The Comeback of Influencer Programs in 2024

Modern influencer programs are gaining traction again and becoming increasingly valuable for businesses. The appeal lies in straightforward business logic and the low-risk factor associated with performance and affiliate marketing tactics.

Let me explain.

Influencers are being viewed as more than just a means of driving brand awareness. They are now being utilized to increase creative engagement, drive conversions and boost sales revenue.

Brands are recognizing the value of building long-term relationships with influencers to leverage their expertise, creativity and loyal followers to achieve specific business goals.

As a result, influencer marketing is making a comeback. It has evolved from a one-off tactic to a strategic partnership play that can deliver measurable short-term and long-term ROI.

When combining influencer and affiliate tactics, brands can accurately measure performance. This type of program strategy succeeds when influencers drive quality traffic, leads, sale conversions, registrations, downloads, or any other measurable conversion. This clear-cut success or failure metric applies both at the program level and the affiliate level.

Performance influencer program's success is its ability to leverage content, creativity, education, entertainment and sale conversions at scale.

The traditional approach of relying solely on influencers for brand awareness and top-of-funnel metrics is no longer effective. And It's way too costly.

Imagine someone reading an online article on the latest summer fashion trends and then stumble upon a creator marketing their stylish outfit via an Instagram Story, sparking their interest. They then quickly click the link, review the outfit and then boom! They make a purchase. In this exact scenario, a brand gains a sale, the influencer earns a commission and the consumer gets what they want—relevant recommendations that don't feel like intrusive advertising. This is social commerce as we know it today.

Now switching gears. All marketing leaders are under pressure to prioritize ROI and profitable growth. Every marketing effort must demonstrate its contribution to the bottom line and inefficient strategies are closely scrutinized and scrapped quickly.

There's a noticeable shift toward prioritizing profitability over the "growth at any cost" mentality. Based on conversations I've had with many marketing leaders over the last 6+ months, the business culture now emphasizes factors like cash flow and operational efficiency alongside top-line revenue numbers and user acquisition metrics. It's no longer feasible to focus solely on top-of-funnel metrics and brand awareness efforts.

Additionally, media costs are increasing, so businesses want to diversify their efforts and expand into other feasible channels. Based on my experience as of late, the sentiment around influencer programs is returning, and influencer-affiliate marketing is valuable because of its performance-based structure and ability to deliver measurable results. In today's market, brands are placing a greater emphasis on performance marketing tactics.

But what sets today's influencer-affiliate marketing apart is its embrace of widespread creators that span across so many unique audiences and niches. These individuals have become integral to traditional affiliate program efforts, enhancing their efficiency and impact. The reasons behind this synergy are compelling. Many successful brands are generating anywhere from 10-20% of their attributable revenue from influencer-affiliate programs.

Influencer-affiliate programs offer a direct line to consumers through social media and their highly engaged audiences. Authenticity, trustworthiness, and ease of purchasing are qualities that consumers strongly desire. Brands can leverage influencer marketing to create authentic connections with their audience, instead of relying on impersonal and outdated corporate branded marketing tactics.

Wrapping things up, influencer-affiliate marketing is thriving in today's economy because it offers a results-driven approach in an era where efficiency and ROI are paramount.

Adding influencer-affiliate programs further enhances brands' opportunity to scale and reach new audiences while providing a more engaging way to connect with consumers at scale.

As businesses continue experimenting with new tactics, affiliate marketing, especially in partnership with influencers and creators, is a flexible and effective strategy for driving profitable growth and building long-term customer relationships.