According to a report by BI Intelligence, affiliate marketing accounts for 15% of all digital marketing revenue, and that number is growing as more brands enter the fray. However, how can your business make the most of your efforts? What pitfalls should you stay away from? We’re here to help. Affiliate marketing accounts for 15% of all digital marketing revenue, according to BI Intelligence, and that number is growing as more brands enter the fray. However, how can your business make the most of your efforts? What pitfalls should you stay away from? We’re here to assist you.
- Start with a strategy
Launching a marketing campaign without a solid strategy in place is a terrific way to waste money. Too many businesses join affiliate networks with little thought, which always results in low conversions and even lower ROI.
Consider the following questions: who is your perfect affiliate? Who do you want to reach out to? What websites do your prospective customers frequent? In your niche, what are your competitors doing? What do you have to offer the affiliates with whom you want to collaborate?
Do your homework before you begin, and your ounce of prevention will pay off once your affiliate programme is up and running.
- Choose a Niche
Choosing a competitive niche is the first step in any fruitful affiliate marketing project. Yes, this entails conducting extensive research to identify a lucrative but underserved niche. Of course, this should be something you’re really truly interested in.
The job isn’t done until you’ve found a niche that suits the bill. The main difficulty lies in narrowing this niche down to something more relevant. This holds true regardless of whether you’re using social media, blogging, or recording. As examples below
Niche: Keto, Meditation, Crossfit
Niche: Kayaking, Football, Hunting
- Have a compelling offer and commission rate
If you’re offering a 5% commission while the average in your vertical is 8%, your programme won’t get off the ground. Be sure you’ve done your homework in two ways: first, find out what the industry averages are, and second, figure out how much you can pay. Overall, if the margins are already razor-thin, you can need to make improvements to your business plan before implementing your affiliate scheme.
However, if the brand is entertaining enough, your affiliate reps can be happier with free items. If the community is compelled by what they get, it could be easier for the company to kick back an item rather than pay a fee. To see how a package deal fits on your network, try it out.
- Make it easy for affiliates to find you.
While you will eventually seek out great affiliates one by one may be more efficient to build out a funnel that attracts new affiliates that you can let run passively when you first start your programme. It’s similar to dragging a net rather than spearfishing; you’ll get a lot more with a lot less effort.
Make sure your affiliate sign-up landing page is SEO friendly and optimized for the keywords you want to appear for on Google. Make sure to link this to your homepage, footer, newsletter, and anywhere else where potential reps will see it.
- Your commissions can be varied.
Changing up your commissions on a regular basis is vital to keep your affiliates active and profitable. And the strongest reps will get complacent if numbers haven’t changed in years. Worse, your rivals could have caught up to you and outbid you.
At the very least, try to spike commissions for a brief amount of time (2–4 weeks) to add some excitement to a traditionally sluggish sales month. Build-in sales streak incentives, where a certain number of sales in a certain time span unlock a bonus gift or a bonus commission rate bump. You can also run A/B tests to see which commission rates yield the best results. These kinds of diverse rewards are priceless in terms of energizing affiliates.
- Utilize a variety of platforms
When it comes to affiliate marketing, not all channels are created equal. Allow me to explain. We rely on our affiliate links to make any money with affiliate marketing, as you may know. Some platforms make incorporating affiliate links incredibly simple, while others make it difficult.
Blogging, for example, could be the most convenient way to incorporate affiliate links into your content. With today’s easy website builders and tools, you can create a professional-looking blog in no time. Blogging is also useful because it helps you to integrate SEO and improve your exposure on Google’s results pages.
- Organize “office time”
It’s also important to make yourself accessible to your reps on a daily and scheduled basis, in addition to the affiliate newsletter. It will not only give them the opportunity to get their questions and concerns heard, but it will also keep you encouraged to be an active participant in your affiliate programme by giving you a specific date and time to devote to it.
It depends on how many affiliates you work with, but every other week having “working hours” is a good place to start. Reps can call you every other Thursday at noon for an hour and know that you’ll be there to assist them with affiliate issues. It’s a perfect way to keep the relationship safe and moving forward by improving contact between you and your partners.
- Final Thoughts
This advice can seem intimidating at first, but it really boils down to three things: find a profitable micro-niche, produce useful material, and pick the appropriate items. It would be much easier to draw a quality audience if you do these things. Conversions can take care of themselves once you’ve developed a loyal audience. The most important piece of advice I can give you is to be careful and to keep refining your approach as time goes on.