What is Affiliate Marketing?
Perhaps you’ve heard the term affiliate marketing thrown around and wondered what that meant, or maybe you’re not familiar with it at all. Regardless of your familiarity with the term, affiliate marketing is a great source of income for influencers. Affiliate marketing is defined as, “a marketing arrangement by which an online retailer pays commission to an external website for traffic or sales generated from its referrals.” In other words, when you use a specific link generated by a retailer or company and someone purchases through your link, you’ll make a small sale. It’s especially valuable for influencer strategy because it gives insight into what your audience likes and doesn’t, plus gives creators an additional revenue stream.
Why is it important?
When working on brand partnerships, influencers should be ready to give brands a few numbers: their engagement, reach and impressions. We go in depth about why these numbers are important here, but having the ability to show a brand that you can get your audience to convert is invaluable. This is where affiliate marketing comes in handy because content creators can leverage those numbers to pitch a brand.
Affiliate Marketing Platforms
Let’s talk about three heavy-hitters in terms of affiliate marketing platforms: LTK (formerly known as Rewardstyle), Shopstyle Collective and Amazon Affiliates.
LTK was created by fashion blogger Amber Venz Box as a way for fashion bloggers to monetize their images. It expanded into an app over the years to where their audience can now follow them on the app to see images posted inside there. LTK partners with many major retailers to be able to link to their items and while it’s expanded to more than just fashion bloggers using it, it is still primarily used by those in the fashion space. It is currently application-only.
Another affiliate program geared toward fashion bloggers, but with a wider net of lifestyle bloggers as well, Shopstyle Collective is reportedly easier to join than LTK. Shopstyle offers many tools to help creators come up with an influencer strategy to promote their content and also offers additional sponsorship opportunities.
What doesn’t Amazon have?! Amazon Affiliates is a great option for anyone looking to start implementing affiliate marketing into their influencer strategy because Amazon not only offers so much to link, but also allows anyone to sign up. Their commission rate seems to be a bit lower than other platforms (like the two above), but offers easy-to-use tools.
Affiliate links are great to show your audience how you’re using a product and why you’re using it and then in turn, you can take the sale percentage to a company to show your conversion rate. If you need help incorporating affiliate links into your strategy, we’re here to help! You can sign up here with our foundation plan to get access to strategy calls and any other support you may need.