Paid Collaborations and Product Sponsorships may seem like the same thing, but this can’t be further from the truth. Well, you’re in luck! We’re here to cover the key differences and similarities between these common incentivizing methods that brands are in love with.
Read on to find out how you can use your newfound knowledge to your advantage!
What are the differences?
Paid Collaborations are collaborations that often result in an exchange of products and monetary rewards for content.
Product Sponsorship is when a product is gifted, or reimbursed in exchange for content.
This content can come in various forms, videos, posts, or blog articles – just to name a few.
How you can benefit from them
You might be the new kid on the block, and you’re looking to make money by becoming an influencer. It can be daunting when you’re not entirely sure about the distinct rewards that supplement Paid Collaborations and Product Sponsorships. Fret not, cause we got you!
Product Sponsorships
As a fresh creator on social media, you should definitely look out for Product Sponsorships!
Product Sponsorships aren’t bad by any means. In fact, they are a great way to build an audience with up-and-coming products that might just be the next big thing. It allows you to try different products and be more honest with your audience, boosting your credibility on the platform.
Smaller brands (and even bigger ones), love handing out free products to niche communities of influencers. Why? Because it increases visibility, which in turn generates sales.
And how does it benefit you? it allows them to leverage the content you’ve created for marketing purposes — in turn bringing more coverage for your own influencer branding!
Paid Collaborations
Paid Collaborations aka. Paid Partnerships are very popular, especially on Instagram. A higher number of followers and percentage of engagement allows you to quote for higher rates. However, there are more benefits to it than just monetary ones.
By taking on these Paid Collaborations, you can increase your number of followers, and working with various brands allows you to reach accounts that relate to them. When your followers increase, your monetary gains will also increase adjunctively!
Things to take note
While it’s great to accept what comes your way, it’s also equally important to align yourself with brands that fit your own branding. You wouldn’t want to promote a product/service that doesn’t resonate with your audience.
It is also a misconception that unpaid campaigns are bad. There are countless brands that exclusively run product-only campaigns.
Relationships are a fundamental part of influencer marketing. Consider cultivating a long-term partnership with various brands. This way, you can organically recommend their products/services rather than one-time posts that may bring down your credibility.
This is very important because the recommendations and reviews you make do contribute to the consumer’s purchasing decision.
Conclusion
Remember, whether you’re a full-time influencer or doing it as a side hustle, there is always a slice of the ‘money pie’ for everyone — so have fun, get out there, and explore the diverse world of influencer marketing!