When we talk about affiliate marketing, marketers always say that it is one of the most reliable and cost-effective sources of marketing. Besides, it is a key strategy for every business to grow and prosper.
If you’re a beginner marketer or a businessman in this context, then you must know its strategies. It is because it can generate the massive amounts of revenue that you’ve been seeking.
Moreover, you should know that affiliate marketing is an umbrella term that covers various techniques of marketing to generate profit. Let’s just dive deep to understand the whole concept of affiliate marketing that can help you to grow your business.
Here you go:
What does affiliate marketing stand for?
It is an advertising model, where a company compensates a third party to drive traffic or leads to the company’s services and products. The third-party publishers are known as affiliates, who charge a fee or commission when the promotions lead to any sale. This procedure may differ from brand to brand. You can also pay straight fees for their promotions work. Affiliate marketing is also known as performance-based marketing.
Billions of online users have increased the value of affiliate marketing. Especially Amazon popularized this activity by creating an affiliate marketing program, where bloggers put their links of Amazon products in their content that is based on reviewing or discussing the features of products. Here the reviewer gets paid for it.
Firms only pay for pay per sale, not to click or impressions. It is because the technology is evolving, which has made easier for the fraudster to generate multiple clicks and impressions.
Past of affiliate marketing
Do you know? Earlier being an affiliate was way easier than now, because then the Internet was very smaller. Back then the websites were mostly created by small nimble businesses and affiliate marketers. Generating revenue was like a piece of cake. The primary affiliate marketing was about finding the right affiliate products, setting the affiliate website and marketize the product with a well-packed 50 strategic keywords for each affiliate product. At last, after following these steps the generation of unique & authentic content was used to carry with wrapped keywords to publish on the website.
Gradually, big firms got to know the importance of online marketing. Hence, they also started to invest in their online presence. In the meantime, search engines were hustling to evolve by becoming smarter. The revolution came when Google started to favor the big brands in SERP, which changed the whole scenario of digital marketing. As a result, many diary-style writers on the online platform started writing for products and services. From there the content generation came into the existence.
Now with the advent of Social media marketing, the culture of affiliate marketing is decreasing. Don’t worry it is still alive and emerging as the most trusted format by readers and marketers. In this world of fake info dissemination, professional marketers should practice mature online practices.
You can still get success in affiliate marketing; it just requires quality and consistent approach.
Importance of affiliate marketing strategies for Growth
As we know affiliate marketing has emerged as a key strategy for the business industry to prosper. The whole E-commerce business relies on its efficiency. Let’s figure outs it’s important in following brief points here you go:
- Affiliate marketing gives you a great chance of earning a lot of money from already popular products. A piece of informative and guiding content has always attracted every section of the audience. It’s their Enthusiasm (A human nature) and modern thought, which always pulls them to get updated regarding every technological advent. If you’re an expert in generating content then, of course, go for it.
- Doing affiliate marketing is always easier than building your own company and doing any other job. As you know it takes years to create own product and then spent millions in its mass production and marketing. On the other hand, the affiliate marketer doesn’t need any huge investment or technical experience. It just needs a logical approach with content generation experience. And the rest of it is all yours.
- Affiliate marketing has changed the concept of simply purchasing. It helps to describe the product more efficiently than any advertisement or marketing campaign.
- Unlike a product or service sales, affiliate marketing lets the profits gain faster, because in affiliate marketing you can marketize so many products at the same time, whereas a shopkeeper has fewer chances to sell more than the product at the same time. All you have to do is to invest your time, effort and knowledge in marketing. Moreover, you don’t even need to sign up for any other program.
Statistics report about Affiliate marketing
If you still can’t find out the great significance of affiliate marketing then go through the following statistics. Here you go:
- Up to 82% of big and small brands use affiliate marketing to attain customer attention and engage the existing customers and generate more sales.
- The expenditure in affiliate marketing in the US is rise to over $ 6.82 billion by 2020 with the compound annual growth of 10%
- 79% of marketers tend to use affiliate marketing to have desired conversions to increase purchases. Up to 83%, people use to increase brand awareness, and 79% use it to engage existing customers.
We bring you the Top 6 Affiliate Marketing Strategies to Increase Growth and Revenue Conversions.
Here you go:
Attain sales with deals, coupons, and promotions: One of the best strategies of affiliate marketing is leveraging coupons, which ultimately boosts your sales. It is because people always want to save their money on any purchase. And getting coupons and discounts from your website can increase your website traffic and run a cycle of never-ending profit. Many big or small firms always use these strategies to attract their potential customers to their products/services. It is a highly cost-effective lead generation tactic, where you only pay solely for the performance.
Recently Google trend data has also suggested that several searches for particularly affiliate marketing streams have grown with significant value in the last 5 years. These figures have come from both brands and affiliates with approval that affiliate marketing can help them grow.
The coupons related to food, beauty, travel, and gadgets work best in the market. However, you’ve to be a bit better with the figures to take out your profit from the margin values. To start working with coupon strategy, first, start with a few high-quality sites.
Choose the affiliates specifically: The most basic purpose of Affiliate marketing is to leverage the power of influence to attain a huge people to buy from you. That’s why in the beginning you should start with those brands, which already have huge consumers and are the master in engaging them.
Following is the list that can help you to choose accordingly:
- They should have a good rapport with their audience.
- There should be a buzz regarding their products in the market. People should be interested enough to buy their products.
- The respective brand should have a good following, views, site ranking, engagement, and authority.
All of these tips help you to ensure that you’re efforts are not in vain.
Being a food company, you shouldn’t move to offer a discount on travel tickets. It doesn’t make any sense. Similarly, if a blogger has 100 unique visitors in a day, it can’t help you to grow your sales funnel.
That’s why; you should your affiliates wisely to get a maximum conversion with the minimum efforts.
Grasp the power of Niche Influencer: In recent years influencer marketing has become much more than a buzzword. Hence, many social media influencers are turning into mainstream brand ambassadors. Many brands are consistently learning to tap into the source of referral effectively. It is because influencers have more authentic relationships with their followers. They can effectively turn their followers into your potential customers. The influencer may not drive a huge amount of traffic into your sites, but the crowd that they can send is more targeted, which is more likely interested in your product or services.
The only complex part is that nowadays influencer’s demand for monetary compensations as compared to coupon sites, but a good deal with them can cost-effectively give you profit. It is very much challenging to find or associate with a relevant influencer. It is because you’ve to check his/her followership is authentic or not. Can he/she drive huge traffic for you? To check all these measures demands a lot of logical and convincing approach.
Following is a brief guide which can help you to find a relevant influencer:
- Demographics of audience
- Growth of follower over time
- Alignments with your brand’s value with your values and niche.
Create your own affiliate network: Instead of wandering here and there in the search of best affiliate service network, build your own. Though it will be difficult to recruit your first few affiliates, but expanding your affiliating network would be comparatively easier. To attain the attention of affiliates follow a clear to the point approach. And provide your potential affiliates all necessary information like what to do, how it works, and the amount of the commission you can pay. However, you can also encourage your affiliates to recruit more sub-affiliates and tell them you can give them a small amount of commission that your sub-affiliate will drive.
You should always take out some time to reward your loyal affiliates. It can be done by tracking their records and analyzing their performance. Time to time increases their commission value because the most important is to be in the market for a longer time rather than only earning the profit. If you can make your permanent place, then automatically you can drive a lifetime profit. This way you can encourage your affiliates to give their best shots.
Amazon carries one of the largest affiliate programs in the world with a network of 0.9 million affiliates across the world.
Promote using multiple sources: You cannot just rely on some limited sources like Instagram and coupon sites for you affiliate marketing purpose. To compete for your rivals you need to dive deep and explore multiple sources. There are various other digital platforms where you can promote.
- Product review blogs: A review focused blog is one of the best ways to promote your product effectively. According to reports, they have the highest potential to attain potential buyers.
- Email marketing: If an affiliate has huge email subscribers in your related niche, then it can also drive excess of conversions.
- Webinars: The experts who host webinars on the topics that are relevant to your niche can also give you tremendous targeted leads. It is because the audience of webinars trusts blindly on his/her recommendations. This way you can boost your affiliate marketing strategies.
- YouTube Videos: If you can feature your product in a popular YouTube channel’s video then it can drive you instant sales. Moreover, if your product is featured in a relevant channel like if you have a tech-based product then a tech review channel can bring you a breakthrough response in the terms of sales.
Use your product pages for conversions: As we’ve mentioned above regarding creating own affiliate network is also beneficial. Many brands do the same and expect their affiliates to drive conversion on their own. It can drive interested people on your product pages, but it’s your responsibility that once they reach there, then they don’t leave the page without any purchase. To get a good response you must focus on the following aspects:
- Fast side loading
- Provide sufficient information about the product
- Impressive display with high quality of photos.
- Creative and engaging content.
- Feature the customer reviews clearly to build trust.
Affiliate Marketing Strategies: The Bottom Line
As you can see from the article there are many practical ideas that you can adopt to increase your business through affiliate marketing sources, but you should always focus on your niche to apply all of it.
We hope that our piece helped in every aspect that you’ve desired.
About the Author
We created P2Pmarketing to provide free resources to brands who believe in the power of peer to peer marketing techniques, such to promote their service or products.