You have an excellent e-commerce store, elegant interface, captivating designs and above all, potential products.
You have created multiple channels for online marketing and there is a steady growth in sales. Everything's good!
Then one day you see one of your competitors skyrocket their sales with something called affiliate marketing. Not sure what the term is?
Ok, let's have it!
The world today has dramatically drifted from the traditional form of marketing to one that is content-driven, and over the air, that is, through an online media. While blogging, SEO marketing, app making, all have had their part of work done, the upcoming decade calls for a new and influential form of marketing.
Yes, you heard that right. What reigns today is the power of the consumer and their vast network of connectivity. Though, word of mouth might be the old school method it prevails and to an extent that, it is the most popular type of marketing method used today. According to a survey conducted by Nielsen, 92 percent of consumers worldwide lay trust in the word-of-mouth or the recommendations given by the family or friends pertaining to a particular product or any advertising. And this proportion has only risen year after year.
As users are turning more and more aware of different forms of advertising, their outlook towards buying is changing.
Whether it is Snapchat or Instagram or Facebook or any other social media site, promoting your product is turning a lot difficult, given the scale of competition and content, rising each day. Creating your own brand page and then targeting users isn't the same as it was years ago. And to deal with this mess, marketers have adopted this new form of marketing, namely, affiliate marketing. According to Shane Barker, 88.5% of present-day marketers consider influencer marketing to be an efficient marketing strategy.
"What" And "Who" Behind Affiliate Marketing
nfluencers are people that already have an account dedicated to a particular social media with thousands of people already involved in his/her network.
And by affiliate marketing, we mean to say that you are an entrepreneur promote your product on the website of a different person or a company. In exchange, you need to pay these influencers a part of your profit and keep the engagement running. No doubt, influencers have a huge audience base and there is a huge possibility of your bus witnessing an upsurge in sales after such kind of marketing. Of course, you need to do it right.
How Influencers Affect Ecommerce Growth
Product popularity through social media is one of the most talked-about topics among marketers today. According to a survey, 80% of users found a product that they actually wanted to purchase through social media. discovering a product they were interested in social media (social commerce platform Curalate)
The figures on Instagram has been sought to be the best or the most influential as what was 18% a couple of years ago, today it is 48%. Meaning that Instagram has been successful in driving traffic to eCommerce stores, through affiliate marketing. Others in the picture are no less, product discovery through Facebook has risen from 52% to 70% between 2017 - 2019) and that of Pinterest has risen from 22% to 28%, during the same time span. No doubt, influencers have a good time promoting products and alongside, filling their pockets.
Well, this is not a one-sided game as the entrepreneurs or the eCommerce store owners are also benefitting from such kind of marketing. Though they need to pay a handful amount to the influencers, on a whole the profit earned remains on the greater side.
Trust Follows Trust
The fact that influencers already have a wide network and the people within the network have trust driven relationship, users automatically drag their trust on the posted product. Meaning that as they trust the one they follow, they assume that products posted by them would be worthy of purchase ( if at all that's relevant to their need). Consumers have this inclination to at least, view the product and eliminate the phase where they doubt the viability of the product. This in a way helps entrepreneurs drive more traffic to their website and under planned strategies, convert their one time visitors to long-time consumers. In case, you are a young brand or a fresh start-up, posting an ad through an influencer would cut short your time of building brand trust.
Channelize Product Visibility
It is a trend, like attract like. If you are an influencer, there is a huge possibility that you have other influencer friends. And according to research, 88% of the influencers tell their friends about the product they are following. Meaning they what was just meant for one has to know created a ripple effect. Often, influencers continue to promote a brand, if they have an interest in the same after the deal ends. The more they share, the better they know about your brand and sales follow.
Omni Channel Sharing
Influencers are present everywhere and have huge followers across all platforms. Once you connect with a single one at any of the platforms, they share, tweet, retweet, post ads and do everything to promote your product. This way your business is bound to witness higher traffic and grow both in terms of sales and popularity.
Definitely, influencers marketing has a lot of perks but it is important that you choose the right one to market your product. Before, finalizing any of the influencers, make sure you done research, assessed their capabilities and then only, end up collaborating with them.
With eCommerce sales expected to rise from $2.3 trillion now to $4.5 trillion by 2021, the industry has witnessed a rapid shift. More and more entrepreneurs try their luck in this sector and scale the competition high. To stay abreast of the ongoing trends and be a step ahead, it's time that you to dive in the sea of influential marketing and see your business experience an untimely growth.