It doesn’t matter if you’re a well-established firm or just about to introduce your own startup. An effective marketing campaign is something you should have figured out since day one. To this end, affiliate marketing is a widely popular method to use.
The compound annual growth rate of affiliate marketing programs is expected to grow to 10% by 2020. Affiliate marketing now contributes to 16% of e-commerce sales, putting it ahead of display advertising as a driver of e-commerce sales.
So, it’s safe to say that affiliate marketing is expected to be one of the top ways to build marketing campaigns. It’s important to note here that this method will only be effective if you treat it smartly. Lack of proper planning can actually ruin your brand. Wondering what other mistakes you might be making? Here are three deadly mistakes you need to avoid when starting an affiliate program.
Paying Small Commissions
Affiliate marketing companies take their pick from a number of companies eager to promote their products or services. If you want to secure the position of a business partner, you need to stand out from the crowd. How do you do that? Introduce attractive commissions for the sale of your products. This helps attract more affiliates and acts as a kind of bonus for the affiliates. Compare your commission rates and your competitors’ rates to set more competitive rates for your affiliate marketing program.
Purchasing Cheap Software
This is one aspect where a business should not be stingy. The software you choose will promote your products, secure your data and personal information. To ensure a smooth ride, make your selection from the top affiliate marketing platforms. One of the best affiliate software is LeadyDyno.
Not Seeking Input From Affiliates
Affiliates create unique and effective marketing campaigns for your business. They may have a solid, loyal audience, who they understand well. So it’s always a good idea to ask them about promotion strategies.
If you’re looking for a reputable affiliate marketing platform, consider LeadDyno. It features effective affiliate marketing tracking solutions and tools for e-businesses. Both merchants and affiliates are provided with plenty of useful features and services to assist them in maximizing their affiliate marketing campaigns.