Affiliate marketing is definitely something you’ve heard of if you’ve ever searched for “ways to make money while you sleep” on Google. Although it has been around since the early days of the internet, current developments in digital advertising have increased interest in it. Today, affiliate programmes are used by 81% of global brands.
What is Affiliate Marketing?
In a word, affiliate marketing is a type of advertising that enables affiliates to promote a business’s goods or services on their own platforms in exchange for commission. The use of affiliate marketing is widespread on a variety of platforms, including blogs and social media. The ultimate objective is to persuade viewers to subscribe to or buy the company, good, or service that the affiliate is advertising.
What Makes Affiliate Marketing Effective?
Marketing has historically been spending money on an advertising budget. According to Top Draw, reaching a 1,000-person audience through offline marketing costs an average of $22 and up. Your firm may acquire the same traction—or more—with affiliate marketing for less money and risk. This is especially beneficial for small organisations, who may not always have the resources to implement a complex marketing strategy.
The best thing about affiliate marketing is how rapidly you can gauge your level of engagement and return on investment. You can track sales, leads, and clicks with the aid of software. You might ask an affiliate to concentrate on a certain product if you notice that it isn’t selling well.
In general, affiliate marketing is excellent for enhancing brand recognition, expanding reach, and expanding your company. Here are a few tactics to help you get going.
Basic Affiliate Marketing Techniques
1. Pick the appropriate affiliations
Even now, word-of-mouth marketing is a powerful technique. Of course you’d want to research possible affiliates that already have a loyal, engaged audience. In addition to figures, keep in mind that your decision-making should take engagement, rapport, authority, and page visits into account.
Additionally, you want to determine whether the audience would be interested in the goods you’re offering. Decide on your specialisation and collaborate with affiliates who share your interests or whose audience falls within your target demographic. You wouldn’t want to hire an affiliate that specialises in pet products if you’re a tech company.
2. Optimize your platforms
Although your network of affiliates might provide traffic to your website, conversion should be your top priority. In other words, visitors to your page should be interested enough to take action, such as making a purchase or subscribing to your newsletter.
A fantastic user experience produced by conversion optimization boosts leads and website traffic. Other conversion-boosting optimization techniques include:
- Generating video data
- Sending customised email correspondence
- Putting intent-based keywords on every page of your website
- Creating focused landing pages
- Creating information that is extremely relevant or upgrading existing content
- Speed-testing your platform
3. Collaborate with influencers
The marketing landscape is evolving as a result of social media influencers. In fact, a survey conducted earlier this year revealed that 14% of older Gen Z’s had purchased a product in the six months prior based on the advice of an influencer. In addition, a study discovered that influencer marketing generates a ROI that is 11 times more than that of a conventional banner ad campaign.
Influencers are excellent affiliates for a variety of reasons. The fact that they already have a following is perhaps the biggest. Even celebrities are not required for these content producers. With interesting content on social media, many regular people can amass a sizable following.
4. Establish brand-to-brand collaborations
In 2017, 34% of marketers named co-branding as the best strategy for boosting email subscriber numbers. A PartnerPath survey indicated that 68% of consumers use co-marketed advertising to make a purchase before even conversing with a salesperson.
This demonstrates that brand-to-brand collaboration is a successful strategy for increasing conversion rates. All you require is a competing brand that targets the same market and shares your values.
The co-branding effort by Spotify and Starbucks to develop a music ecosystem is a prime example of this. Starbucks is able to design a unique coffee shop experience because of its partnership with Spotify. Starbucks staff members now have free access to Spotify Premium and playlist management privileges.
Create a short-term project
As Starbucks and Spotify did, the first stage is to develop a short-term campaign with a complementing brand and its affiliates. Decide on specific, measurable metrics, like cost per lead or return on investment. Always assess the results and contrast them with those from earlier efforts. Otherwise, it would be challenging to determine whether or not your campaign was successful.
Investigate possible opportunities
If your campaign was successful, consider whether there is a chance to broaden your cooperation. Perhaps you should run another campaign to evaluate the connection. When it benefits both of your businesses, it’s time to include additional marketing teams. This calls for a larger marketing effort that might be more long-term.
Increase your efforts
The process’s ultimate step is to establish a more cooperative alliance, both online and off. That necessitates adding channels for both traditional and digital platforms. You may, for instance, cross-promote in-store or even on social media. You may even designate a portion of your website to your co-branding plan.
5. Make use of affiliate marketing tools
It might be overwhelming to create and manage your affiliate marketing initiatives. Affiliate marketing software comes into play in this situation. These platforms can help you manage, monitor, and even expand your projects. These, in turn, can boost your online sales and expand your brand-to-brand collaborations.
Consider the following before choosing software:
Choose affiliate marketing software that enables you to control numerous affiliate programmes from a single user account. You are able to centralise all of your information by running numerous unrelated programmes.
Your merchant sites should seamlessly interface with your software. Pay close attention to its cart solutions. What e-commerce platforms is it compatible with? Does it already have customer assistance software built in, or can you add it?
The perfect software shouldn’t need you to download any additional plug-ins or tools because it already includes everything. Ideally, it downloads to your desktop and operates in a browser. Additionally, your programme needs to have an intuitive user interface and be user-friendly.
Accessibility on Mobile
Since mobile devices account for 50% of all global web traffic, it should go without saying that your platform should be mobile-friendly. You may easily manage your programmes in this manner. It would also be a simple way for your affiliates to log in, manage their promotions, and examine their commission statements.