, trust is key.
Think it this way – probably also your grandma could be an influencer: consumers have a relatively small but loyal social media following of friends, family members, colleagues, neighbours and closely held social media connections.
The Association of National Advertisers reported that influencer marketing and content marketing are projected to be the fastest growing brand activation channels through 2020 (Brand Activation Marketing Forecast 2016 – 2020 ).
A few key statistics to back this up:
- 70% of teenage YouTube subscribers trust influencer opinions more than “regular” celebrities
- 86% of women turn to social media before making a purchase
- 32% of US-based influencers say Facebook is the best platform while 24% think Instagram is the best
- 71% of consumers are more likely to make a purchase based on a reference from social media
Engagement to become essential
A metric overlooked as potentially hard to track in the past, engagement is the metric of 2018. ‘Vanity metrics’ such as followers will make space for engagement and honest feedback on products.
This is no surprise indeed, as for example consumers are more and more aware of influencers overall and tend to look for help from influencers for their holiday shopping. The survey showed that social media influencers are not key to validating a brand product.
The survey showed that 19.4 percent of consumers said they are more inclined to purchase if a social media influencer is promoting a product.
Two years ago, Nielsen’s Global Trust in Advertising Report (2015) shared that 83 percent of consumers take action because of trusted recommendations.
How can you find out engagement rate?
Instagram is known for having higher engagement rates than any other social network (with Facebook & Twitter attracting an average of 0.5% – 1.0%) spiking up with a baseline of 2%-4% engagement – used to be up to 6%, but those glorious days are over.
So if you’re killing it on Instagram, you should expect an engagement rate of more than 5% and will lead you to much bigger opportunities.
With more and more platforms and analytics tools, finding out engagement rate of social influencers is easier and easier. A very old school method will require you a pen and paper handy – and a post to analyse.
First step: Note down the number of comments and number of likes that post received. Let’s say your total likes were 250 and comments came to 5.
Take this number, divide it by your total followers (5,400, for example), and times it by 100 (that’s the percentage ya all).
300 / 5,400 x 100 = 5.55% is your post engagement
You can also calculate engagement via analytics, and do the average of the most and least engaged posts from the last 30 days.