When you hear about affiliate marketing, you immediately think about earning money in a breeze.
However, when people join an affiliate program, they do not only seek to generate revenue online but also build meaningful connections with the companies they love.
For business owners, building an efficient affiliate marketing strategy will help you increase your B2B brand awareness and put these amazing partnerships into use.
If you still haven’t got yourself into the world of affiliate marketing, we asked our friends at email marketing automation software Moosend to share the insights on how to create an effective affiliate program as they have done it successfully and have some input on how to run it best.
Affiliate marketing is a performance-based type of marketing that rewards each partner for the number of new customers they bring on board.
The value of affiliate marketing is more evident when you consider that 81% of brands invest in it, with affiliate spending reaching 10.1%.
Here’s a simple depiction of how affiliate marketing works:
Building a simple program, though, won’t give you the return you desire.
To earn a place among the best affiliate programs out there you need careful planning and the right people to help you out.
Your partners will not only help you broaden your reach but also attract people you never considered as your target audience.
What’s more, your affiliates will also give you the chance to improve your brand reputation.
For instance, convincing a potential shopper to make a purchase yourself is sometimes difficult.
However, when they hear it from their favorite blogger or influencer, your potential customer is much more likely to trust the recommendation and purchase.
To expand your audience and scale your traffic and sales, here are the steps you need to follow.
Creating an affiliate program isn’t rocket science.
However, you need to plan it carefully to increase your affiliate registrations within a short period of time.
The first thing you need before launching your program is the right affiliate platform. To find the best one for you, though, you have to study already successful programs.
Researching profitable affiliate models will give you valuable insight into what works well.
Then, all you need to do is select a platform and see whether it suits your affiliate goals or not.
Here are a few things you need to consider before selecting an affiliate software:
• A user-friendly interface
• Advanced reporting tools to make your affiliates’ work easier
• Amazing Support to deal with potential issues
• A good price to avoid breaking the bank
Choosing the right platform to set up your program is crucial for its success.
Luckily, the market has a variety of affiliate tools like Ambassador, Impact, and Tapfiliate to get you started.
To have a successful program, you need to make it attractive enough for your future affiliates.
So, the first thing you need to do is highlight the amazing perks it offers.
When it comes to commissions, your program should compete with similar programs in the niche.
For instance, if you choose a flat commission model and your competitors offer recurring payments for life, then your program will have a major disadvantage.
Similarly, you need to run a competitive analysis to see how your competitors handle their program to create the ultimate offer for your partners.
Structuring your commission rates can be a little tricky.
For that, take into account your customer retention, your customer churn rate, and your customer lifetime value (CLV) to come up with the right formula.
While the ideal commission is hard to calculate, make sure that you pay attention to these metrics to achieve sustainability.
Now that you found your software and created a new cool landing page for your program, it’s time to show it to your audience.
Your mailing list is the best place to start since it’s easy and cost-effective to create a newsletter to promote it.
Here’s a great example to show your subscribers your partner program, highlight the benefits, and provide them with a way to join you.
Targeting your subscribers and customers will increase your chances of getting more partners since they’ll have already tried and tested your products or services.
Getting subscribers and customers, though, isn’t the only thing you can do to promote your partner program.
If you want to expand your reach, you can always create paid ads or engaging social media posts for free to let your followers know about it.
Otherwise, you can become part of an affiliate network like Awin or CJ Affiliate to promote your program to a larger audience and get more people to sign up.
While most programs out there are open to everyone, you need to keep track of your affiliates and, if necessary, assess the quality of traffic they bring in.
Especially for B2B, getting quality leads from established affiliates will make a big difference.
One of the best B2B affiliate marketing practices is to approach specific individuals who will align with your marketing efforts.
To convert these individuals, you need to make sure that you have researched their audience and have an idea of their goals.
That way, you’ll manage to make an effective proposal and turn them into an integral part of your brand awareness strategy through affiliate marketing.
All in all, the right partners should be able to commit themselves to affiliate marketing and create an effective strategy that will benefit you both.
Affiliates love it when you give them the tools to promote your product or service.
From landing pages to banners, having a variety of ready-made marketing collateral will save them valuable time.
Offering your affiliates promo materials will provide their audience with a seamless experience during their customer journey.
Furthermore keeping track of your partners’ performance will let you distribute your most valuable materials to high-value affiliates.
So, if you have a high-performer in your program, providing them with additional content and support will show them the value of joining the program and inspire them.
Bringing everything together requires time and effort. Nevertheless, if you have already set your goals, it will be easier to create the perfect affiliate program for your partners.
Affiliate marketing is and will be one of the best ways to generate revenue and increase your B2B brand awareness with the help of loyal advocates.
These simple steps will guide you through the complex processes of building your first strategy. Now, get out there, do your research and launch one of the best affiliate programs to get your business to higher heights.
Marilia Dimitriou is a Creative Writer working for email marketing automation software Moosend. Her passion for writing has made her find new ways to combine the art of Creative Writing with SEO Copywriting. When she’s not writing articles, you’ll find her enthusing over marketing tech and automation.