Affiliate marketing is the secret code to unlocking networking opportunities in every corner of the market. As difficult as running a small business is, there are certain tricks of the trade that make an entrepreneur’s life easier. Affiliate marketing is one of those hacks, in and of itself. This is an effective, low-risk method to grow your following by partnering with like-minded people and brands.
Affiliate marketing strategy is basically like a retailer (business owner) establishing a contract with a publisher (affiliate) in which the publisher sells the publisher’s products in a commission-based format. If done online, the publisher uses a specific URL (affiliate link) to direct consumers to the brand’s website. If this results in a purchase, the merchant awards the affiliate a percentage of the sale. This process is adaptable and beneficial for all types of business modules. Here are seven ways your business can benefit from an affiliate marketing strategy.
7 ways to use affiliate marketing for your business
1. Collaborate with similar brands
Affiliate marketing comes in all shapes and sizes. It’s a versatile concept that works with your specific brand news. One of these forms is a collaboration between brands. These types of partnerships allow cross-recruitment and promise a wider audience base. In a concrete sense, it may look like a yoga studio selling a specific brand of yoga mats, while the yoga mat company promotes the studio’s classes. Both parties benefit from the promotion and earn a fixed commission on referrals and purchases.
2. Launch an influencer campaign
Influencer campaigns are probably the most commonly used form of affiliate marketing, as well as the most accessible. Running a seasonal or long-term collaboration with influencers allows your brand to use affiliate links as an incentive. Rewarding content creators through commissions helps lower your marketing costs while steadily increasing your impressions. You can start affiliate marketing by simply partnering with one or two influencers to promote your products or services.
3. Aim to improve conversion rates
Conversion rate optimization is the ultimate goal of marketing strategy. When executed effectively, affiliate marketing has a high chance of success when it comes to improving conversion rates on your site. Be sure to select your affiliates to ensure brand compatibility. Offer attractive promotions such as incentive bonuses, free products and enticing commissions to keep potential partners interested. Once you have confidence in the team you have selected, work on training each affiliate with your brand playbook. Use resources and examples created by other affiliates to guide your new collaborators. Auditing affiliate posts helps maintain quality control and ultimately improves conversion rates.
4. Design a Dedicated Affiliate Email Campaign
Email campaigns are the lifeblood of the marketing world. Launching an affiliate email campaign serves as a form of internal communication for your existing affiliate network. This method allows for clear and concise brand collaboration. Set up an email campaign to notify affiliates of upcoming promotions and sales, as well as provide up-to-date marketing materials.
5. Partner with podcast hosts
Podcasts are widely consumed these days, with at least 51% of the population having listened to them at least once. This easy-to-absorb and effortlessly entertaining modem is also an effective affiliate marketing tool. Podcast hosts have loyal and trusted audiences, which means their subscribers take brand partnerships seriously. Partner with podcast hosts to get them to associate your brand with their episode. Grant them an exclusive discount code for their listeners along with a set percentage of profit.
6. Establish a clear brand image
Before launching a large-scale affiliate program, it is imperative to solidify your brand identity. Once affiliates promote your products, you want continuity across all platforms. For this reason, you need to establish a viable brand playbook that clearly outlines colors, fonts, and brand voice. Make sure all new affiliates are properly educated about your brand representation to avoid confusion or inaccurate promotions.
7. Use less popular products to motivate higher commission
Affiliate marketing just might be the key to getting your less popular inventory off the shelves. Sometimes all products need a little extra promotional attention and incentive. Affiliate products are the culmination of influencer and brand partnership campaigns, so why not put your slowest items in the spotlight?