Did you know that affiliate marketing accounts for over 16 percent of all online spending? This kind of promotion is forecasted to bring in 8 billion dollars, a.k.a. double what it was worth in 2015.
So if you’re not already reaping the benefits of affiliate marketing, it’s about time you’ve dove in more into its nuances. One of the ways you can do so is by managing an eCommerce store. Such a business can be great for generating sales, much more than pushing a product directly via someone’s inbox.
One of the critical things in eCommerce is creating a loyal customer base since it costs six times more to acquire a new client than to profit from a returning purchaser.
That’s why we’ve compiled a helpful list that will help you achieve affiliate marketing success for your eCommerce business.
But before we begin, let’s remind ourselves what affiliate marketing is.
What is Affiliate Marketing?
Affiliate marketing is the action of earning money in the form of commissions. You get money each time you promote a service or product from a business, but that promotion needs to end up in a sale. So you get paid each time you fuel a save. That’s why we said that you earn commissions.
People are attracted to affiliate marketing because it ensures a form of passive income. You promote someone’s service or item through an affiliate program, earn a commission if people buy the said services and items. Simple as that.
We call this revenue sharing – if you have a business and want to sell something, you hit up promoters with an offer of partnering up. If you are, though, someone with no product or service, you can hit up the business and offer to team up with them as an affiliate marketer.
Use Established Affiliate Marketing Programs
If you team up with effective affiliate networks, you will get introduced to many affiliate web pages that otherwise wouldn’t have found a way to your services and items. Such affiliates can find you organically on an affiliate network, link your product to their audience, and help you profit.
That’s why you should avoid managing your own affiliate platform – you shouldn’t limit yourself to affiliates who are already familiar with your brand. Managing your platform also means extra expenses of managing affiliates.
Research Your Competitors
Don’t jump blindly into the affiliate marketing arena – first, make sure you have researched everything thoroughly.
Track your possible competition and their affiliate programs. You can find them via Google.
Next, make a Google Sheet with their information, and make sure to include:
- Their commission payouts
- Known bonuses and promos
Another good idea is to take part in their affiliate network to see what kind of emails they are sending out and what bonuses they offer.
Format Banners in Various Sizes
Your banner ads should be practical. This means they should come in handy sizes and dimensions. They should be of multiple sizes and designs.
If an affiliate runs 300×250 pixel ads, you don’t want to leave them hanging because you offer just 728×90 pixel formats.
Provide your affiliates with several possibilities. Bringing some creative variability into your visuals will also help the business stand out while allowing affiliates to pick the color and style that suits them the most.
Don’t Forget About Customer Retention Rates!
When it comes to the commissions you provide, customer retention strategies are incredibly significant.
If you obtain a high retention rate, you can spend more on your affiliate program since the clients you retain will come back to pay more.
On the other hand, a low retention rate means that you will have to keep on obtaining more clients to keep on profiting.
How do you calculate the client retention rate?
- The number of customers at the end of the time frame – E.
- The number of new customers acquired during that time frame – N.
- Number of customers at the beginning of the time frame – S.
Once you have them, use this formula:
CRR = ((E-N)/S)*100
Optimize for Mobile Phones to Achieve Affiliate Marketing Success
People rely more and more on mobile phones and tablets to discover new products and services and access content more easily.
To help people check out your offer and help them read reviews, you need to optimize your website for mobile phone usage.
You can (and should!) do this via:
- Stylish website design
- User Experience should be on a high level
- Provide fast loading times
- Provide an intuitive checkout experience
- … and many more ways!
And keep in mind some valuable stats: according to Oberlo, mobile commerce sales are projected to reach $3.56 trillion in 2021 — 22.3 percent more than the $2.91 trillion it registered in 2021.
Honestly, we could’ve gone on and on about this subject.
But the tips we have laid out here are more than enough to get you started and heighten your chances of success and profit. You will be able to use other websites and networks to promote your business and grow.
Help your company generate sales with the help of other posts on our blog, too!