How to Make Affiliate Marketing Work In Your Business
Affiliate Marketing: Two words a business owner hears thrown around on social media, their masterminds and networking events, but often think to themselves, “How in the world do I implement that into my business model?”
And we get it.
A lot of our customers voice concerns that because their line isn’t in the aisles of Target or featured in Top 20 Buzzfeed lists that there’s no way affiliate marketing is worth their time, but friend, you couldn’t be more wrong.
According to Business Insider, since 2015 revenue from affiliate marketing programs grows by 10% annually and the projections are expected to keep on moving upwards.
What you really need to make affiliate marketing work in your business? Read-up…
1. A Dedicated Customer Base
First off, you need customers who love your product. You know, the ones who write reviews without being asked + already recommend your products to their Instagram following/mom/great aunt Sue from Idaho.
Whether that’s 10 people or 100 people, it doesn’t matter — they just have to be supportive of your products and company. Imagine if all 10 of those people recommended you to 10 of their friends who recommended you to 10 of their friends...you get the gist.
2. A Good Email List
You need a way to contact and truly connect with these people. The caveat? While social media is super important in this day in age, nothing beats an email list.
Why? Because when #InstagramDown becomes trending or some hacker from Philly overtakes your Facebook Business page, you’ll still have data that you own the rights to. AKA email addresses saved in a platform like MailChimp or ConvertKit.
3. A Good Affiliate Plan
Lastly, but maybe most crucial to creating a thriving affiliate marketing program, you need a good affiliate plan. If you ask ten people to promote you for 5% back and no discount, it’s not likely you’ll see much of a return.
Instead, understand that this is a part of your budget and should be treated like any other advertising venture. Make sure you can have 10-15% of a product’s profit go towards the marketer (and yes, that can mean adjusting prices!) and thank them both through words + worthwhile “perks” for the way they’re helping you grow your business.
After all, it takes a village.
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