Trying to understand the role of affiliate marketing and planning on leveraging the same for your startup? It is one of the oldest practices of online marketing and works for companies and startups to grow their sales and revenue with their online products and services. When someone (affiliate) suggests your product online through affiliate links, and the lead buys the product based on the recommendation, you give a commission to the affiliate.
Let’s get into the necessary details of what it is and how is it going to help startups before we proceed into the tips and tricks to grow your startup using affiliate links.
What Is Affiliate Marketing?
Affiliate Marketing, in other words, is also called performance marketing where someone else helps you grow your business by pushing your product or services.
It is an arrangement that allows potential sales referrals from other websites or business organisations. The best advantage of this marketing is that it lets startups widen their marketing campaign’s reach while connecting with the audience that matches with the company’s needs and buys the product or service.
It is a crucial marketing principle that helps startups grow with more sales and increased profit as well as a foothold on a large customer base. Depending on the product that the startup offers, affiliates promote their products and give you many direct leads and sales conversion.
Affiliate marketing helps startups grow faster without having any risk or spending a dime. It allows you to drive sales for your startup and with a promise of a commission for every successful transaction. But with the recent scenario of an abundance of affiliates, it is hard to find an ethical one for your company.
You need to watch out and track your affiliates. It is because of many affiliates trying to push results without a proper projection of sales. It leads to risk. But we sure can avoid it.
What Are Affiliate Links?
Affiliate links are specific URLs containing the affiliate’s ID or username. Advertisers use this link to record the traffic sent to the website. Affiliates are responsible for the affiliate link and always make sure of connecting it to the advertiser’s website.
Affiliate links are significant for growing a startup. To push sales without marketing on your own can be a stressful and unpleasant scenario. Excellent affiliates have a large user and customer base defined particularly for your product, and by providing them affiliate links, you can generate a higher amount of sales and can also create a more significant customer base for your product.
Why Is Affiliate Link Important?
Affiliate marketing stirs a lot of benefits for startups and creates an impact on their growth and revenue. Affiliate links are the source of producing an effect on the sales and promotions of the startups. The recruited webmaster places the company’s advertisements on their individually owned websites. It helps startups keep track of the conversions and give commissions based on the number of sales. Having unchecked affiliate links creates ruckus and disturbances.
For marketers and it is essential to keep track of the affiliate links. To focus on the particulars of each sale and conversion as well as to keep a record of the affiliate program as a whole, it is a must to give the webmaster a controlled affiliate link.
You do not want to pay for some falsified conversions, and the only way to find it out is through providing affiliate links.
Now go ahead and create the best affiliate program as per your business. But before you start with it, here are 6 tips and tricks to grow your startup using affiliate links.
6 Tips and Tricks To Grow Your Startup Using Affiliate Links
1. Choosing The Right Affiliates
Identifying influencers/affiliates that are suitable for the products or services you want to promote is a must. Selecting the right affiliates with a good amount of followers and subscribers helps in boosting your affiliate marketing program.
You can recruit affiliates with the help of advertising in Google and other search engines. You can also advertise on different forums that influencers use regularly. Exposing your website’s customers to the affiliate program is also a valid methodology. It is essential to have affiliates that are into your niche. It helps in easier conversions of sales.
You should not have affiliates who promote travel products while your startup is all about selling customised paintings. It is necessary to have affiliates that are into the same niche as art for the example mentioned above.
2. Affiliate Payout Strategies
A successful affiliate marketing program involves a proper payout structure for the affiliates. To have more sales and revenue, adding lucrative payouts to the program helps. It is essential to pay the right affiliates consistently with offers such as “bring in 50 sales every month, and we give you a bonus of 20%”.
Different types of affiliates produce different kinds of results. By giving more incentives and putting up targets for the incentives, draws more and more sales by the affiliates.
3. Communicate with your affiliates
A good relationship with affiliates helps businesses in generating more sales, and it requires keeping a good affiliate manager that does communicate with them.
As per a benchmark report, 34.59% of affiliates consider it is vital for companies to have a good performance manager that interacts with them and shares necessary information, asks about the performance and keeps a regular touch.
When you communicate with affiliates, they share their learning, and this can help you in training other affiliates to promote your products.
4. Provide essential tools to marketers
Giving away tools such as well-informed blog posts, high converting headlines, similar blog posts and other information from other successful marketers, Pieces of press information that mentions your business, essential points of your products, brainstorming ideas to bring in better content, etc. You can also provide links, emails, webinar scripts, landing pages, banner display ads, and other promotional tools.
Providing this information helps marketers in getting a better scope of promoting your business with their readers and subscribers.
5. Use Affiliate Marketing Software
You might have an affiliate manager, and he does all the work for your startup. But to keep a tab on each aspect of the affiliate marketing program, it is a must to have affiliate marketing software such as Omnistar or Ambassadors or other such solutions.
It is easy to keep track of 10 affiliates, but it is never easy to keep a record of 100 or more affiliates that get enrolled in your affiliate program. Even an affiliate manager finds it difficult to work without having an affiliate software.
6. Test Your Landing Pages and Offers
Testing the best format of landing pages to drive more traffic is a great idea for an affiliate marketing program. But if you have affiliates that use their landing pages, it is much better to share your insights about the conducted tests with them, thus increasing the conversion and sales.
Optimising the landing pages in regular intervals works best for the performance marketing program. To get the best result, calculate individual affiliate conversion rates to understand the quality of traffic that comes through each affiliate.
These are the 6 tips and tricks to grow your startup using affiliate links. If you have any suggestions to add into this list, comment below and we will add it up in our future post.
Vinayak Agarwal is the co-founder of myHQ, a startup with a mission to revolutionize the way millennials work. They are creating a network of beautiful & inspiring coworking spaces and work cafes for people to work, network and co-create from. myHQ is also a vibrant community of 10,000+ entrepreneurs, freelancers and working professionals.
An entrepreneur at heart, Vinayak is an IIT Delhi alum and he worked with Goldman Sachs for 2 years before starting myHQ.
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