As an influencer, there are essentially two primary ways to monetize your digital platforms: affiliate links (e.g. LIKEtoKNOW.it) or brand partnerships (individual deals worked out with brands where they pay you a flat rate, commission, or both).
Here are some pros/cons for each monetization method!
Affiliate Links: You get paid by a platform (like LIKEtoKNOW.it) a percentage of the cost of the items you promote and sell.
- Pros: You have the control on when you want to post and how often you want to push for commission. You don’t need to pitch your page, negotiate contracts, meet deadlines, invoice for payments, etc. Overall, its “easier” than doing paid partnerships in terms of administrative demands.
- Cons: Payment is based on conversion performance, meaning if people don’t buy what you’re recommending then you don’t make any money for your effort. Also, unless your doing high-volume conversion you’re likely not going to be raking in tons of revenue (many affiliates pay under 10% commission).
Brand Partnerships: A brand pays you to promote their products.
- Pros: Brand partnerships, when they’re not solely commission based, are typically more lucrative than affiliate sales. You negotiate a flat rate for your promotional services and get paid regardless of whether people buy or not.
- Cons: Managing paid partnerships with brands is WORK. In addition to the content creation itself, you will need to pitch your page, negotiate contracts, meet deadlines, invoice for payments, etc.
We recommend a mix of both of our clients. Getting a small, but steady income from commissionable links by organically sharing products you truly love and recommend is great. As referenced above (unless you’re a mega-influencer) those commissions likely aren’t keeping the lights on, so supplementing that income with paid brand partnerships can make a huge difference in your monthly bottom line.