With business getting an online presence, Affiliate Marketing is all the rage nowadays. Businesses are using Affiliate Marketing to scale-up and people are getting into affiliate marketing as a side hustle.
What exactly is Affiliate Marketing?
In the simplest of terms, affiliate marketing is the process of paying a commission to customers whenever they bring in new customers to your business. It’s a win/win/win scenario: You earn a new customer; the referring customer gets paid.
If you are a business who is looking to Scale-up, starting an affiliate program will increase your reach by manyfold. Affiliate programs contribute 30% of revenue for the companies.
Your existing happy customers will be happy to refer you and earn some Commission. If you are someone who is exploring affiliate marketing as a side hustle, here is good news.
About 48.36% of affiliate marketers are earning $20k per year while only 3% are earning over $150k per year. ~ Akshay Hulllar, BloggingX (Source)
Affiliate marketing For Scaling Existing Business
We have established that having an affiliate program for your products can increase your reach. The question is how to set up an optimized Affiliate Program?
Optimize your Sales Funnel
Before you begin focusing on developing your affiliate program, you should already have a fully-functional sales Funnel in place. Your affiliate’s “job” is simply to point new prospects toward your brand and its products; it’s still your job to seal the deal. Long story short, you should have your landing pages, checkout page, unselling or down selling strategies, and follow up strategies defined. Set up an email campaign with our course
Create an affiliate program or use an affiliate network
To launch your program, you can either create a System and program from scratch or Utilize an affiliate network to help you get moving.
Your own affiliate program gives you more control over your network. However, having complete control over the program means you have to seek out affiliates on your own, collect affiliate-related data on your own, ensure your affiliates are adhering to your terms on your own.
Another option is to use an affiliate network like Rakuten, four percent, etc. Finding affiliated→ Check out here.
Before you start getting affiliates you should have a proper vision of your program. Your specific goals will determine how you approach your business. This will help you to decide –
- How much commission do you decide to payout?
- Who, exactly, to target as an affiliate?
- What you’ll come to expect from your affiliates in terms of performance
Collecting data and constantly improving
Once you have started your program and have some affiliates you need to keep collecting data and insights. Maybe a particular strategy is not working in your affiliate program, or some strategy is backfiring. Collecting that data will enable you to optimize your program.
Keep a close eye on exactly what’s going well within your affiliate program—as well as where you might be able to improve.
If you are not using affiliate marketing in your business to scale up, you are missing out on a lot of opportunities. In case you have started with your affiliate program, Start applying the optimization and scaling techniques to your own campaigns.
In the end, remember to stay patient while you learn what works best. What are your Views on Affiliate Marketing and have you set up an affiliate network for your business? Let us know in the comments below.