Issue#100: Building $1K-$10K MRR Micro SaaS Products around Influencer Marketing
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No fluffy content. If your goal is to build a $100m ARR business, this is not the right post. Here I am NOT going to talk about building the next Facebook or Twitter. If your goal is to make a $1K to $10K MRR, continue reading.
This post will cover one SaaS area and talk about multiple niches in this space. This post also explains how to do tech implementation, do market analysis, how the current players are doing, and ends with a cost analysis to understand the overall cost for 100 users.
Let’s see some of the players around Influencer Marketing tools .
⛳ ⛳ Current players
SARAL: An influencer marketing tools for brands to get influencers to promote their brand, track sales, and build long-term relationships.
InfluenceKit: automated reporting for sponsored content.
Phyllo: APIs for continuous access to verified, creator-permissioned data across different platforms. Received $17.8M in funding.
Zulio: an API to track influencer campaings and determine which sales are driven from that campaign.
InfluenceGrid: TikTok influencers database of over 125,000 influencers.
Prospety: For discovering social media profiles and their contact information - database of 3M+ YouTube channels and 1M+ Instagram profiles.
1-on-1: Lets creators meet with their audience and get paid directly.
SparkToro: Shows who your audience is, what they talk about, and where to reach them. Received $1.3M in funding.
Bakchich: Crowdfunding platform for African content creator. Reached monthly revenue of $10K.
Authentic: a tool for Influencers to create reports for their campaigns and for businesses to collect reports from multiple influencers for audience and reach analysis.
Room Unlocked: connects top content creators and influencers with brands.Received $6.99M in funding.
Bio Link: A mini website for creators to put all their important links and socials. Got signups from 40,000 creators in a month.
Likeometer: The influencer database with statistics to easily discover influencers from many different categories.
Upfluence: Influencer marketing platform with influency discovery, creator management, payments and more. Received $3.9M in funding. Estimated annual revenue is $17.9M.
Fueler: portfolio tool for creators and knowledge workers.
Influence.co: professional network designed for influencers and creators. Received $3.9M in funding. Estimated revenue is $579.6k/year.
Socialblade: Provides global analytics for any content creator, live streamer, or brand.
Moonio: Powerful creator search, analytics and outreach with all the tools to run efficient collaborations.
InfluenceWeekly: Weekly newsletter covering top news in the influencer marketing space for 25K subscribers.
Mediakits: All-in-one management system for creators, including customizable mediakits with transparent data and adaptive social links. MediaKits hit $19.8K in revenue in 2022.
Exolyt: TikTok analytics and tracking platform. Received $480K in funding.
Afluencer: A place where influencers and brands meet.
Grin: All-in-one creator management platform helping ecommerce companies build more valuable brands through the power of creator partnerships.
Shoutcart: Lets brands buy Instagram, YouTube and TikTok shoutouts and collaborate with influencers.
Promoty: All-in-one influencer management tool.
🔒 👉 [In Pro] See who Reached $13K/month in revenue from a reporting tool for influencers.
🔒 👉 [In Pro] See which influencer database reached $7.5K/month in revenue.
🔒 👉 [In Pro] See who crossed monthly revenue of €4000 with an influencer management tool.
🔒 👉 [In Pro] See who reached $3500 MRR within 6 months of launch with an influencer database tool.
🔒 👉 [In Pro] See which portfolio tool for creators crossed $10K in revenue.
🙅♀️🙅 Pessimists
Negative Nancy says - “Influencer marketing is costly. Not many people go for Influencer marketing.”
Me - Most brands are increasing their Influencer marketing spend. If you are still worried about ‘Influencer Marketing’ costs, checkout the concept of ‘Micro Influencers’. Micro influencer marketing is a subset of influencer marketing that focuses on collaborating with individuals who have a smaller but highly engaged and dedicated online following. Micro influencers typically have between 1000 to 10000 followers on social media platforms, such as Instagram, YouTube, TikTok, or blogs. Micro influencers also charge relatively less compared to regular influencers.
Negative Nancy says - “Building SaaS with platform-based apps is risky.”
Me - Working on platform-based apps brings a ready-made audience using the platform. While there is a platform risk, the risk can be mitigated by just adhering to the guidelines. If you are building an app that can work with multiple social media platforms, implement the same for multiple platforms and reduce the risk so that if one platform rejects you, you can continue to build and survive while you fix the issues with the rejected platform and make it compliant.
🤿🤿 Deep-dive &&💡💡 Some niches
Influencer marketing is a strong way for companies to team up with influencers. It's a strategy that lots of businesses have used successfully, and it's been growing for years.
Influencers are people with specific interests and lots of online followers. Their followers trust them and see them as experts, so what they suggest can really affect what their audience buys. Their recommendations can help brands reach more people and find potential customers.
There is a significant growth in brands spending on Influencers marketing. Let’s see some of the niches in Influencer marketing.
Micro-SaaS for Simple Portfolio Website Creation for Influencers:
Influencers command substantial fees for their services, and to enhance their conversion rates, they also require a well-structured website. This website should effectively showcase their offerings, establish credibility through testimonials, provide transparent pricing, highlight the platforms they are active on, and present statistical insights for each platform. Also, most brands would need something like a media kit that they can review before sponsoring the influencers. There are some good players doing well in this market targeting website creation exclusively for Influencers and creators.
Indiepage reached $1.5K/m in revenue.
Mediakits hit $19.8K in revenue in 2022 by helping influencers and creators build media kits to secure more sponsorships.
Fueler crossed $10K in revenue.
Bio Link got signups from 40,000 creators in a month. Now used by 500,000+ creators
Beacons is used by 2M creators worldwide.
Most of the website/page builders also pull the latest social media stats to display automatically on the website from various social media channels.
Micro-Influencer Discovery Tool for a specific Social Platform:
A "Micro-Influencer Discovery Tool" is a listing or a SaaS solution that helps brands find and connect with smaller, engaged social media influencers who have niche audiences, making it easier for brands to target specific customer groups effectively. Note that it’s not easy to find the influencers for a given niche. Even if you find the influencers, it gets complex to reach out to them, negotiate and plan things. Products of this kind help brands in identifying effective micro-influencers, streamlining collaborations, and increasing returns on investment. When more data-driven insights are added to these products, the tool empowers brands to make well-informed decisions and connect with specific audiences. By simplifying the influencer search process and enhancing brand exposure, founders can capitalize on the tool's value and drive revenue. Prospety InfluenceGrid Likeometer are some good players in this space. You can further fine tune this by niching down to a specific social platform. Instead of curating data from every social media platform, InfluenceGrid niched down to only Tiktok platform and got profitable.
InfluenceGrid reached $3500 MRR within 6 months of launch.
Likeometer reached $7.5K/month in revenue.
Products like these save huge time for sponsors.
Micro-SaaS for AI-Generated Influencers
An AI influencer is a social media character made by AI. They can be made to look like anyone and do anything. AI influencers are often used to talk about products or brands, and they can get lots of followers on social media. Some even sell their own stuff and have deals with brands. Creating and growing a social media channel often takes a lot of time as it required a lot of influencers time to record, edit and upload the video bites everyday. Now many social media influencers are opting to use AI influences on their platforms. These AI influencers are built by AI software. The output by these SaaS solutions typically involve a fully edited video of the AI influencer. Read more about AI Influencers here. Effluence is one of the players in this niche. As per Synthesia, Miquela Sousa, better known as @lilmiquela, is one of the most popular virtual influencers on Instagram. With over 2.9 million followers, she has partnered with fashion brands like Prada and Calvin Klein.
Micro-SaaS for Audience Intelligence
'Audience Intelligence' refers to the understanding and insights gained about a specific target audience's behavior, preferences, and online interactions. It involves analyzing data to uncover where the audience spends time, what content they engage with, and their communication patterns. This knowledge helps businesses tailor their strategies, content, and outreach to effectively connect with and resonate with their desired audience. Some brands not just target for clicks, they want to constantly monitor the market trends, find influencers as per trends, understand the sentiment of social media channels etc. Product like SparkToro are popular in this space. SparkToro received $1.3M in funding. SparkToro is unique in its approach to helping businesses understand their target audiences and improve their marketing strategies. Unlike traditional market research tools, SparkToro focuses on audience intelligence by providing insights into where specific groups of people hang out online, what they engage with, and how they communicate. It helps uncover the websites, social media accounts, podcasts, and other sources of influence that your target audience follows, enabling more precise targeting. SparkToro doesn't rely solely on surveys or self-reported data. Instead, it analyzes publicly available data from social media profiles and interactions, giving you a more authentic understanding of your audience's behaviors and preferences. This approach is particularly valuable for businesses looking to refine their messaging, content strategy, and outreach efforts. Exolyt is another product in this space. Exolyt received $480K in funding.
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💻 💻 Technical chops
Learn technical pointers on how to build products around this niche.
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📢 📢 Marketing chops
Learn Marketing pointers on how to start marketing the products for this niche. This should give you a marketing head start.
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💳 💳 Cost Analysis for 100 customers
Learn how much it costs to build a product in this niche and cater to 100 customers.
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Hey Upen, thanks a lot for featuring Fueler, on your Newsletter. It means a lot to our community.
Keep up your amazing work :)