Affiliate Marketing Strategies: Become a Successful Advertiser or an Affiliate
The importance of using affiliate marketing as a tool to push up your online sales is paramount. However, there is a sea difference between having a bright idea and knowing how to execute it. And to help you succeed as an advertiser/affiliate, read carefully all the affiliate marketing strategies carefully.
No doubt, affiliate marketing has proven to be the most lucrative tool, but under no circumstances can we say that the success rate is 100%; the main reason being lack of affiliate marketing strategies.
You could be a seller or an affiliate; you would need to carefully determine your affiliate marketing strategies in order to get the expected results.
Before talking about the best affiliate marketing strategies, let’s take a look at this cool infographic to understand how affiliate marketing works:
Now that you have got a clear idea of how affiliate marketing works, let’s talk about some of the best affiliate marketing strategies:-
AFFILIATE MARKETING STRATEGIES FOR MERCHANTS/ADVERTISERS:
1.) Pick the right affiliate network
The basis of a solid affiliate marketing strategy lies upon choosing the right affiliate network. If you get this wrong, you can say goodbyes to your dreams of scaling up your online sales.
How to choose the right affiliate network?
While there is no set bible, some factors are widely considered while choosing an affiliate network:-
a.) No. of operational affiliates –
As an affiliate marketer, you would want to join those networks that present the maximum number of opportunities to choose from & increase your chances of earning actual commissions. Hence, the larger the number of registered affiliates, the better for the network.
The same logic then holds true for the advertiser as well since he gets access to a variety of affiliate marketers within that network.
b.) Reviews of Affiliate Networks –
Customer feedback can shape up the future for any business and affiliate marketing is no different. When entering this domain for the first time, it’s good to check out what others have to say about them.
Generally, a network with a good payout ratio will be deemed safe to use. If not, affiliates may shy away from these networks, thereby pulling down your conversion chances.
c.) Site Ranking –
The affiliate network’s SERP ranking is also one useful parameter to look at. This is so because SERP ranking will enhance their visibility and hence, attract more and more affiliates. An army of affiliates could prove very lucrative for your online business.
d.) Website traffic –
There are a number of tools like Similarweb that you can use to check the kind of monthly traffic that a particular network is being able to generate. Higher digital footfall is directly proportional to sales potential.
2.) Have a decent Payout Ratio
Affiliates are operating within a network to leverage revenues from their website traffic. They carry the nature of being an influencer and hence, rightfully expect a decent payout on their deliverables.
Your affiliate marketing strategy should be designed in such a way that promotes partaking profit sharing commensurate with the level of affiliate’s marketing investment.
A lower payout ratio may drive away potential affiliates. With the help of online tools, you can also check the average payout offered by affiliate programs similar to yours.
3.) Start your independent affiliate program
While affiliate networks prove very helpful in driving online sales, lead generations, etc. but the real deal, I still believe remains your own affiliate marketing program.
You get to choose your affiliates directly, setting your own parameters for selection and have better control over the demographic selection and methods used to market your product.
However, there is a slight downside to it. Unlike big players like Amazon, whose affiliate programs are already popular among affiliate marketers, you may have to put in a sizeable investment to market your affiliate program to attract potential affiliate marketers.
This takes away the very benefit of using affiliate marketing as it now involves putting money first and then waiting for revenue. Something affiliate marketing technically does not stand for.
AFFILIATE MARKETING STRATEGIES FOR AFFILIATES:
Being a part of an affiliate network or an affiliate program is just the beginning. As an affiliate marketer, you now will have to come up with a strategy that helps you monetize it by getting the work done.
A step by step guide to making an affiliate marketing strategy:-
1.) Understand the product
You will need a broad understanding of the product to determine who it is useful for and where they will be found. For instance, being an affiliate for a co-working organization, you are more likely to find your audience on LinkedIn than on Instagram.
The techniques that you further use to market that product or service will depend on the demographic chosen by you once you have understood your product.
2.) Determine if the product belongs to your niche
After you have gained some understating about the product, the next step is to determine if it is in line with your content. To be a successful affiliate marketer, it’s important to understand why people tend to visit your website, follow you or subscribe to your newsletters or blogs.
You obviously need to factor in your SERP ranking and what led you to get there.
Choosing an affiliate program that belongs to your niche is an extension of your online presence but too much diversification that tends to confuse your users could have adverse impacts as well.
3.) Determine your Influencer tag
Check the engagement levels on your website; how users interact with your content; how likely they are to rate it; how often are you able to shape opinions?
If you are an influencer, you probably already have the best affiliate marketing strategy in place. People may end up buying the product because you recommended it, but that comes with a natural responsibility, so be careful what you endorse.
4.) Choose your marketing strategy
This is going to be a combination of your expertise & target audience behavior. Someone who is an expert in PPC optimization may prefer to take that route more often than not.
On the other hand, someone might be more comfortable with Facebook Ads; but this decision has to be taken in accordance with the probability of your target audience taking an action to maximize your conversions.
An in-depth analysis will also be required with respect to cost-payout ratio. Some PPC campaigns could prove super expensive due to the high level of competition on relevant keywords and hence, the payout should be sufficient for you to come out of it in a winning fashion!
Affiliate marketing is a complex digital marketing tool but once you have learned how to use it to your advantage, it is proven to yield the highest monetary returns. Click here to learn the art of affiliate marketing and be a part of our Mission Commission!
If you have any questions regarding affiliate marketing strategies, feel free to post your comments below and we will be more than happy to help you.