Published on May 30th, 2018 | by Guest0
How to Boost Revenue for Your Business with Affiliate Marketing?
Whether you running an online store or a small to mid-level business, winning customers is a challenging task on the internet amidst a fierce competition. Acquiring customers and boosting sales is an online game that calls for knowledge about the guidelines, researching and implementing the strategies, in the bid to have better chances of success in selling the product.
Affiliate marketing is one of the most common and the easiest strategy these days that can help improve your sales and increase revenue respectively. However, depending on the type of your business you may choose from the affiliate marketing platforms for instance, Shopify if you intend to set up an ecommerce website, or ShareASale for a pay-per-sale, or pay-per-click programs.
This move will not just bring you new clients whom you haven’t reached yet, but also increase your sales substantially. Let’s see how?
Advantages of Using Affiliate Marketing
- It can prove to be one of the most profitable ways to spend your marketing funds with – This is especially true if you are paying commissions to your affiliates for each sale, since you would be spending only after the sales is completed. Moreover, the affiliate not just gets a sale for you, but also brings in a new customer for you.
The best part is, even when you are not selling anything, you at least get the desired visibility by the target audience thus, improving your brands’ awareness.
- Using a merchant website helps you use their techniques to promote your business and not create your own content – You can attract the potential customers of the merchant website when you choose to promote your product as you associate with a website that specializes in the similar niche. You can create a win-win situation by building trust among the users related to the brands and they can subsequently recommend the products in the website.
- It’s easy to track the clicks, conversions and sales in affiliate marketing with no added fees – It’s the usual norm to be able to view your views, clicks, and the sales numbers on the affiliate marketing platforms on the promotion of your brands in the website.
Benefits of Using Affiliate Marketing Platforms as a Merchant
It’s the greater reach of the affiliates that matter the most for the merchants here. So, despite the fact that you are not promoting your affiliate program directly, you will still have your affiliates to promote your products/services. Moreover, there are many more benefits as below:
- The network takes acre of any tracking and payment concerns because these are the most important aspects when dealing with affiliates.
- It’s easier to recruit marketers in your niche, especially with networks like CJ. This is all the more advantageous for those with no experience or affiliate contacts and so, it’s a good start with networks.
- Using an affiliate network with a reputable software like LeadDyno can help build an attractive looking website for once and it can be then used by all the affiliates in every merchant program.
How to Boost Revenue Using Affiliate Marketing the Right Way?
Identify your Tactics
Understand the fact that affiliate marketing is not for every business, although it may be the easiest strategy. It’s better to know about any added costs associated with the affiliate programs and accordingly calculate the revenue you can make after the commissions paid. If you are start-up or do not have much allocated budget, it may be a bad idea.
It’s about how much you allot from your online sales. The more the percentage you intend to share, the higher traffic you can expect from your affiliates. You may have to offer commissions as high as 50% for digital products and so, you must be able to gauge if you can afford that. Alternatively, you can also raise your prices before going with it in order to have enough margin to pay the affiliates.
You must also be aware of the different payout structures for affiliate programs:
- Cost Per Sale (CPS) – here the affiliate gets a fixed commission for the leads that get converted into a sale. This makes it the most popular model for merchants as you pay only when sale is completed and also offers higher percentages in commissions.
- Cost Per Action (CPA) – As a merchant, you get charged for any action by the audience, for instance, in form of clicks, form submissions, subscriptions, sign ups, etc. The rates are therefore, much lesser in this case.
Sign Up for a Trusted Affiliate Marketing Software
There are a number of affiliate marketing software available online, however, it’s better to associate with a trusted tool. You can either look up for the tools that have some great reviews like LeadDyno, or you can also choose to select one from the list of the partners associated with each affiliate program. While these tools help you to keep track of the clicks and sales in real-time, you can also take advantage of their affiliate network to connect with more affiliates and influencers.
Leverage Social Media Influence
Social media is one of the biggest contributors to track or influence consumer buying patterns. It’s one of the biggest sources of online revenue generation these days. It offers the option of online advertising that’s a great way to generate some good income. Facebook, Instagram, Twitter, or Pinterest are some of the mostly used platforms for advertising their products and services. Commissions can go as high as upto 30% for each sale.
Hire the Right Affiliates for your Business
Once you have finalised the affiliate marketing platform, you must now focus on bringing in the best affiliate marketers who can help you reach your sales goals efficiently. Find them on the big platforms and perhaps get in touch with them directly for a commercial deal.
Create and Promote your Promotional Material
From using colourful banners to creating direct links, there are many different ways to promote your products, services, or the brand. You can also use unique approaches like YouTube videos, posting on Social Media, or by creating relevant content.
Learn more about how to use the affiliate marketing platforms, what are the benefits you can avail, if any downsides, recruit the right affiliates, calculate the profits, set a budget, and there should be no looking back for your business revenues.