Introduction
In today’s Digital Era, selling your product/ service online is essential for your marketing strategy. When it comes to promoting your brand on web-based channels, what strategies are the most effective & result-based? Well, Affiliate Marketing is your answer. This advertising model involves publishers or affiliates who promote a brand’s product/service and earn commission from them as per the sales of their offerings. The Affiliates are rewarded with a particular share of the sale done via clicks to a website, getting downloads for that particular application, or getting leads. Today, in 2022 the Affiliate Marketing Industry is worth more than $12 billion, which has exceeded thrice its worth in 2015. More than 85% of Brands have affiliate programs, 95% of publishers use various affiliate marketing networks and Affiliate Marketing is responsible for 16% of the global eCommerce sales.
How it Works
Affiliate Marketing is a business tool that involves referring to a product/service by sharing it on a website, blog, article, podcast, or any social media platform through a unique link associated with their recommendation. To start with an Affiliate Marketing strategy, the basic step is to pick a platform and method, then sort your niche & audience according to your product domain and then choose the right affiliate program.
The steps involved in Affiliate Marketing are:
- The affiliate displays an advertisement or link for a business on your website, blog, or social media platform.
- The customer follows that unique link
- The customer makes a purchase from your business website
- The affiliate network keeps a record of that transaction
- The sale is confirmed by the Store
- The Affiliate gets paid a commission
The affiliate also gets paid in different standard ways;
- Pay Per Sale :
This is the standard affiliate marketing program in which the brand pays the affiliate for the sale done of the product through the affiliate marketing strategy.
- Pay Per Lead :
Whether filling a form, signing up for a free trial, or downloading files for a product, the affiliate must lure the customer to visit the brand’s site for conversion of leads.
- Pay Per Click :
In this strategy, the affiliate must engage the customer to redirect them from their platform to the brand’s website. Based on the web traffic, the affiliate gets paid.
- Pay Per Install :
When a brand involves an application or software, the affiliate gets paid every time the customer installs that service.
Types of Affiliate Marketing
- Unattached: Having no authority over the niche of the product/ service the affiliate promotes
- Related: Is related to your niche, but not consumed by the affiliate
- Involved: Promoting product/ service that the affiliate consumes as well as believes in
Channels & Strategies for Affiliate Marketing
While selecting channels for your Affiliate Marketing Strategy, you need to consider what platforms are consumed more by your targeted audience and what platforms you understand the most. Here are some of the most commonly used platforms by affiliate marketers;
What strategies you apply after choosing the right platform is a vital step ahead for your business. Following are the strategies to enhance your online presence on various platforms;
- Creating informative video content that is unique within your niche
- Sending personalized Emails regarding updates on your new/existing products
- Creating content that is relevant to your audience and updating the old content
- Using your objective keywords on all platforms
Apart from this Selecting the right affiliates, diversifying your affiliate program, and Initiating new partnerships with other brands are some of the approaches that will definitely take your brand to new heights.
Conclusion
Affiliate marketing is a great way to earn some money by advertising other people’s products in the comfort of your own home and is less time-consuming compared to other marketing methods. Today, many marketing management companies have adapted affiliate marketing making it stronger than ever.