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Over 63% of businesses feel their biggest challenge is generating leads and traffic which is why having an effective marketing strategy is critical. - (Hubspot)
What is Affiliate Marketing?
Affiliate marketing is when a person promotes your services or products on their website, blog, podcast, or social media platform using an affiliate link. The affiliate’s goal is to generate more revenue and traffic to your business. It is a marketing method that is both cost-effective and efficient.
If a customer purchases your product or service using the affiliate’s link, the affiliate will receive a percentage of the sale. This can be a win-win situation for small business owners who have limited resources and budgets, especially if you do not have a dedicated marketing team in place.
Affiliate marketing is performance-based and is a risk-free way to increase your brand, improve your traffic, and generate more sales. However, you must be selective in who you choose to promote your business. Your affiliate partner is a representative of your company and reflects your brand’s image and reputation, so choose wisely.
Benefits of affiliate marketing
Boost brand awareness – Because affiliates drive more traffic to your website, they increase your brand’s awareness. And, since they also earn a share of your revenue, they are just as committed in your success as you are and are loyal in promoting your brand.
Enhance social proof – Most consumers read online reviews when deciding to make a purchase. An affiliate marketer builds rapport with an engaged audience that trusts them. They carefully write reviews that provide credible social proof to your prospective and future buyers.
Reach a broader targeted audience – By using an affiliate, you can tap into their audience and expand your brand’s reach. An affiliate who resonates with your brand or business will target your right audience and reach those who might find your services or product useful.
Improve conversion rates – It is important for a small business to track how it is performing so it can make operational improvements in the future. By collecting data through affiliate marketing tracking, you can gain essential insights from your customers such as where they are located and why they are making a purchase. This can help you to improve conversions by making changes to your website, making more engaging visual creatives, and tracking which affiliates bring in the most revenue.
Save money – Because it is performance-based, affiliate marketing is far more cost-effective when compared to the costs of advertising and other marketing methods. Affiliates are only compensated once they generate a sale. This helps you to avoid wasting money on ineffective advertising campaigns because you get to determine the affiliate’s commission way in advance.
Gain a higher return on investment (ROI) - Affiliate marketing is built for generating profit. You are not paying for potential customers through clicks or impressions, only for closed sales. When you channel your promotion efforts through an affiliate program, you gain influence and direct access to a more receptive and highly targeted audience more likely to purchase from your business.
How to get started in affiliate marketing
There are many affiliate programs to sign up with, but you should first do your research to determine which one is best for you and your small business. You can also start your own affiliate program or hire a private writer (that’s me!) to promote your services.
Here are some things to keep in mind:
Partner with a company or an affiliate that has a similar target audience as you.
Reach out to trusted comparison sites.
Encourage affiliates to include you in comparison articles.
Offer free products and incentives to your affiliates.
Help your affiliates by giving constructive feedback to improve conversion rates.
ShareASale is an excellent affiliate marketing program and provides a low barrier to entry for startups, entrepreneurs, and small businesses. They have a wide range of analytical tools and valuable resources for their merchants to track the progress of their affiliates and sales.
In conclusion, affiliate marketing is a cost-effective and efficient way to help you generate revenue and drive more traffic to your small business.
Isabella Boston is a multi-talented writer and the founder of Bella’s Attic Studio. She has several years of experience in content writing, copywriting, and social media strategies. Isabella is a diarist and the author of Passion of Flames.