How To Smoothly Manage An Affiliate Marketing Program
Affiliate marketing has been making headlines as one of the prime tools for digital marketing and promotion. While many online marketers are still unaware of this marketing tool, it is slowly gaining recognition. Affiliate marketing programs help generate a higher revenue to a site with competitors often queuing up for collaborating in affiliate marketing programs.
According to the recent reports made by Econsultancy affiliate, there has been a rise in the revenue rate at approximately 17% per year since 2009. Affiliate marketing program has been a great boon to the small businesses and first time entrepreneurs. The fact that entrepreneurs would get a guaranteed return on every dollar spent is making more and more marketers use this tool to fulfill their marketing and promotional purposes.
The online battlefield is expanding on a daily basis, with thousands of new competitors joining the competitive ecommerce market. This has led to the need by marketers to resort to different marketing campaigns. Affiliate marketing program is the best for small businesses as it is cheap and ensures a return on your investment.
However, managing an affiliate marketing program comes with its own set of challenges. It requires a strategic understanding of few major aspects before a marketer launches an affiliate marketing program.
The very first task for a marketer who plans to implement affiliate marketing program is a thorough analysis of competitors. This is an essential practice that needs to be undertaken to find out your niche in the market as well as understand the market and the industry as a whole.
Having a clear understanding of your market is the most crucial task that a marketer requires. Once you are thorough with the market and its workings, creating and managing an affiliate program would be easier.
Monitor your competitors and keep a check on the keywords that they use. You can use the number of online tools available to check the most trending keyword and then work on contents around it. You can also use various social media tools to understand what your target audience think, want and like.
Once you have a thorough competitor’s analysis, you would then be looking for the leader in your industry. Point out that leader and see how he works. Understand his work pattern and what he does to pull in higher visitors to his site. Follow them on social media as well.
A great way to begin your affiliate marketing program is to begin it with SWOT analysis. This gives you the perfect analytical report of you and your competitors as well as provides you with the opportunity which you can utilize to optimize your business.
When you plan your overall marketing fund, ensure that you do not miss out on the commission and incentives that you are liable to pay to your affiliates. When you are promoting your website through any affiliate website, you need to pay a pre-determined rate as commission to your affiliates. However, you also need to pay an added 3% as fee to the networks that you use.
When you begin your marketing, there is not one but multiple websites that play their role in promoting your product. If you really wish to optimize your affiliate marketing program, offering them a healthy commission is necessary to keep them going.
For your affiliate marketing program, coupons and cashbacks also play a prominent role. Promoting your products through voucher codes and incentives tend to have a better impact on you as well as your affiliates. Affiliate marketing is at times used in place of paid search marketing as it gives definite returns and is more cost effective than PPC campaigns.
When you promote your business, you not only promote your product or service but yourself as well. A “contact us” page works well here. You can give out all your details about your business procedures as well as your affiliate marketing program. Periodic communication on a one to one basis with your affiliates ensures that you maintain a good B2B relation with them.
Ignoring your affiliates is a bad idea as they work as your marketing partners. Proper communication with your affiliates is necessary to understand what they want and how they want it to be done. If you are promoting your business, it is necessary that you be adept in all the rules and guidelines of affiliate marketing program. This would help you better understand the campiagn itself.
Keeping your products floating requires you to keep the product impressive in the eyes of the purchasers. You need to maintain the interest levels such that audiences return to your site time and again. If your audience keeps returning, your affiliates would return too. This would result in better converstions and higher returns on investment.
You can also share your promotional plan or the contents that you wish to promote, with your affiliates. This would turn your B2B realtion into a healthy one as they would be aware of the products or services that you wish to promote in the near future and prepare as such. Specifying your promotion period can result in better returns and higher traffic to your site.