We are part of an ongoing digital revolution, and the virtual world has taken over our conventional lifestyle. We can’t ignore the fact that from the time we wake up, to the time we go to bed, we use internet-connected devices for everything: from paying bills to shopping, because they are the tools that provide the means to ease our life.
But how do they influence the business world?
It goes without saying, that you must be an integral and active part of the online ecosystem to be recognized and generate traffic for your company. As a result, brands must look to new tactics to make their customer experience unique, and the solution they have found is: affiliate marketing.
* U.S. affiliate marketing spend nearly $5B. That is twice the economy of Belize.
*Approximately 15% of all digital media industry’s revenue comes from affiliate marketing.
These are some eye-opening numbers proving that by launching an affiliate marketing business (or adding affiliate marketing to your existing business), you could make money online intelligently.
Furthermore, experts advocate how definitory it is for businesses to be looking for ways to generate greater revenue. On that note, Ben Givon, CEO of BAFFNetworks, points out that when you’re managing an internal affiliate network with many affiliates responding to you, it can get really difficult to manage everything. Especially if you have not implemented an effective software that is custom designed just for this purpose.
“Managing your own affiliate network is complicated when it’s disorganized. Having a tool that lets you keep on top of every aspect of the business is key to ongoing success.” Ben Givon
So, what is affiliate marketing?
Considered by far one of the best advertising tools available – providing incentives for both the affiliate and the merchant – affiliate marketing is an advertising model where a company pays compensation to third party publishers to generate traffic to their products and services.
Some key benefits include:
- Low entry costs – you only need a website and to purchase an affiliate strategy;
- Cheaper without sales staff – sales responsibility is put on the shoulders of your affiliates.
- Passive Income – you can make money while sleeping
- Exposure and recognition – advertisers can promote a product to a vast audience.
What are the steps for affiliate marketing success?
1. Choosing the suitable network
When it comes to your business and the merchant who is going to benefit from your promotional efforts or work, the match should be flawless, or else it will not work.
For this reason, the most accessible way to begin with affiliate marketing is to select an affiliate network.
An affiliate network acts as an intermediary between publishers (affiliate marketers) that sell products and services, and the merchants who design those products and services and their affiliate programs.
Consider the fact that there are numerous networks that could upgrade your brand. Some are linked to Google, Apple or Amazon, while others have a specific use for certain services or products.
In an article about the top ten affiliate networks, the best ones for 2018 were presented. Here are some great networks to consider: ClickBank, BAFFNetworks, Terraleads.
2. Affiliate Products
First of all, you should have a clear understanding of the niche you are addressing, keeping in mind that the product should have a lot of vendors, to increase online profits. By choosing wisely, you will have more variety to offer to the online community you are embracing.
Second of all, tracking your marketing metrics is essential for your profits. This aspect is normally covered by the merchant or the network you have selected. It should not be disregarded because it makes you aware of which products your customers are responding to, and the ones that are not producing an income.
Also, as the business moves forward, you will want to test and review your products to ensure high quality products and services, and to keep your clients content.
3. Social Media Marketing
You can maximize the value of your business by using social channels. As Facebook, Twitter, Instagram, and the rest have proven to be amazing vehicles for “word of mouth” or viral marketing, promoting your brand online is a must.
In order to get your message across, your affiliate marketers should know how to post links because many social networks are preventing the ones that look suspicious, like those consisting of random letters and numbers that do not look trustworthy. Building businesses on the internet is a common notion, but understanding how to constantly have a profit, without being blinded by the first successful wave, is the tricky part. Everybody is shooting for billions, and not everyone is self-aware of the complex technologies and approaches that appear.
This article first appeared on Business One Media