Websites use affiliate marketing to grow sales without the need for traditional advertising strategies. However, developing affiliate marketing programs is a long-winded process that isn’t suitable for everyone.
But despite the challenges, business spending on affiliate marketing continues to grow, exceeding $8 billion by 2022, an increase of 52% from 2017.
If you find the right market and use the concept of affiliate marketing effectively, then you may be able to see a significant boost to your marketing and sales activities. But, even then, how can you tell if it’ll be worth the effort?
Businesses have unique needs and priorities, so it can get confusing to know where to start.
Affiliate programs are a good fit for your business if they can:
Help You Achieve Your Targets
Most affiliates create a direct relationship with their target audience through blogs, videos, websites, videos, and social media. Therefore, it is imperative for you to understand your marketing and sales journey and then determine if affiliate marketing will be the right fit.
Let’s suppose your products are sold primarily through channels in addition to your website or resellers. This makes it challenging to implement affiliate marketing and may also lower your chance of success.
The primary reason for this is that it can be hard to track the progress, and also, the way resellers fulfill orders and interact with the audience can affect its chances of success.
On the contrary, if your products are competitive, for example, utilities, security, and creative software, affiliate marketing could work. The same goes if you are selling via your website for the most part.
Additionally, it has been found that affiliate marketers factor in “product relevance” when choosing an affiliate program. It is the leading factor, at 18.5 percent. This shows the importance of selecting the right industry when considering affiliate marketing.
Complement Your Existing Marketing Strategy
Different affiliates offer their own unique modes of promotion to help build awareness for the products you offer. For example, they may use media, SEO, influencers, content, deals/coupons, etc., to get the word out about your offerings.
However, the best kind of affiliate program is one that complements your existing marketing strategy.
For example, if you are using an email campaign designed in-house to drive sales, it may be troubling to find qualified leads to include within the email funnel.
Such a case may prompt the need for an SEO or other content-type affiliate that specializes in your vertical and can send leads towards your website so they can download your trial or sign up for your newsletter. This will help build a way for you to follow up with your leads through email marketing.
Influencer and content affiliates can, in a similar way, help you build brand awareness in competitive markets. All you need to do is build a viable strategy that includes sharing product reviews and comparisons, special offers, and providing product information effectively.
It’ll take a considerable amount of time and hard work to develop a profitable affiliate program. In addition, it takes effort and time to recruit new affiliates and keep them updated on important content, promotions, and product news. Thus, keep this in mind when you start on your affiliate marketing journey.
Ideally, the affiliate program’s responsibilities should be taken on by an experienced team or person. At the very least, there should be a person who can help recruit new affiliates, relay them information such as special offers and product releases and provide support to affiliates when needed.