Affiliate marketing is using referrals to advertise and sell your products and services. It can be used by B2B and B2C brands. Affiliate marketing is now becoming a very popular way to advertise. It is being adopted rapidly by both small and big brands.
The reason why affiliate marketing is gaining traction is that a customer might not be aware of your brand but is familiar with the affiliate you are advertising with. This helps in removing buyer’s skepticism and encourages customers to make purchases through their well-known affiliates that they follow.
Steps to plan Affiliate marketing:
Step1 – Select Affiliates
The first step is choosing your affiliates. This is the most critical step since the affiliates will be promoting your brand. It is essential you are the right fit for your affiliate and vice versa. Research your affiliates by analyzing their reputation since a good reputation is key. The audience of the affiliate should match your customer’s characteristics. Pick an affiliate who is trustworthy and come to agreed upon terms and conditions.
Step 2 – Incentivize Customers
Customers coming to you through an affiliate are new customers who may or may not be aware of your brand. The best way to incentivize them to make purchases are by offering deals, discounts, coupons, etc. Offering such incentives will help in the decision-making process for a first-time buyer and will also help increase the reputation of your affiliate. Treat your first-time customers with attractive discounts and offers that will convert them into repeat purchasers.
Step 3 – Niche influencers
If your product or service caters to a specific niche it will be beneficial to find affiliates who engage with that type of audience. Niche affiliates are often having good authority and can heavily influence purchasing decisions for their audiences.
Step 4 – Build your Network
Your customers are scattered and spread across different platforms. Having just 1 or 2 affiliates who use only one type of platform will not give you the reach and full benefits of using affiliate marketing. Identify where your customers are – they might be on [podcasts, blog sites, newsletters, etc. Find the best way to reach out to these customers and select the right affiliate to reach them. It’s important to have an affiliate who trusts and believes in your brand.
Step 5 – Track your Affiliates effectiveness
Track the effectiveness of your affiliate to see if they are able to deliver on expected goals. Create reports of affiliates who have been able to contribute significantly and have been able to drive new customers to your brand. Giving incentives to affiliates who are performing well will further improve your relationship with them and will make it easier to work with them in the future. tracking your affiliates will allow you to optimize your strategy to get the maximum amount of sales and an effective ROI. Tracking your affiliates will give you insights into the benefits of using affiliate marketing and will also help with the planning and implementation of future campaigns.
