Affiliate Marketing is an online sales tactic of promoting someone else's business or products and earn commission as the reward. As an Affiliate Marketer, you can choose to promote products for businesses and every time somebody purchase that product or you generate a lead or a sale, you will get paid in the form of commission. It is a commission-based sales process and thus the pay is pre-agreed between the Merchant and the Affiliate. Being a performance-based marketing system model, it basically involves 4 distinct components:
(1) THE MERCHANT: also known as a seller or retailer, is an individual or a business that sells a product or provides a service. The Merchant collaborates with the Affiliate and Affiliate in turn promote the Merchant's products and services.
(2) THE AFFILIATE: is or can be an individual who promotes products and services on behalf of the merchant and gets commission on each sale. The Affiliate works in collaboration with the Merchant by creating several marketing campaigns which help the Merchant in getting prospects.
(3) THE CONSUMER: In affiliate marketing, the Consumer is a person who uses goods or services to satisfy his/her needs.
(4) THE NETWORK: also called program or platform. The network acts as an intermediary between the Merchant and the Affiliate. It is entirely digital and requires varying levels of involvement from both the Merchant and Affiliate.
(1) Affiliate creates relationship with businesses like yours.
(2) Affiliates then advertise your products and services.
(3) Internet users interact with your ads.
(4) Your website receives interested users.
(5) Consumers purchase your products and services.
(6) You pay Affiliates for increasing your online sales.
(1) Find and join an Affiliate program according to your choice of niche/category.
(2) Choose the offers which you wish to promote.
(3) Obtain a unique Affiliate link for each offer you are going to promote.
(4) Share those Affiliate links on your website, social media platforms, or blogs.
(5) Collect a commission anytime someone uses your links to make a purchase.
(1) PAY PER SALE: In this type of marketing program, the Affiliate gets a percentage of the sale price of the product by the Merchant only after the sales is made. In order to get compensated, the Affiliate is required to strike a sale.
(2) PAY PER LEAD: This marketing program is more complex as it is based on the leads generated and converted. The Affiliate is required to persuade the Consumer to visit the Merchant's website. The Consumer must complete the desired action — whether it’s signing up for a trial of a product, filling out a contact form, downloading software or files, or subscribing to a newsletter.
(3) PAY PER CLICK: This is focused on compensating the Affiliate to redirect Consumers from their marketing platform to the Merchant’s website, meaning, the Affiliate is required to engage the Consumer to the lengths that they will move from the Affiliate’s site to the Merchant’s site. The Affiliate is then paid based on the increase in web traffic.
(1) INFLUENCERS: It is the individual who solely holds the power to influence the purchasing decisions of a large community of audience. Influencers are known to be as the best kind of Affiliates due to their strong hold over a huge segment of population. With a gigantic follower base, influencers can easily direct consumers to the Merchants' products through social media posts, blogs, and other interactions with their followers. The influencers then receive a share of the profits they helped to create.
(2) BLOGGERS: Bloggers got the ability to rank organically in the search engine, making Merchants more interested in collaborating with them. What bloggers do is test the products and services and then write honest reviews about them, which in turn promotes the brand in the most compelling way possible by actually providing valuable knowledge to the readers. The blogger is then awarded for his or her influence spreading the word about the value of the product, helping to improve the seller’s sales.
(3) REFERRAL LINKS: As an Affiliate, when you sign-up for an Affiliate platform, you gain access to a personalized link, known as a 'Referral Link'. When visitors to your social media pages, newsletters or blogs, click on the link and make a purchase, you earn a commission. If you are delivering content to your new subscribers, you must focus on building relationships with your audience and earn their trust before adding links. Make sure your content is creative and interactive and don't forget to add necessary Keywords and CTAs.
(4) MICROSITES: These sites are advertised within a partner site or on the sponsored listings of a search engine. They are separated from organization's the main site. Brands may even use them with other marketing efforts, like social media or blogging. A microsite’s format varies from single pages to promote specific products or services to a collection of pages. It may have its own domain or be a sub-domain of the main site. Typically, brands use microsites to highlight something specific like, individual events products, campaigns content/branded content, etc.
(5) SOCIAL MEDIA SITES: Social Media is known to be one of the marvellous technological innovation of the time. These are the Platforms where almost the whole world exists, meaning a deep sea of prospects. Therefore, Merchants can advertise their brands on such channels and drive a huge segment of population. Sharing your Affiliate Marketing links on social media sites could be ideal for Affiliates with a large following or a very niche product. With loads of promoting options available, it benefits both the Merchant and the Affiliate. Thus, a win-win situation.
(1) Choose the right Affiliates with a good rapport. They must be having your interested niche following and have a good followers base, site ranking, views, engagement, and authority.
(2) Attract sales with promotions, deals and coupons. In order to make the maximum output of your coupon Affiliate Marketing strategies, choose working with a few, high-quality sites and also check the authenticity of their site.
(3) Leverage the power of niche influencers as they have more authentic relationships with their followers. They can effectively get their audience to trust your brand and convince them to use your products or services.
(4) Instead of tapping into various Affiliate networks, build your own. Follow a clear, to-the-point approach to attract Affiliates. You can then reward them with a slightly higher commission rate in the future.
(5) Don't just rely on Instagram influencers or coupon sites, instead try to reach out to your audience through Affiliates from multiple sources.