As an e-commerce business you have many channels of marketing that can contribute to your sales. One of them is affiliate marketing. Adding this method to your marketing strategy can do your business good. Let’s go over the basics together.
Affiliate marketing requires you to have an agreement with a few affiliates which can channel traffic into your online retail website. If the audience of that traffic completes a purchase your affiliates get a commission from that purchase. It is a performance related channel and generally a very good one. It does not limit itself with sales either. You can choose the conversions as creating new leads too. It will be up to you as the retailer to decide on the action which can be an order or subscription to your weekly newsletter.
The commission you give can take various forms as well. You can agree on a fixed amount for any successful completion or you can offer them a percentage on the order value. Your affiliates can drive the traffic through multiple sources. They can utilize websites, social media posts, search engine marketing or even the telephone. Their aim is based on getting you your target audience which can be potential customers. This process can be tracked through cookies and pixels automatically.
Once you decide to dive in this new area your next step will be deciding on an affiliate network. Affiliate networks manage tracking, reporting and the payouts. They are usually private companies that specialize in affiliate marketing. There are many of them but in case you want to check them out, here is a few of them:
- Omnistar (for online e-commerce platforms such as Shopify and BigCommerce)
- AffiliateWP (for WordPress based e-commerce businesses)
- CJ Affiliate (formerly known as Commission Junction)
- Link Share
After you decide on your network you should decide on what type of a commission you wish to offer. Generally 20 or 25 percent gets you higher chances but as a start you can have 10 or 15 percent as well.
Another thing that can make things easier and more efficient for you is to provide your content in many forms. You should have a social media copy which can be posted. You should create banners which vary in size so that your affiliates can utilize them easily. When you sign up with a platform, like the ones above, you will get the attention of many affiliates. After you should make sure their content or users parallel with your customer profile. In this process you might want to look for bloggers as well. If their audience matches yours you might get more than you hope from this agreement.
You have chosen your affiliates and agreed them upon a commission fee. You have provided them with the contents and banners they might need. After the agreement becomes active we suggest that you stay in touch with your affiliates. They might need some motivation to start promoting your website. You can also let them know about your latest promotions and new products in the mean time. We hope that your business can benefit from this strategy and we were helpful. Good luck to you all!
Affiliate marketing is a performance based marketing that increases your sales.
Another thing that increases your sales is good prices.
Prisync, with its online price tracking software, offers you a chance to monitor your competitors’ price activity all around the world and 24/7!