Marketing can be a costly investment for both small and large businesses. Small businesses struggle with marketing because of low funding and lack of sufficient manpower but this can be solved by introducing an affiliate program in your business.
Also, big investments in advertising can be an elevated risk for large businesses if the return is not predictable. There are literally dozens of different ways to drive traffic and generate leads for a business and the most efficient as per our view is affiliate marketing. The most amazing part of this marketing strategy is that it’s totally risk-free.
You might be thinking if it’s actually possible to boost your business by 200%-300% by affiliate marketing; we would say yes. You can achieve this goal by keeping the focus on your niche, targeting the right customers, and designing a foolproof affiliate program to boost your business.
Today the article is all about the affiliate program, how it works, exploring different types of strategies, and the benefit they can provide to both the seller and the affiliate marketer.
What is affiliate marketing?
Affiliate marketing means a partnership between an affiliate marketer and a company to promote the sale of their product on a commission-based model. The affiliates will promote your product using a unique link that drives targeted traffic to your website. If a consumer makes a purchase through the affiliate link, the company pays the affiliate marketer a percentage of the sale.
Some companies pay for traffic and lead, and others only pay per actual customer that signs up and buys the product.
Most companies make it easy to sign up as an affiliate and promote their products. On the other hand, some companies might require an approval process so they can verify who is associating with their business.
After the affiliate is approved, the company shares a unique link with them. This link tracks the customers as they click and purchase products and then the company pays its affiliates based on the sales made from the link.
Steps to design the best affiliates programs on WordPress
There are three main steps for building your own affiliate program.
1. Selecting an affiliate plugin
The best way to keep your affiliate program organized is by using a plugin that is designed especially for this purpose. Almost every WordPress website with an affiliate program uses an affiliate plugin that can do most of the work done for them!
If you are selling products or services online, chances are you are using WooCommerce because it is one of the most widely used eCommerce systems tailored for WordPress sites. There are several affiliate marketing plugins to choose from for WooCommerce users, each with its own pros and cons. WC Affiliate is one of the best in many ways.
2. Map out the commission system
Now, you need to decide what percentage of the sale will go to your affiliate and how they will receive their money. You need to calculate how you will manage your program and its incentives to potential affiliates.
When deciding your commission rate, follow the industry standards as well as the rates your competitors offer. Are your rates better or the same? If the rates are really low, the best affiliates will not be interested in working with you.
3. Choose your affiliates
There are a lot of influencers and potential affiliates out there but the most important thing you can do when choosing affiliates is to understand your target audience. If you can find potential affiliates who can promote your business to the target audience, then you’re in great shape.
Take time to do your research and scroll through a potential affiliate’s leads. Keep in mind if their content and marketing align with that of your brand. You know your niche better than anyone else, so don’t be afraid to trust your own decision while filtering the affiliates.
Following these instructions ensures the site traffic you attract is likely to buy and benefit both you and the affiliates.
Boost your business with affiliate marketing
Here are a few ways affiliate marketing can boost and benefit your business:
Starting an affiliate program is an easy way to do brand awareness and market reach without investing heavily in marketing. Because each of your affiliates will be promoting your products to their entire audiences. This means they can potentially get your products highlighted in front of thousands of people every time. That’s why it’s the most effective way to reach more people at the lowest cost possible and with at least effort.
Minimize marketing cost
While starting up your affiliate program, you don’t have to hire and manage a separate marketing team for it. All you need to do is rely on quality affiliates to make great content and outcome. Also, you don’t have to contribute much time and effort to this process and you will be able to concentrate more on your business.
With low costs comes low risk because you know exactly what sales percentage you will be paying out when the conversion occurs through your affiliates. Thus, you won’t have to worry about last-minute or unexpected costs. This will help you to be more aware of your company’s growth and potentially increase your sales.
Engaging new customers
The hard work of attracting new customers is done by your affiliates. Affiliates can convert users more easily from new to existing customers through targeted marketing. They can also rank your site higher on search engines to reach more new audiences every day through content marketing. With WC Affiliate you will be able to track and record every purchase that is made. Also, you can easily manage, export, and import the users from other plugins.
Easy way to grow brand awareness
Affiliate marketing is an easy way to build valuable partnerships and reach your brand name to any part of the world with qualified marketing individuals. This is enabling you to easily access their followers to benefit your own company and spread the word about your products. Your brand will become more trustworthy to its followers because they are hearing about your product from someone they trust. That’s why it is an excellent way to acquire new customers!
You can scale your affiliate program as big or as small as you want. It’s very easy to control, and you can grow it or shrink it depending on what works best for your brand. It’s also an easy way to scale a business as a whole without spending a lot of time and money.
High ROI than other marketing techniques
Affiliate marketing tends to have a higher ROI than other marketing tactics because of the low start-up costs. The conversions are higher because the audience is hearing about your products from affiliates they trust. You can display all the statistics in a beautiful graph on the WC Affiliate dashboard. It will show you the information of all active affiliates, visits, referrals, commissions, and much more. Also, you can calculate your ROI by filtering and analyzing previous reports.
Ready to start an affiliate program for your WooCommerce store?
If you’re ready to boost sales and manage your own affiliate campaign, it’s time to implement WC Affiliate for your WooCommerce store. It will provide you with everything you need to successfully tackle the affiliate campaign.
It is also the best WooCommerce affiliate plugin for multilevel referral tracking, meaning you can launch a powerful MLM program for your business.
Best of all, WC Affiliate is available at an affordable price compared to its competitors.