If you’ve heard of affiliate marketing but haven’t given it much thought, here are the reasons why it would do you no harm to explore this scenario. This is a form of marketing growing in popularity. It is used as a means to promote products right across the board, with 90% of companies stating affiliate marketing programs have become an integral part of their commercial success.
Not only this, recent industry reports suggested the figure of annual revenue attributed to these programs is as high as 20%. Commercially, it is of particular interest because programs cut right across branding; in other words, companies can not only shift their own produce, they can tap into the affiliates signed up to them to promote other brand products.
Let’s go back to basics and examine what affiliate marketing entails. What makes it so attractive is its simplicity. It doesn’t require a huge degree of previous marketing experience to make a success of this type of venture. All that is required is a reliable online platform to host your adverts, a degree of creative nous when it comes to designing your landing pages, and then you can take it from there.
From then on in it’s about doing a modicum of research, discovering a great product, then promoting it. You may not own the copyright but as soon as you sign the affiliate program and agree to begin marketing whatever it is, you can reap the benefits in terms of commission on sales. Your parent organization allows you to do this in return for not having to allocate any of its own marketing budgets on these independent sales teams.
The crucial aspect of affiliate marketing is to become aligned with the optimum business partners. This may seem readily achievable, but it most certainly cannot be taken for granted. Failure to accomplish this basic step at the outset will be all that stands between reaping considerable rewards, and generating very little income at all.
Once you’ve established the product(s) that are most likely to strike a chord with your site visitors, you should have a clear understanding of your role within the unfolding business plan.
This is important when it comes to keeping track of the diverse tasks inherent in the marketing strategy. The good news is that any affiliate program can essentially be broken down to four basic roles – the merchant, or business/product owner; the network of affiliates; the team of affiliates, advertising each product and taking a slice of the commission; the all-important customer, who will hit your website and hopefully be impressed enough to follow on with a purchase. Obviously certain roles will suit your own strengths. If you are astute and assertive, you’ll flourish in the promotion aspect of affiliate marketing.
And tip number one. Don’t just try and sell your portfolio of products. Develop your audience first. Promote directly to them.