Affiliate marketing is the secret code to unlocking networking opportunities in every corner of the market. As difficult as it is to run a small business, there are certain tricks of the trade that make life easier for an entrepreneur. Affiliate marketing is one of these hacks, per se. It serves as an effective and low-risk method for building your audience by partnering with like-minded individuals and brands.
Affiliate marketing strategy essentially looks like a retailer (business owner) establishing a contract with a publisher (affiliate) in which the publisher sells the publisher’s goods in a commission-based format. If conducted online, the publisher utilizes a specific URL (affiliate link) to direct consumers to the brand website. If this leads to a purchase, the retailer grants 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 Utilize Affiliate Marketing for Your Business
1. Collab With Similar Minded Brands
Affiliate marketing comes in all shapes and sizes. It is a versatile concept that works with your specific brand news. One of these forms is a collaboration among brands. These types of partnerships allow for cross-recruiting and promise a wider audience base. In a brick-and-mortar sense, this can look like a yoga studio selling a specific brand of yoga mat, while the yoga mat company promotes the studio’s classes. Both parties benefit from the promotion as well as earn a set commission from referrals and purchases.
2. Run an Influencer Campaign
Influencer campaigns are likely the most commonly used form of affiliate marketing, as well as the most accessible. Running a seasonal or long-term influencer collaboration allows your brand to utilize affiliate links as an incentive. Rewarding content creators via commission keeps your marketing costs low while steadily growing 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
Optimizing conversion rates 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 handpick your affiliates to ensure brand compatibility. Offer enticing promotions such as incentive bonuses, free products, and enticing commissions to keep potential partners interested. Once you are confident in the team you have selected, work to train each affiliate with your brand manual. Utilize resources and examples created by other affiliates to help guide your new collaborators. Auditing affiliate posts helps to maintain quality control and ultimately improve conversion rates.
4. Design a Dedicated Affiliate Email Campaign
Email campaigns are the cornerstone of the marketing world. Launching an affiliate email campaign serves as a form of internal communications for your existing affiliate network. This method allows for clear and concise brand collaboration. Set up an email campaign to update affiliates about 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 at least once. This easily absorbed, effortlessly entertaining modem also happens to be an effective affiliate marketing tool. Podcast hosts come with a loyal and trusting audience, which means their followers take brand partnerships seriously. Partner with podcast hosts to entice them to plug your brand into their episode. Grant them an exclusive discount code for their listeners, as well as a set percentage of profits.
6. Establish Clear Branding
Before launching a wide-scale affiliate program, it is imperative to have your brand identity solidified. Once affiliates are promoting your products, you want continuity across platforms. For this reason, you must establish a viable brand manual that denotes clear brand colors, fonts, and voice. Ensure that all new affiliates are properly educated on 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 are a little extra promotional attention and incentive. Affiliate products are the highlight of influencer and brand partnership campaigns, so why not push your slower-moving items into the spotlight?