AFFILIATE MARKETING means signing up partners whose main function is to drive traffic or leads to a website which could potentially spell business for a company. Channels vary such as e-mail lists, social media posts, and website features, depending on the affiliate’s preferred method.
Essentially, affiliates are expected to engage the specific target market in order to generate business revenue. Commissions will be paid for every successful referral as per the terms agreed upon by both parties.
A successful referral may be in the form of a direct website sale or a walk-in transaction, among several others, as long as it can be established that it is the affiliate’s efforts that led to the sale.
It is highly recommended to set the scope to be tapped by the affiliates and assign channels not directly handled by the company itself to avoid overlapping and confusion on the crediting of successful referrals. Keep an eye on and maintain only performing affiliates who drive the growth of the company’s outsourced revenue and are consistent in strategy and values.
INFLUENCER MARKETING involves partnering with online and social media influencers to do word-of-mouth marketing for a company and its products or services. Typically, compensation is project-based. Free goods are often offered as part of the package.
Experience has proven that consumers tend to be influenced by people they have high regard and respect for. In choosing a brand, their preferences are influenced by recommendations of people they trust.
In this modern age of the internet, influencers are no longer limited to celebrities. Field experts, popular bloggers, and online personalities can very well take the role of promoting businesses to hundreds of thousands of their followers.
More followers and interesting content translate to an increase in site traffic and followers, more views/likes/comments/shares, and ultimately, higher revenue.
Influencers should be mindful of their approach and put efforts into aligning it with the brand’s strategies so as to be consistent in building its overall reputation. And just like in Affiliate Marketing, they have to cater to the same audience as the companys’s target market to guarantee value for the brand:
1. Engage the target audience.
2. Interest potential clients.
3. Generate sales.