So you might have heard about affiliate marketing in passing and are now considering starting your own Affiliate Marketing Program but don't know where to start. You could be thinking to yourself, "what is going on with this whole affiliate marketing concept and why is it rising to fame so quickly?" Easily put... the dough ray me, the cha ching, the dolla bills, or money as some say.
Bo Bennett, CEO of eBookIt.com and one of the first creators of a web based affiliate program said it best: "Affiliate marketing has made businesses millions and ordinary people millionaires." The attraction of affiliate marketing is undeniable. The presence of passive income has driven people to create millions for themselves and move their affiliate side hustle into a full time gig. But before you are rolling in $100 dollar bills, you have to know who and what you are working with.
Affiliate Marketing Breakdown & Terminology
The way affiliate marketing works is simple: it’s a performance-based advertising channel. This form of advertising focuses on selling advertisers products through websites, known as publishers. A publisher website is an individual or company that promotes advertisers' products, coupons, and deals (affiliate links) to a consumer (buyer). Those publishers then receive a commission on what they sell on your behalf.
What Does That Mean?
An advertiser, such as Kohl's, has a coupon for shirts. A publisher website, such as Rakuten, will show that promotion to consumers on their website. When a consumer buys a shirt using the coupon, Rakuten receives a percent commission off the purchase. Consumers saw your product because of the visibility on the publisher website, so it's only fair you give them a little something!
TIP #1 Focus your time and efforts on publishers that promote similar products and have the right consumer base. You don't need 5,000 publishers to be successful. You need the RIGHT publishers that can connect to your niche and products.
How do I find the right publishers?
Through Affiliate Networks. An Affiliate network is a third party website that provides a connection between the publisher and advertisers. This network provides access to thousands of publishers in one place. A great example would be CJ.com. Through CJ.com, you can research the different types of publishers, their experience, and if they would be a right match for you.
TIP #2 Always maintain great relationships with your publishers by communicating with them weekly. A positive connection between publishers and advertisers can keep business running smoothly and create more opportunities. An insider secret... publishers talk to each other on who their best advertisers are, and likewise, their worst. So it does not hurt to stay connected!
Is affiliate marketing really worth it though?
YES. Connecting with a popular publisher that fits your business - and having deals that can't be topped - will sky rocket your affiliate goals. Publishers help increase traffic, drive sales, and you only pay commission on products that have been sold.
TIP #3 Publishers are very hard workers that want to make as much money as possible. Crazy right? It is in your best interest to create incentives for their hard work and for your products to sell more. Some examples would be:
- Raising their commissions on your big deal days
- If they sell above a certain dollar threshold in a month you will give them $20 bonus commissions
- If your coupon is shown on the front page of their website you will give them increased commission for every item sold
The Digital Marketing experts at Informatics are well-versed in everything Affiliate Marketing and can help you kickstart your affiliate marketing goals. Contact us to find out how to make your affiliate marketing program more successful today!