Marketing strategies are constantly evolving. One avenue that has surged in popularity in recent years is affiliate marketing, done primarily through social media. New reports indicate that nearly 80% of businesses utilize affiliate marketing, with companies spending almost $5 billion on affiliate marketing programs worldwide. While many marketing trends come and go, this is one strategy that’s worth investing some resources into if you’re looking to gain better brand recognition on a tight budget.
So, What Is It Exactly?
Affiliate marketing involves a brand signing up an affiliate for their program with the incentive of earning a portion of sales from the product they are promoting. Essentially, the affiliate will promote the brand’s products on their own platform in exchange for a percentage of any sales that come directly from their audience. Most affiliate programs include a custom link or discount code that the affiliate will use to direct their audience to the products. Affiliates can be found on a number of different platforms such as Facebook, Instagram, YouTube, and even personal blogs or podcasts.
How Does That Help My Brand?
Inviting affiliates to advertise your products on their own platforms gives you the opportunity to reach a niche audience in a seemingly organic fashion. Consumers are more likely to try a product or service after hearing a promising review from someone they trust. In this case, affiliates act as a trustworthy middleman between you and your ideal customers. With that being said, here are a few of the primary benefits of using affiliate marketing and how to get the most out of it.
With affiliate marketing, you can hone in on the audience you want to reach. By conducting research on your ideal customers and their preferences, you can pick affiliates with social media platforms that will reach more of the people you actually want.
You can have total freedom when it comes to picking affiliates to represent your brand. Remember, affiliates act as an extension of your team, so choose people who you feel will truly represent your product.
Pay for Sales, Not Clicks
In affiliate marketing programs, you only pay your affiliates for the actual sales they bring in. This keeps you from wasting your marketing budget on tactics that fail to produce revenue and allows you to easily gauge how well your affiliates are performing.
What’s the Catch?
Like any other marketing strategy, affiliate marketing comes with its own risks. Anytime you associate an individual with your brand, you run the risk of being tied to any online behavior they might engage in. Additionally, organizing an affiliate program can be time-consuming and will require your team to consistently evaluate how your affiliates are performing. However, affiliate marketing programs remain one of the most cost-effective ways to quickly gain exposure for your brand. If you’re on a tight budget and looking to get results quickly, consider adding affiliate marketing to your strategy tool kit. Web Rocket Media can help you find affiliates that your business will benefit from, contact us today to get started!