Should Businesses Use Affiliate Marketing
Most business do not have profound understanding of what affiliate marketing is. Affiliate marketing is a smart and powerful strategy that is used in some businesses, but many businesses are not aware of it.
Thousands of businesses are on the affiliate platforms, including some big brands. Most brands even have their affiliate marketing platform, like Amazon, eBay, Google G Suite Microsoft Office.
Every business is acquiring customers and customer acquisition cost could get pricey depending on your product and services
In simple terms, affiliate marketing is providing a Commission to an affiliate marketer to promote your product and services.
You might ask why you would want to pay commission to someone to promote your product, it is simply because:
- They have the audience that you need and want
- They are skilled marketers
- They know how to advertise
- They generate you traffic
Many companies prefer to use Partner Network or Referral partner instead of affiliate marketing.
There are two ways for any business to have their affiliate marketing system
- Use a third-party platform, “they manage everything for you”
- You create your own platform with exciting software.
After you decided which way you want to use for your affiliate marketing, you need to plan a strategy on
- How you will sell your product or services
- How to recruit affiliate partners
- What marketing material you will prepare
- How will you pay their commission?
- Your terms and conditions
- What bonuses are you going to give to your leading affiliate
“DO NOT change your affiliate terms or change the goal post halfway through the game”
On one of the recent affiliate programme
On one of the recent affiliate programme launch that we were involved 70% of the total sales was through affiliates partners; Client decided to change the Commission before the payout that did some damage to his business because on the next year’s launch sales declined by 35% as the bigger affiliates stopped promoting the services.
THIS IS THE POWER OF AFFILIATE MARKETING…