How Influencer marketing is a Game Changer for Affiliate Marketing & Live commerce
Influencer marketing as an advertising strategy shows no sign of slowing down. In fact it is estimated that the “worldwide market size for influencer marketing platforms is anticipated to escalate to $84.89 billion by 2028, a significant rise from the $16.4 billion valuation in 2022”. The success of influencer marketing campaigns as a strategy for business is primarily working because several users from the Gen Z and Millennial diaspora are highly active on social media platforms such as Instagram.
The average age of Millennials and Gen Z combined is between late teens to mid-30’s which indicates that many of them have become part of the workforce and have the purchasing power, making them a viable customer base for any business or brand. So whether it is a small business or an established brand, everyone is hopping the influencer marketing bandwagon. Marketers want to woo this demographic and the best way to go forward is to divert all their endeavours towards two important subsets of influencer marketing namely - Instagram Live commerce and Instagram affiliate marketing.
However, before we delve into the discussion about how affiliate marketing is changing the landscape of influencer marketing campaigns, we need to get some definitions right.
What is live commerce?
Live commerce, also known as live streaming commerce or live shopping, is a form of e-commerce where sellers interact with their audience in real-time through live video streaming. This concept which is known to make online shopping experience better combines elements of traditional television shopping channels with the interactivity and convenience of online shopping. Instagram live commerce is one such example, where sellers like Just like a Wow sensation, Jasmeen Kaur sell merchandise in real time, by coming online and displaying the products.
Live commerce has gained significant traction due to its ability to create a sense of immediacy, authenticity, and community engagement in the online shopping experience, driving customers to purchase. It has become a powerful tool for businesses, brands, influencers, Instagram sellers looking to connect with their audience in a more dynamic and interactive way, ultimately driving sales and building stronger customer relationships.
What is Affiliate Marketing?
Affiliate marketing is a cost-effective and performance-driven marketing strategy. It allows merchants to expand their reach by leveraging the promotional efforts of affiliates (social media influencers/ Instagram sellers), who, in turn, have the opportunity to earn income based on their marketing success.
The company or business that owns the product or service and sets up an affiliate program to promote it. Unique links or tracking codes are given to the affiliates for promoting the merchant's products/website. The end goal of the affiliate program is determined by the marketers which could be - to drive sales, increase web traffic or encourage download.
Affiliates can include bloggers, YouTubers, social media influencers, Instagram sellers and so on.
Correlation between Live Commerce & Affiliate Marketing
Live commerce and affiliate marketing share certain similarities, and there is a correlation between the two as they both involve leveraging digital channels to drive sales/boost traffic/drive brand awareness.
# 1 Performance based Model - The success of both depends on the ability to generate conversions.
# 2 Cater to Different Marketing Channels - For live commerce Facebook Live or Instagram Live works, in case of affiliate , social media influencers of affiliates promote the product on service on different platforms such as Instagram, YouTube, Facebook, personal blog etc.
# 3 Audience Engagement through Interactive Content - Audience engagement is crucial for success in both live commerce and affiliate marketing. Engaging content is most likely to capture the attention of the audience.
# 4 Data Analytics Integral for both - Both strategies benefit from data analytics to measure performance and optimize strategies. Live commerce platforms and affiliate marketing programs use analytics to track conversions, monitor engagement, and provide insights for improvement.
How Influencer marketing is a Game Changer for Affiliate & Live Commerce
# 1 Leverages the Established Trust Between Followers and Influencers
Harnessing the well-established trust that exists between followers and influencers is a strategic imperative in modern marketing. Influencers, through their authentic connections, have cultivated a loyal audience. By tapping into this pre-existing trust, brands can amplify their message, foster genuine engagement, and enhance the overall effectiveness of their affiliate and live commerce programs.
# 2 Influencers Promotional Strategy is beyond Traditional Marketing Methodology
Influencers' promotional strategies transcend conventional marketing methodologies. Rather than adhering strictly to traditional approaches, influencers leverage a dynamic and personalized style that resonates authentically with their audience. This innovative approach often involves creative content, real-time engagement, and a nuanced understanding of the platform, resulting in a more organic and effective promotional strategy compared to traditional marketing methods.
# 3 Stick to Clear Communication while promoting
Influencers follow a very straightforward approach to promote the affiliate products. All information is provided all at once. Whether it is product testimonial, products display, call to action or details of the discount is offered very distinctly. Customers therefore do not have any confusion about the offers and in case of Live commerce, their questions can be answered in real time or through DM and comments.
In conclusion, influencer marketing emerges as a transformative force, and has the ability to reshape affiliate and live commerce landscapes. Through the authenticity and trust instilled by influencers, businesses can leverage their promotional prowess to drive conversions in affiliate marketing and foster dynamic engagement in live commerce. The synergistic blend of influencers with these digital marketing strategies not only enhances credibility but also creates a compelling and personalized narrative that resonates with audiences. As influencers seamlessly navigate the realms of affiliate marketing and live commerce, they prove to be instrumental game-changers, propelling brands towards a more interactive, engaging, and successful marketing future.
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