How to Start Affiliate Marketing for Your New Business
Affiliate marketing is not rocket science. It’s simply a marketing method where a business uses other people (affiliate marketers) to resell its products/services. Affiliate marketing can be done by asking people to put a unique link to a product and promote the product. Every time someone purchases that link, the affiliate marketer gets a commission. Usually, an affiliate marketer is someone who has clout in a specific niche and has the power to influence their community.
Affiliate marketing can be highly beneficial for your startup. Affiliate marketing helps reach more audiences in a specific niche relevant to the business model. Beyond that, it also helps your product to have social proof. If many people review your product with positive comments, people will be more likely to trust your product. It is also an affordable marketing strategy that requires low commitment.
How to start affiliate marketing for your new business
1. Set a Clear Goal
The first thing you should do is set a clear goal for your affiliate marketing strategy. A plan must be SMART (specific, measurable, attainable, relevant, and time-bound). You must set a precise number on how many conversions you are looking for within a period. Remember to make the goal achievable and within your capacity. A more defined plan helps you determine your strategy on how many affiliate marketers you are aiming to collaborate with and how big their audience is.
2. Set Reasonable Commission Rate
Of course, to attract affiliate marketers to join your program, you must offer a reasonable commission rate per purchase. A great way to set this is by benchmarking in the industry. Find out how big the commission rate of your competitors is and make your rate more competitive.
3. Find the Right Affiliate Marketers
Do your research on influencers with decent clout in your niche and choose the right platform. Remember, there are many platforms for affiliate marketing, such as Instagram, TikTok, website, and many more. The parameter is not always about how many followers they have in choosing your affiliates. Small scale influencers can sometimes be beneficial, too, as long as they have a community in your niche. Some of the factors you can consider are their consistency in producing content, engagement rate, and even personality.
4. Set Agreement with Affiliate Marketers
Set a meeting with your affiliate, discuss the benefit they can get, and guide the content they should create. For example, should the affiliate marketers use formal/informal language, what unique selling point they should highlight, and how you should communicate in the future?
5. Monitor the Conversion
After signing the agreement, the next thing that you should do is monitor how many sales you create. There are many softwares to track your affiliate marketing campaign.
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