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After hearing success stories of so many store owners who have tried affiliate marketing, you probably want to jump into bandwagon as well. But these are not just stories. The acts are very much real and astounding. Revenue for online affiliate marketing has risen from £8 in 2012 to £13 billion. Return on investments from online affiliate marketing for merchants has grown 21% over the years. This is enough to convince anyone to dabble in affiliate marketing if they want to see their charts rising and business blooming. Here is a beginner’s guide to launching your affiliate marketing program.
The first step to consider while setting up an affiliate program is the cost. There will be expenses in three major areas:
Management Costs First, you have to decide if you are making an in-house affiliate management team or if you are outsourcing the management to a third party. The costs incurred will depend on your decision. In-house management means that the team members will be your own employees and you are technically creating a new department in the organization to oversee affiliate marketing activities. Outsourcing means you are entrusting another agency with this work and this agency will be your consultant throughout the project.
Which way you choose depends largely on your organizational structure and your finances.
Technology costs are the ones incurred when you seek additional optimization and efficiency through software designed to analyze and track your digital campaigns. Specialized software can adapt to your needs and can track every visitor performance and also have a great interface. You can customize the software to your business needs as well.
The crucial ingredient in marketing is to make catchy content that will sell. You will have to hire designers and/or copywriters to make creative material that your affiliates can display and link to.
How much should you pay your affiliate? You can set up the commission model. Most people go for commission per sale. You pay your affiliate a small percentage from the sale they generated. You can do this by either increasing the price a little to cover up your loss, or you can pay the affiliate from the profit.
To make sales, you have to join hands with affiliates and convince them on board. Be visible and active in forums and places where affiliates are, particularly the ones you are after. Find out who the top affiliates are, draft them a proposal and convince them to join the board. You can even contact them directly, give them an overview of your company and ask them to work with you to market your products.
There is a considerable lot of effort required to make sure your affiliate marketing is always up and running. If you are fairly new in the domain, choose a good affiliate agency and let it do the work for you.