We are presented with examples of affiliate marketing every day. With the influencer marketing sector gaining credibility & speed every day, brands now have no choice but to comply with the demands of the digital age. As more and more influencer marketing projects are created with social media content creators, the price to pay is also rising. There are several ways to create an influencer marketing project, and nowadays brands seem to prefer a partnership method rather than a sponsorship, called Affiliate Marketing.
But what is affiliate marketing exactly?
Affiliate marketing is a strategy used by brands to involve influencers in selling products through links & codes specific to influencers. This is usually done through either a swipe-up story on Instagram where influencers share a specific link that will help them earn a certain amount of commission from sales made from the link, or through a code special to the influencer. These codes are usually discount codes, and they help the consumers save some money while influencers earn a commission from the sales.
You can think of this as having partners for boosting sales. These influencers are almost working for your company as salespeople, and they are earning a bonus for every sale they make.
Now the question is, why would influencers agree to earning a commission through sales rather than making money through just one post or story?
Affiliate marketing usually offers a longer term agreement with the brand. Once influencers agree to be affiliates of a brand, their codes or links don’t expire, meaning they can use these codes and links indefinitely to earn a commission. It is also helpful for the influencer’s audience to see that the influencer is genuinely using a brand’s product as they see the influencer sharing the same brand links or codes consistently. It is important to also mention that this method is the most beneficial for micro influencers as they could potentially earn more through commission than they would with a one-shot project.
How can you create a loyalty program with influencers so they can be your affiliates?
One thing to keep in mind is that influencers are making money through their content, so if you are not willing to give enough credit for their work as your affiliates, chances are your program is going to fail. Another thing is, an influencer will agree to be affiliated with you as long as your brand is a well established one with prestige. If you are just starting with your brand or your platform, it doesn’t really make sense to try to find affiliate influencers, as these influencers will need to make sure they are not putting themselves at risk of being called frauds.
How do you create an effective affiliate network?
If you are sure that you want to create an affiliate network, make sure to be in close contact with your influencers, listen to their problems about the program, and constantly evolve it to make it attractive to others. It is also important to create some benefits for the influencers involved in your affiliate program, as making a certain amount of commission through sales won’t be enough to cover their fee for creating content.
Are you planning on creating an affiliate program for your brand? Or are you an affiliate influencer with a brand? Let us know what your thoughts are in affiliate marketing, and what brands or influencers should do to make it work better.