We are used to seeing things differently, primarily because digital marketing agencies want us to perceive it that way. It’s portrayed as if two affiliate marketing and influencer marketing cannot operate at the same time! As a result, the clients get stuck in an unlimited tussle of which strategy is better and which is going to benefit them.
Of course, the entire analysis is faulty and so, instead of asking which type of marketing is better, you must ask which one suits best for your company’s current goals.
Both affiliate and influencer marketing have their respective time and place. It’s on you to identify where your company stands today and how to reach your destination. For this, you need a wider base of knowledge about the available options like the whether you should sign up for an e-commerce affiliate program or a service affiliate programs and track the opportunity.
Making Affiliates Promote for you Remotely
Amazon reported a whopping 310 million active customers in the first quarter of 2016 and maybe you were just one of them. If yes, then you might have registered for the Amazon affiliate program to be a part of this beast of an online shop.
The job of the affiliates is to promote the link assigned to you by the merchant on their blog or websites and whenever a visitor makes a purchase by clicking through this link the affiliates are paid a commission for each sale. Majority of the companies operate with the help of an affiliate marketing service provider that manages the entire affiliate recruitment, clearing spammers and the keeping a track of the success part.
As a word of caution – just like there were black hat SEO techniques doing the rounds before the Google algorithms started penalizing them, black hat affiliate marketing programs are also a dark fact. While these are yet to be cleared from the industry, you must be extremely careful while choosing the affiliate program to work with.
Usually, the companies that choose affiliates, sell their line of products and services on the web while offering good enough profit margins so that they can pay commissions without affecting their numbers. Affiliate marketing is hands down a better choice for your business, but it’s better to check all the aspects first and then go for it. Run a thorough research and find an affiliate solution that’s the right fit for your business.
Riding on Influencer’s Social Media Popularity
Influencers are the people on social media who gather a considerable number of followers usually, in thousands or millions. They have a deeper reach which is personalized and astute.
How would it be, if you could get a famous industry guru to endorse your brand? Fantastic, indeed. This will not just help you reach an eventual buyer niche but will also shoot up your chances of hitting the jackpot.
B2C companies are known to compensate influencers on a routine basis for using and promoting certain products on their mediums, for instance, Instagram, Facebook, or YouTube. The payouts vary for each influencer. While some are paid for each post, others are offered a flat fee for staying loyal to their brand.
How to Choose Between Affiliates and Influencers?
Both affiliate and influencer marketing have their own pros and cons. In fact, it all depends on your timing and if you stick to the tips.
Create a structure for the Statistics and Psychological Attributes of the Target Audience
Knowing your target audience is an extremely important aspect in marketing. Once you know what the audience is looking for, your affiliates can connect your customers to your products and services using the link. But, if your target is a huge number of millennials, you would need to know the personalized attribute of the influencer marketing. The younger section of audience trusts the influencers more and surpass the affiliates.
Be serious about your marketing budget
Budget-wise, affiliate marketing is a cheaper option because here you just pay the affiliates and the software partners at a pre-determined rate. Although this still reduces your profit margin for each purchase made.
Influencers on the other hand, charge an upfront fee for their involvement. The rates may vary based on the popularity. If you have a modest budget and you want to hire an influencer instead, you may want to choose the mid-level influencers. But, whether they have thousand followers or millions, they will eat up a certain portion of your marketing profits.
Use affiliate and influencer marketing for different campaigns
Our primary responsibility is to create a feasible marketing pillar that can leverage the opportunities. Using your research and education you may realize that affiliate marketing is the right approach for one campaign and influencer marketing for the other.
Create an estimate in advance to make sure that you are using the right affiliates and influencers for your job and make sure that your company is aware of how to convert the visitors you acquire from each channel. Here, you would need to run a competitive assessment to find out how your biggest competitors are investing their market budget. If they are all heading towards the affiliate marketing route, perhaps you should as well.
So, whether you choose service affiliate programs like online product distribution, or hire an influencer to boost your numbers, it is up to you to decide what’s your priority. You would not have new online marketing doors open for you frequently. Affiliate marketing has grown over the years and the related software takes it even further. At the same time, influencer marketing has also come a long way with the rise of social networking platforms and global reliance. Given that are both are ever-growing markets, you must know when to tap the opportunity and accordingly place your company for that unseen growth.