Whether you’re starting a business from the ground up or you’re looking for new opportunities to make money online, having strong connections in your industry can work in your favor.
According to LinkedIn global survey results, nearly 80% of professionals consider networking to be one of the most important ways to elevate their careers. Meeting other like-minded business people can open your eyes to new opportunities for growth and support as you meet your goals and improve your business practices.
Once you have a strong network, you can even consider affiliate marketing. With affiliate marketing programs, you can open your eyes to the benefits that come with strong partnerships and can eventually help you meet some of your bottom-line goals.
But are affiliate programs worth it? In short, we say yes. But there’s much more detail to discuss. Below, we define affiliate marketing, success rates and benefits of affiliate marketing and tips and tricks to get your strategy in motion.
What Exactly Is Affiliate Marketing?
By definition, affiliate marketing is when you earn money every time you promote a company’s product or service and a sale is achieved. Since it’s a commission-based marketing tactic, you only get money every time you drive a sale. But you shouldn’t consider an affiliate marketing program with just any business.
Neil Patel recommends finding a program that piques your interest and aligns similarly with your goals and objectives. You should be familiar with the products or services and confident in what they have to offer. If it seems like a smart partnership, then you can dive into the program overview, payment methods and commission structure.
“You can work with individual companies or affiliate networks, where you register and choose the programs that interest you,” writes Neil Patel. “The programs are generally divided into categories to make selection easier. Once approved, start promoting your affiliate links on your website, in newsletters, on social media, and anywhere else you’re permitted to share links.”
What Is The Success Rate of Affiliate Marketing?
Affiliate marketing is on the incline. According to Statista, affiliate marketing spend is expected to reach $8.2 billion by the end of 2022, as compared to $5.4 billion in 2017 and just $1.6 billion in 2010. Nearly 80% of brands have affiliate marketing programs to generate revenue, according to MediaKix, and Affise says 94% of publishers are doing the same.
There’s reason enough to consider affiliate marketing based on the number of businesses relying on this strategy, but what about the success rate?
According to Inc. Magazine, 40% of merchants find that affiliate marketing programs are their top channel for customer acquisition. Gaining new customers allows for increased revenue, but can simultaneously increase your brand awareness and reputation across the industry.
The Benefits of Affiliate Marketing
An affiliate marketing program is a smart tactic for adding a revenue stream to your strategy and meeting bottom line goals. But what are the other advantages that come with it? Some of the benefits of affiliate marketing include:
- Growing your following and readership. Advertising for another company can broaden your reach and bring new audience members to your blog or website.
- Little to no barriers to entry. Since affiliate marketing is based on commission, there’s likely no entry fees or contracts involved to get started.
- Independence to do what you want. Your affiliate is trusting your expertise to market their products or services successfully. This gives you creative freedom and control in how you’ll set up each advertisement.
- Improve your brand awareness. Affiliate marketing is a great opportunity to foster trust with another business that can ultimately pass your company name on to other professionals in the industry.
How to Be Successful at Affiliate Marketing: Tips and Tricks
Are you ready to get into affiliate marketing but you’re not sure where to get started? Consider our tips for finding and securing the right online affiliate marketing opportunities:
1. Find Your Niche
You might feel obligated to form partnerships with businesses offering any type of product or service, but it’s important to focus your efforts on a specific niche that will click with your audience.
2. Let Your Networking Skills Shine
Connecting with other businesses to form potential affiliate partnerships needs to be prioritized. The better you feel going into a discussion about affiliating, the more likely you may be to secure a deal and start bringing in commission.
3. Create Consistent Content
To succeed in affiliate marketing, you need to have a robust blog that’s filled with quality, consistent content. Make sure your blog caters to your target audience and is consistently updated to stay relevant. Creating informational and transactional calls to action with each piece of content is also essential, as this is where your affiliate marketing strategy will shine.
4. Track Your Progress
Gaining insight into your progress will show you exactly what led to your success, plateau or demise. Understanding how your website visitors are engaging with your content and which calls to action are driving the most clicks and conversions will set you up for success in the future.
5. Take Our Courses!
If you’re interested in getting started in affiliate marketing, we can spearhead the journey. Our Affiliate Mastery Beginner and Advanced Courses can teach you the ins and outs of affiliate marketing, detailing how to find the hottest markets to consider, how to get vendors to send traffic to your website, how to make the big commission checks and much more.
No matter where you are in your journey to affiliate marketing success, we can assist. Check out our mastery programs today or reach out directly for more information.