10x your business sales by using this affiliate marketing model business strategy
According to global affiliate marketing data, the affiliate marketing sector is currently valued at $12 billion. Another indication that affiliate marketing is growing as a global sector is that digital media companies are willing to devote 15% of their revenue to it.
Perhaps, you have no prior knowledge of what affiliate marketing is all about.
According to Investopedia : ” Affiliate marketing is an advertising model in which a company compensates third-party publishers to generate traffic or leads to the company’s products and services. The third-party publishers are affiliates, and the commission fee incentivizes them to find ways to promote the company.”
In my point of view, to make the meaning of affiliate marketing simpler for you. Affiliate marketing is simply the act of connecting the buyers with the seller while you are collecting commission after each successful sale.
In this case, the goods can be physical or digital. It can also be a service, not necessarily goods.
With a 39 per cent stake in the global affiliate marketing market, America is claimed to be the top player.
When it comes to affiliate marketing by country, the United States has the highest proportion of the global market. The United Kingdom comes in second with 15%, and Germany rounds out the top three with 11%.
How can your business get a share in this fast-growing affiliate marketing industry?
The number fact you should not skip if you’re trying to incorporate an affiliate marketing business model into your business is that the strategy only works for companies that have good and quality products.
For you to be successful with incorporating affiliate marketing into your business. You must have had a list of customers/clients or customers who have bought from you and are satisfied with the product or service your company offer.
If the above condition is met. Then you can now follow the below strategies.
- Have a list of your customers: Your company would probably have a list in its database. A list can be the email addresses or phone numbers of your customers/clients who have patronized your business in the past.
- After getting the list, reach out to them by telling them how they can make money while promoting the name of your business and earn passively with that. If you are not cool with that, perhaps you operate an eComm store, you can offer a discount or cashback to your existing customers when they recommend your product or service to their friends.
This works faster and will spread like wildfire, thereby reducing your marketing efforts in the sense that word of mouth marketing has been activated.
People tend to believe their friends and family when they recommend a product or service to them since they have proved to them that the product works.
- Last but not least, which you should take note of is how to organize the whole monitoring of the system because people tend to abuse or manipulate the system. It won’t cost you a lot to talk with your web developer to create a dashboard for your client or customers so that each of them will have a trackable affiliate link they can use anytime their friends or family want to buy based on their recommendations.
However, you can also give out a coupon code to those who show interest in being an affiliate with your company. Anytime the affiliate marketers give people the coupon code and they use it to order products on your website. It will reflect on the affiliate marketers dashboard while you can also track it on your end.
By following these guides, your business will be unstoppable. Good luck!