Running an online business is very competitive. A highly effective way to increase your income is by partnering with other companies to promote their products and services. Affiliate marketing is an advertising model where a company will compensate your enterprise for generating business for their company through your website. The benefits are lucrative enough that it incentivizes you to find ways to promote them. Here are some of the best strategies to work with affiliates to build revenue for your business.
Nurture Your Target Audience
A steady, loyal and engaged audience that cares about your brand is vital to the success of your business. Having a direct relationship with them is necessary to ensure you have control over your advertising efforts. Although your investment in paid growth channels like social media and search ads may be the first point of contact, there are certain risks.
For instance, if you advertise on a social media account that is hacked or deleted, you can lose the entire audience linked to the platform. A simple solution is to have them join an email list where you can add a pop-up box linking to your website in return for them subscribing to your newsletter.
Advertise on Social Media
Paying to advertise on social media is an essential investment that tremendously increases revenue for your company. Consider using affiliate marketing tools such as a virtual credit card for your ad spending to track and control what you spend. Using a purpose-built advertising card eliminates the risk of losing valuable ongoing algorithms due to a card failure, which can happen with standard credit cards.
Before choosing your affiliates, determine which platform best suits your company’s interests. For instance, LinkedIn appeals to professionals, whereas younger audiences dominate TikTok, so selecting the appropriate affiliate to connect with your social media channels is essential.
Reveal Affiliate Links
Earning trust from customers is key when recommending products for a commission. If customers do not feel right about a product or service you suggest, they will not purchase the items and will avoid visiting your site. Disclose that you are earning a commission and follow up with why you think it will work for them (this is where your knowledge about the products comes into play).
For instance, add a disclaimer to your website that communicates a clear message to visitors that your business will receive a commission if they purchase something through a link. Notably, the Federal Trade Commission (FTC) has stringent rules on misleading customers on product endorsements, so be transparent with your advertising efforts.
Offer Discount Codes
When partnering with other companies, inquire about active discount codes redeemable on the products or services you promote. You can share these with your audience through email, social media and your website. It is an excellent way to get shoppers to try the products you are recommending when they receive a discount for trying a new brand.
Include Product Reviews
Generally, most people look for and read product reviews before making a new purchase. If you post reviews for affiliate products that are search engine optimized, it will allow you to reach shoppers already looking for the items you wish to promote. For instance, include a target keyword in your review, such as a popular term already searched by thousands when looking for a similar product, like “GE Toaster Oven Review.” Buyers who are already interested in the product may be more likely to purchase, and when they do, you’ll earn your commission.
Create Ads Around Peak Shopping Seasons
Gaining commission through your affiliates is important, as you are an online business intending to generate revenue to grow your brand. Draw inspiration from peak shopping seasons, where you can add promotions to sell more products and services. Peak times include Valentine’s Day, 4th of July, Christmas and New Year’s. Major shopping days to focus on for online sales are Black Friday and Cyber Monday. Consider investing in extra advertising during this time to reach millions of shoppers looking for a deal.
These affiliate marketing strategies are an excellent way to promote your business on various levels when a customer makes a satisfactory purchase through your website. Pairing this with other marketing strategies is a great way to grow your brand and increase revenue for your success and longevity.