If sales have slowed down and you’ve found your business is in a bit of slump, there’s no doubt you’re looking for ways to revive your brand. Thankfully, in our latest post, we’re on hand to help. We’re going to let you know why affiliate marketing is a great tool to .
With social, SEO, PPC and influencer marketing to keep on top of, some brands are guilty of overlooking the importance of affiliate marketing. It’s a low-risk method that won’t cost you the earth, and it can offer some great rewards. However, before you take the plunge and invest in affiliate marketing, you must understand how it works and how that can be applied to your brand.
What is affiliate marketing?
It the simplest definition, affiliate marketing is referral marketing. As a brand, you have the choice of running an affiliate campaign directly, or through a network such as AWIN or Webgains. Affiliate marketing allows brands to utilise publishers to promote their brand at a low cost. In return, you offer publishers a percentage of the sale as an incentive. With affiliate marketing, a brand only has to payout based on results. See what we mean by low risk, high rewards?
What does affiliate marketing look like in 2020?
Over the years, affiliate marketing has evolved. In recent years, we’ve seen an introduction of influencer marketing, mobile-focused publishers and video and audio into strategies. As the marketing world builds on traditional methods, the affiliate space is adapting too.
As affiliate marketing adapts and changes to incorporate leading marketing trends, it’s an excellent way for brands to try them out, without substantial upfront costs.
How affiliate marketing will revive your brand
- It’s based on performance: the standard affiliate marketing model allows brands to pay a set commission rate for sales. However, brands are also able to pay for clicks or leads, depending on the goal of the program. Because you’re only paying for completed sales, there’s minimal financial risk. Therefore, you get to explore a new marketing channel that will allow you to partner with relevant publishers without considerable investment.
- You can tap into a new audience: when you launch an affiliate marketing program, you can establish partnerships with trusted publishers boasting quality audiences. Not only does partnering with key publishers (think magazines, blogs, niche sites and social accounts) boost sales, but it also contributes to building your beloved brand.
- You’re collaborating with great talent, without the associated costs: it doesn’t come cheap when you want to employ an internal workforce offering different specialities. Thankfully, affiliate marketing is a cost-effective way of outsourcing. With publishers specialising in marketing tactics such as PPC, social and editorial, building relationships and utilising these skills can save you a pretty penny.
- You’ll get an abundance of tracking: tracking is an essential tool for your marketing strategy. Thankfully, with affiliate marketing, you’ll get a whole load of valuable data and tracking information. At a glance, you can determine which publishers are performing well, conversion rates, average order value, and so much more. Thanks to all of the tracking tools affiliate networks offer, you can forecast for the future with confidence. Furthermore, you’re able to invest in partnerships and maximise performance with ease.
Sounds pretty good, right? If we’ve convinced you that affiliate marketing is a great asset to building your brand, get in touch! You’ll be in expert hands with the team here at Converzion.