Sometimes the easiest way to draw attention to your company is to get somebody else to help you. More often than not, this help doesn’t come free. Enter: Affiliate Marketing. Affiliate marketing at its core is basically paying a group of people to advertise your product or service. You might be asking why you would want to pay an outside party to advertise on your behalf. Before you write us off, consider the benefits. Affiliate marketing benefits include popularity, diversity, time and energy, risk management, and cost. Let’s take a closer look.
In life, it’s all about who you know. Whether it has to do with getting a job or scoring that last spot in an important meeting, this always seems to ring true. Affiliate marketing is no stranger to popularity. In fact, when you task affiliates with marketing your product/service, you are enabling a situation for your name to be shared with those affiliate audiences. Popularity is basically being known to many. Therefore, when your affiliates spread your brand name around to their audiences, you’re gaining a consistent popularity without having to do very much.
One easy way to increase your popularity is by using SEO. In 2011, SEO rose above all other marketing strategies in how much money was spent on it with a whopping $20.7 billion being spent, according to Forrester. Another way to gain popularity is through social network marketing, a fast growing investment with a market worth $1.2 billion. There are three groups predicted to be the top spenders in the industry: retailers, financial service firms, and online educational providers.
Affiliate marketing kills two birds with one stone. It is a great way to get many things done for the price of one. When you utilize your affiliates, you get to use various forms of online marketing at a lower cost because affiliates use their own resources and skills to get their brand noticed. Affiliates use a diverse range of marketing tools like SEO, social networking, blogging, and email marketing to get the recognition your brand deserves.
Time & Energy
When you have multiple products on the market, it takes a lot of time to create social posts, keep up with customer inputs, and more. Why not make it easier on yourself and let your affiliates handle these tasks? When you hire affiliates to represent your brand, they are responsible for scheduling social posts, replying to comments and more. Affiliate marketing will save you the stress and let you focus on other projects and tasks.
There are also customizable programs that many affiliates utilize, including third party hosting and affiliate networks. Third party hosting is an affiliate program that supplies the infrastructure needed to support affiliates and merchants. This allows the merchant to collect money and set up terms. Affiliate networks, on the other hand, are a group of affiliate programs collectively in one place that give you creative help, themes, and more to work with.
Affiliate marketing allows you to get the best bang for your buck. Since it is especially low risk, it is best for companies with small marketing budgets. It is also great for companies that are trying to expand their market. Trying to reach new audiences in another location can be intimidating, but with affiliate marketing, you only spend money and take risks on the strategies that work.
Since affiliate marketing is low risk, meaning that you only pay for the strategies that work, it is very cost effective. Affiliate marketing is a pay as you go deal: you only pay if a certain action is completed or a specific goal is met. These actions and goals could include a spike in click through rates, a higher conversion rate, or just getting customers to sign up for a newsletter. Whatever the action is, you will not need to pay affiliates unless it is met. It is also cheaper than many more costly ways to increase one’s reach. In fact, SEO costs anywhere from $200 an hour just to raise your sites’ pagerank. Affiliate marketing allows you to save money in that you only pay for the actual results, not the promise of them.
While there are many different names and definitions for affiliate marketing, there is one commonality: it works! Be sure to look into using affiliates for your next campaign and watch your audience, click through rates, and more go above and beyond what you ever thought they could.