Brands are always looking for innovative techniques to market themselves, and they often turn to brand Influencers to help them do it. From Twitter to Snapchat, online platforms are becoming popular for brands to interact with audiences authentically and engagingly.
But influencer marketing is taking off in a big way. According to the report from Forbes, “Influencer marketing generates nearly $2.5 billion in annual revenue and is expected to reach $4.8 billion by 2023. That’s a lot of money to drop on people who already have a following.” So how do brand influencer make money?
1. Sponsorships
When brands sign on with influencers, they often negotiate a deal that includes a sponsorship. That means the influencer may be rewarded with a free product or money. If a brand sponsors an influencer, that can mean anything from monetary compensation to free products to a leadership role in the campaign or app itself.
2. Product Reviews
Once an influencer’s fanbase has discovered that they are affiliated with a brand, they may be asked if they would be willing to review a product and give it a positive or negative review. This type of campaign’s success depends on the influencer’s popularity and the type of product being promoted. It can lead to a lucrative partnership for both parties if all goes well.
3. Blogging and Vlogging
Another lucrative way for influencers to make money is to blog about a brand. This works especially well for fashion brands, as influencers may be asked to post about new designs or products that are popular within the community. Vlogging can also be a great way for influencers to make money by sharing their daily routines or even products they love.
4. YouTube Content
YouTube is a massive platform with billions of views a month, and many brands are turning to social platforms to increase their exposure. If an influencer is influential on YouTube, they may be asked to create content that features the brand in question or represents themes that are popular with their subscribers.
5. Affiliate network
With the rise of influencer marketing, many affiliate networks have sprouted up. If an influencer has a blog, they usually have their affiliate program. If they make money through blogging, they can turn to affiliate marketing as a way to make more money from exposure and fan interaction. Affiliate network members are rarely compensated in ways that include direct monetary compensation; rather, Adsense or revenue share will likely be the go-to options for most affiliates.
6. Merchandising
The most famous influencers often see their followings grow to the point that they are no longer just celebrities but “super-fans” of a brand. Once this happens, the influencer is usually in great demand for merchandise such as clothes or accessories from the company that they’re affiliated with. These items may range in price and quality but can provide a lucrative opportunity for the influencer as well as their fans.
7. Events and conferences
Whether it’s a small meet-and-greet or a large pop-up, brands are willing to pay influencers to expose them to their followers. This can be an exciting opportunity for an influencer looking to make money, as it allows them the chance to grow their audience and showcase amazing products.
Conclusion
The rise of influencers has created a new world for brands to explore. While social media drives marketing, there is much more that brands can do by tapping into the power of influencer marketing. Whether it’s a simple product sponsorship or an elaborate campaign, there are plenty of opportunities for both parties to make money and win big.