Affiliate marketing has been around since the earlier days of the World Wide Web. However, it’s boomed in recent years to where it is today — Joey Armstrong states that a whopping 80% of brands across the globe boast affiliate programs.
But despite the statistics, it takes a lot of hard work, dedication, and proper techniques to craft a successful affiliate marketing strategy. From picking the right niche to initiating brand-to-brand collaborations to finding an oracle-esque mentor, businesses employ a variety of tactics to make their efforts successful.
Affiliate marketing’s goal is to promote products and earn a commission when consumers purchase. But victory can only be found with the perfect techniques.
The Top 5 Successful Affiliate Marketing Techniques
Potential customers want to buy from those they trust. Thus, brands should aim to position themselves as an authority in their particular field, providing valuable information about products or services.
While some may say all niches are appropriately served online these days, that isn’t quite the case. Many obscure markets are still underserved, offering opportunities for affiliate marketers to swoop in and dominate.
Quality Content is Key
The biggest mistake marketers make is creating content for one reason — driving sales. Unfortunately, today’s shoppers are savvier than before; they see right through the hard sell.
Content without any value pushes potential money-spenders away, never to return. Instead, consumers must gain something from affiliate marketing content, such as helpful information about a product or a life hack.
Coupons Spark Sales
People love saving money. It doesn’t matter whether they’re keeping $1 or $50 in their wallet; bargains are bargains.
And even in the digital age, coupons are growing in popularity. Granted, only a few people still clip coupons. However, around 60% of online buyers around the world search for coupons before purchasing.
Many marketing specialists applaud coupons due to their measurability and cost-effectiveness. Not to mention they can help retain and acquire customers.
When using coupons as an affiliate marketing technique, businesses should:
- be aware of how their competitors are running coupons.
- schedule coupon campaigns strategically (around Christmas, for example).
- track conversion rates to see how well their efforts are paying off and how to optimize campaigns in the future.
A 2019 PartnerPath poll found that co-marketed adverts help 68% of shoppers make a buying decision before speaking to a sales rep. Thus, brand-to-brand partnerships are an effective way to spark high conversion rates — as long as both businesses’ values and demographics align.
Companies looking to initiate brand-to-brand collaborations should:
· craft a short-term campaign with the other business, setting quantifiable, actionable metrics like ROI or cost per lead.
· decide whether they should collaborate again based on the success of the short-term fixture.
· expand their relationship.
Mentors Are Powerful
Experienced affiliate markets help prevent costly mistakes. Yes, the best mentors will be expensive, but they prove incredibly helpful for many businesses in the long run.
With the right strategies, affiliate marketing can be highly profitable for everyone involved.