By 2020, the spending for affiliate marketing in the US is predicted to reach almost 7 billion dollars.
Going back a few years, marketers were unsure of this marketing strategy and investment in this approach was less. With the rise of social media and technology, affiliate marketing has taken a new trend involving innovative methods to increase public reach and sales.
Here’s a comprehensive guide on when marketers should use this strategy for their businesses.
What Is Affiliate Marketing?
Affiliate marketing—also referred to as performance marketing—means hiring marketers to increase customer reach and sell a product or service. In this context, affiliate marketing is a deal between the marketer and the merchant where the marketer helps the merchant sell their product for a commission.
How Does It Work?
You can create your company’s own affiliate program, or get subscription to other affiliate networks available for your products or services. These networks will allow your business to connect with affiliates for the promotion of your product.
Businesses can review the affiliate applications through the tools provided by affiliate networks. The approved affiliates can then market your services or products on social channels, blogs, websites, etc.
These affiliates are paid a predetermined value for commission every time a purchase of the products or services occurs.
When Should You Consider Affiliate Marketing?
The most important reason to consider affiliate marketing is because of the minimal resources it needs. Here are a few reasons when you should use affiliate marketing for your products or services.
When You’re Low On Resources
Most vendors are attracted towards affiliate marketing because of its minimal starting price. You can easily obtain affiliate softwares at affordable rates and get started with your business.
When You Don’t Want To Hire Sales Employees
A vendor is required to pay the affiliate only when a purchase of their products or services takes place. This gives you the chance to hire less sales employees that you would have to pay even if the sales are down.
When You Want To Increase Traffic
Your affiliates will have better strategies to attract traffic to your product. With their experiences and insights in marketing, your company will be able to attract your customer’s attention and increase your chances of sales.
When You Want To Be In Charge
Affiliate marketing offers you to take charge of setting the commission rates, managing payments and creating links and banners for your products’ promotion. This way, you can control the entire affiliate program and manage it accordingly.
When You Want Good SEO Ranking
Affiliates send traffic to your business by inbound links. You can increase your website’s overall ranking in search engines through these links and have a better chance to attract customer attention.
If you’re a vendor looking to increase sales and public reach for your product or service, finding the best affiliate marketing platform is crucial for you.
No need to look any further, as LeadDyno has got you covered! With their easy setup and fast access to the affiliate network you can get started with your products’ promotion in no time! Sign up to start their 30-day free trial today!