Why build an affiliate marketing program for your business? What are the benefits of an affiliate marketing program? There are many benefits, not the least of which is you have “raving fans” who are sharing information about your business and helping you market and reach a new potential audience in a low-risk, potentially high-reward way.
Having an affiliate marketing program and working with bloggers and influencers helps you spread the word about your product and those who are your affiliates are incentivized through the commission structure you establish. The people who follow those influencers trust their judgment and are more likely to buy from you because you and your product or service was recommended by the influencer. An affiliate marketing program has the potential to branch out exponentially to untapped markets for your business and your brand.
The Benefits Of An Affiliate Marketing Program
- It’s a low price point for you to kick off the marketing effort. It could be as easy as setting up an affiliate link for each influencer. You may need to make an investment in an affiliate tracking program to assure each affiliate receives his or her commission, but that is typically a low cost entry point.
- You will save money on having to hire a sales staff to market your goods and services. Depending on how robust your affiliate program is, though you may need to devote your time, or a staff member’s time, to managing the program and working with new and existing affiliates.
- You don’t have to pay for ads and hope they will yield results. With an affiliate marketing program, you only pay when a sale is made.
What drawbacks are there to an affiliate marketing program:
- You have to research and invest in the platform.
- You have to recruit affiliate marketing partners
- You need to manage affiliate marketing materials and work with affiliate partners
These, truly, aren’t drawbacks because you’re growing your reach and marketing your business, but they are items to keep in mind.
To be successful at your affiliate marketing program you need to continually communicate with your affiliate partners. Provide them with content, product or service upgrades and lots of images they can share with their followers.
Here are five easy steps to setting up your business’s affiliate marketing program:
- Choose an affiliate marketing platform to track affiliate partners, commissions and sales.
- Decide the commission structure. Will you pay a flat fee or a commission-based payout.
- Make certain your affiliate partners have the marketing materials they need to succeed. It’s not enough to say, “Here is an affiliate link and I pay XYZ commission…” You need to work with the affiliate partners to help them be a success for themselves, and by extension, you and your business. You may want to provide them with sales pricing to incentivize them to both make sales and promote your business
- Determine who you want to be an affiliate partner with and how you will recruit them. It may not cost you anything to offer an affiliate link to everyone you meet, but is that serving your business? It’s best to be focused in your affiliate recruitment as that will help assure both your success and theirs.
- Keep your affiliate partners happy. How can you do this? Communicate with them frequently. Share the successes of those who have been making sales. Mention the top affiliates in your newsletter — this not only shows your appreciation to them, but it also gets their business noticed by others in your marketing program; that’s a win-win.
Is it hard to set up an affiliate program?
In a nutshell, “no” it’s easy. There are several programs you can use. We use Refersion.com and this attaches to a WordPress or Shopify site and is easy to set up and manage.
Here’s a few businesses you might want to consider becoming an affiliate partner for:
Have you tried affiliate marketing programs with your pet business? Did you have success? I’d love to hear about your experience!