Affiliate and Influencer marketing can often get mixed up, as both types of marketing styles have very similar aspects and some minor differences. In this article, we're going to go through a few of them, while outlining some of the benefits.
Affiliate marketing is when a business or brand works with various bloggers, publishers, and companies. It’s a method of creating leads with more of your target audience by using a third party to promote your products and services to their audience. In return, the third party – the affiliate – can give out an affiliated link along with promoting your products and services.
The main benefit of affiliated marketing is that it's low risk a cost-effective, so businesses who use affiliates would only have to pay the affiliate a commission when they’ve created a conversion through their affiliate link. Using an affiliate to help market your products and services is a good way of reaching a wider audience without having to spend more money than necessary to promote your businesses to the same audience.
Utilising affiliate marketing properly can open your brand up to people that might be interested or looking for your services, but not following your social media profiles.
Influencer marketing is when a business or brand works with people who have a large following on social media or those who are very influential online, such as prominent people within an industry or celebrities. The influential person promotes the business’ products and services, in a series of posts on social media with a specially designed message, or a video or series on the individual's YouTube channel.
Influencer marketing tends to stay on social media platforms such as Instagram, Facebook, and YouTube. Usually, this is where the influential endorse products or services, but don't offer their followers an affiliate link. Instead, the influencer receives a flat rate payment per post, or the company will give them free products as a form of payment.
The main benefit of influencer marketing is that it spreads your brand awareness to a broader audience. In the long term, you can develop brand ambassadors who will work with your brand for an extended period of time. This can, like affiliated marketing, means that the influencer creates content on their social channels to promote your business, where they can offer special discounts on products and services (this is different to the affiliate links, as the influencer doesn’t receive anything if their followers were to complete a conversion).
Here at Formation, we are experts in marketing and brand awareness. we work with a number of clients as well as their affiliates and third parties to achieve marketing success within Industries such as engineering, retail, and the public sector. Get in touch with one of our team to find out how we can help you find the right marketing strategy to suit your needs.