Creator economies have grown due to social networks and other platforms, the ease of creating new, high-quality content, and consumers' interest in personal narratives and expert advice. There are multiple channels that brands can use to join the creator economy, and travel companies should consider how to leverage each one.
FREMONT, CA: Travel influencers are an integral part of the creator economy, and there are numerous opportunities for brands seeking to enter this market. Below are some avenues travel brands can pursue to tap into the creator economy.
Affiliate Marketing: Travel brands should consider launching affiliate marketing programs. These programs reward content creators for recommending quality travel products. For instance, if a user purchases flight tickets through the creator's affiliate links, the creator will receive a percentage of the ticket price.
Affiliate marketing's "cost per action" model reduces the risk of unsuccessful advertising campaigns for brands. Results are the only factor that determines compensation. The company can also construct a safety net to prevent profiteering by unscrupulous participants. In the end, the content creator's audience receives a high-quality travel product, the content creator earns a commission, and the travel brand makes a sale.
Travel brands can begin affiliate marketing in many ways, including developing solutions from scratch, utilizing Software-as-a-Service options, or utilizing partner networks or digital platforms. Travel brands must consider development costs to determine which option is best. For instance, implementing a SaaS solution on its own is less expensive, but building its affiliate program would require more resources.
Affiliate marketing is also a very competitive business channel due to its popularity. The brand must compete with many established partner programs in popular categories, such as flights, hotels, car rental, etc., to acquire partners and audiences.
Influencer Marketing: Working with influencers is a different avenue a travel brand can explore. Influencers can help instill products or services with confidence. Moreover, opinion leaders typically have a large, loyal audience to which they can introduce the brand.
Nonetheless, there are factors to consider when collaborating with influencers. For instance, the company can lose control if a campaign's success depends heavily on the blogger.
Social Media Promotion: The consumption of content via social media has become widespread. Travel brands can therefore share and engage with their target audience through social media platforms. Businesses can directly dialogue with customers and select the most appropriate tools for each segment because digital consumers spend more than two hours daily on social platforms.
The method has the same disadvantages as working with influencers—it can be challenging to evaluate efficiency, and the error price can be exorbitant. The high level of competition also requires that brands keep their social media advertising strategy updated. However, social networks effectively communicate with current and prospective customers. Travel brands can reach them organically by creating relevant content.