With booming internet subscribers, a rapidly growing social media user base, and a growing number of consumers making their purchasing decisions online, Indian brands and businesses can no longer ignore the need to invest. heavily into effective digital marketing strategies.
According to the latest figures revealed by TRAI, India had a total of 795.18 million internet subscribers as of December 2020 and this number is expected to increase further in the coming years.
Marketers are increasingly realizing that different online advertising tools are essential to capturing a greater share of consumer opinion in a competitive marketing space.
Affiliate marketing is one such tool that has become a lucrative part of digital marketing strategies for different brands. A cut above traditional online advertising, affiliate marketing is essentially a performance based tactic.
In affiliate marketing, brands partner with a series of affiliates or influencer partners to advertise or showcase their products online, but only pay them for the positive leads generated.
In an era of shrinking TV audiences as online advertising becomes more competitive, marketers today increasingly prefer a performance-based approach to brand awareness. In this regard, affiliate marketing holds great potential for generating leads and boosting sales.
Plus, it’s a cost-effective and personalized way to reach your target audience. In addition to generating sales and revenue, brands use affiliate marketing to serve a range of other goals, including increasing brand recall and engaging existing customers.
How Affiliate Marketing Works
Simply put, affiliate marketing is an approach where an influencer promotes a third-party brand and gets paid based on given performance metrics like lead generation, sales, or pay-per-click. In an effort to diversify their approaches to online marketing, Indian brands are looking for affiliates or influencers who can help them strengthen or extend their reach to their target consumers.
At any time, a brand can partner with multiple affiliates and use their online influence to expand the reach of their product.
Whether it’s bloggers with a large readership, Instagram pages with a significant number of subscribers, or YouTube channels with colossal subscribers, affiliation with such influencers can help you extend your brand’s visibility to new Horizons.
If you are an Indian brand looking to reap the benefits of affiliate marketing, here are a few approaches to keep in mind:
Start with a well thought out affiliate marketing plan
When deciding to jump on the affiliate marketing bandwagon, it’s essential to do your homework before you take the plunge.
What are your goals in using an affiliate marketing strategy? What kind of audience do you want to capture throughout the process? Is it just sales that you want to make or increase long-term brand awareness also on your agenda?
Additionally, what type of affiliates will suit your brand’s needs? To get started, you need to have data-backed answers to all of these questions.
Likewise, identifying and separating your target audience and analyzing what social media networks they might frequent are other essential steps in laying the groundwork for a solid affiliate marketing strategy.
Often, Indian brands blindly copy the practices and approaches of Western brands, which may or may not work in the Indian environment. So rather than copying and pasting the approach of other brands or your competition, you would do well to conduct extensive research, define your goals from the process, and then come up with a suitable affiliate marketing plan. to your needs.
Select the right influencers
In a digital space crowded with social media influencers, it’s often difficult to select those who can really help increase your brand value. Several influencers with wide reach across different social media accounts, be it YouTube, Facebook or Instagram, create extremely engaging content every day to help drive sales of their affiliate brand.
However, there is much more than the number of followers or reach that your brand needs to consider before associating with these influencers. Rather, you should analyze a series of metrics before taking a call to see if a particular influencer fits into your marketing strategies.
These metrics include the audience demographics supported by the influencer, the growth in the number of followers they have witnessed over the past few months, and whether the influencer image or perspective aligns. with your brand and its values.
Also, take into account that the social media channel this influencer is using is where your target audience is.
Use multiple platforms and a multi-pronged engagement strategy
In order to be able to reach a wide range of consumers, it is also essential to expand the social media platforms and channels that you use for your affiliate strategy.
Having a diverse group of influencers across multiple platforms with a smart content distribution strategy is definitely the right approach as it increases your engagement rate.
So, rather than investing all your influencer eggs in Facebook or Insta baskets, take a multidimensional approach. An Affiliate Blogger can help you spread your product reviews and generate purchases among the most serious consumer segment, a popular You Tuber can help generate leads among the younger millennial generation, while a marketing strategy Engaging email through an affiliate can help you get more conversions.
Essentially, a smart mix of influencer affiliates is what your brand needs.
Use effective performance monitoring tools
While you are starting to build a smart, multi-pronged affiliate marketing strategy, it’s just as important to monitor the effectiveness of your approach at regular intervals.
Automated performance tracking tools help you analyze traffic, leads, and sales generated by multiple platforms and affiliates. This in turn gives you a better idea of which platform gives you the best ROI when it comes to lead generation and conversion.
So if your current affiliate strategy is driving more conversions from bloggers and You Tubers, you know this is where you need to invest more energy in the future.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)