Blogging platforms such as Twitter, Instagram and Youtube have become very popular among members of the business community in recent years. Micro-blogs are more informal channels than emails and official websites, and thus present a different set of challenges for businesses.
Micro-blogging is no longer a communication channel that is exclusive only to politicians and well-known individuals; students and educators and business executives have all engaged in micro-blogging. As a report from Digiday found, micro-bloggers on Instagram with fewer than 1,000 followers earn an engagement rate of 8%. For those with 1,000 to 10,000 followers, that drops to 4%.
It turns out that once a social media influencer reaches a critical mass of followers, audience engagement actually begins to decrease.
Popularity of micro-influencers
Despite the fact that micro-bloggers may not have as many followers as celebrities, they usually have an active relationship with their audience. In addition, followers take their recommendations seriously. Another advantage of micro-bloggers is their cost. They can work for a substantially lower pay comparing to celebrities or macro-bloggers.
The main reason in favor of micro-bloggers is that they are recognized by their followers for their influence in a particular field. The number of branches where there are small bloggers is probably as wide as the number of niches where businesses operate. Companies who work with micro-bloggers have the opportunity to target their followers.
Problems micro-bloggers are facing nowadays
Besides advantages, there are lots of troubles for small bloggers when it comes to business issues. Firstly, the reach of a micro-blogger is smaller than that of a larger blogger. The latter may have a greater engagement rate with his or her followers, but in terms of actual volumes engagement, a macro-blogger prevails.
Secondly, due to the small number of followers, an individual micro-blogger has fewer chances to create brand awareness than a larger blogger has. Companies are aware, that if they are promoted by somebody with a huge influence in the industry, it can greatly change the public perception of them. Small bloggers have less opportunity to create this brand awareness. They do not have enough efforts to have that effect on public opinion.
Thirdly, most micro-bloggers have higher engagement rates compared to those with truly huge followings. However, this example cannot be applied to everyone. A small blogger may appear to have a good following, but if their engagement rates don’t match this may be a sign that the person has simply bought fake followers. Such accounts are simply not active. The number of followers is not the only thing brands rely on. The total index of shares,
likes and comments matter more.
There are millions of small bloggers, however, it is difficult to find the best one. There is one solution concerning searching for the right blogger. That is the way of looking for brand’s Instagram followers. If those people like the brand, they will likely want to promote goods of the company.
Time-consumption is another problem micro-bloggers are faced with. It takes more time to cooperate with 5 small bloggers rather than working with one macro-blogger.
PATRON – more than just a marketing platform
However, thanks to blockchain technologies, problems mentioned above can be solved.
PATRON is a blockchain project from Japan. It will provide a truly fair, transparent, and secure platform for brands to connect with small bloggers from all over the world. They will be able to directly connect with brands through a decentralized marketplace.
Most micro-bloggers are facing the problem of how to maximize their influence to brands in order to secure payment process. By bringing all engagement to the blockchain and getting rid of mediators from it through its revolutionary marketplace, PATRON is creating a unified ecosystem for brands and micro-influencers. There is a list of key features:
- Selling and booking of influencers
- Voting and incentivizing system
- Live-streaming by Switchboard and SNS Media
- Simultaneous distribution service
- Distributed analytics system
By tokenizing the market and making it much easier to build a brand and monetize it, the platform gives micro-bloggers a chance to enter the market. Moreover, both sponsors and small bloggers would get profit. It would become cheaper for companies to sponsor micro-bloggers. As a result, more bloggers will come online. Overall, the aim of PATRON is to help a micro-blogger gain business and connect with global brands.