5 Strategies to Improve the Effectiveness of Your Affiliate Marketing[email protected]
Affiliate marketing is a powerful tool when it comes to expanding a brand’s reach and increasing sales. In fact, in 2018, companies spend upwards to $5.94 billion in that area. And in 2019, spending is expected to reach $6.40 billion. This is forecasted to reach a higher mark in the future, according to an article by Web Marketing Support.
That is because affiliate marketing offers high returns and has lower costs compared to other modes of marketing and advertising. In 2018, affiliate network advertisers enjoyed $165.3 million from publishers, as related by the Admitad Annual Report 2018:2019.
With that, here are some effective strategies to help you improve your affiliate marketing campaigns.
- Stringently qualify affiliate applications
The interest in affiliate marketing has grown over time, as indicated by the analytics graph of Google Trends. The people who search for the term ‘affiliate marketing’ on the search engine come from different regions like Southeast Asia, North America, and Eastern Europe. This popularity is not surprising as it provides a good income to individuals. Brands themselves benefit from an affiliate marketing business because their partners help them reach their target audiences in different locales.
However, not all affiliates are trustworthy and may only be driving traffic to the brand’s website without contributing much to the sales. To prevent that, companies can utilize affiliate marketing software to help them in qualifying affiliates. This allows them to set their expectations of their partners and rules they need to follow to continue the cooperation.
And with the application, they can even automate the qualification process and review them rigorously after the first round to save time. It is also possible to schedule campaigns to make sure they are run at an effective time.
- Offer unique incentives
The main reason that people want to become affiliates in the first place is because of the incentives. It can be a passive income that allows them to earn even as they work day jobs. On top of that, when they do really well in their marketing, they can receive additional perks from brands such as sneak peeks into new products.
From that alone, it is already obvious that for companies to attract more affiliates, they not only have to have items that people would actually want to have, but they would also need to have attractive and unique incentives. By doing so, they can appeal to influencers to collaborate with them, which would be a win-win situation for both parties.
If the management of these incentives is a challenge, it is something that can be resolved even by a simple affiliate marketing software. Since apart from tracking how many partners the company has, it can handle commission tracking and payouts as well.
- Create native advertisements
Affiliate ads are usually banner ads that are inconsistent with the platform that they appear in. This makes them less visually appealing to members of the target audience that they do not serve their purpose. That is, to attract prospective consumers.
To mitigate that, brands can opt for native ads. These are the opposite of banner ads–they integrate well with the platform where they are displayed from the style to the form and the voice. A research conducted by Sharethrough and IPG Media Lab showed that potential buyers’ eyes were drawn towards native ads 53% of the time. In the same study, the researchers found that native ads increased purchase intent by 18% and are something that 32% of respondents would want to share with others.
This visual superiority of native advertisements should spur companies to create more resources that fit the bill. They can maintain and distribute these through content distribution tools or via their affiliate marketing platform powered by an automated affiliate marketing software. Adding web push notifications on your affiliate’s website can also increase exposure without much effort on your end.
- Track and optimize your program
Data is one of the most valuable resources any organization can have. Despite that, only a few ever really utilize data to gain insights and maximize the concept of data-driven marketing. With that, they have come to be named dark data, which makes up more than half of what companies gather. The main reason that entities are not making good use of most of the information they collect is because they lack the means to do so. In a survey by Splunk, 85% of respondents gave this answer.
While an affiliate marketing platform is not an analytics tool, it would still integrate reporting functions that you can benefit from. With the ubiquity of affiliate marketing tracking methods, it should be easy for you to gather data regarding the performance of your partners. You can then go to the reporting module of the affiliate management solution to make sense of the data you have in your hands.
From there, you can come up with new strategies to improve your current affiliate program so you can attract more influencers. It’s also worth noting that marketing can be a handful. You might have to juggle affiliate marketing, content marketing, digital marketing, advertising and public relations, all at once. With that, you may want to look at a project management software to improve collaboration on projects and campaigns, monitor time spent on marketing projects, and scheduling resources.
- Boost the final conversion
Relying on affiliates for conversions is a common mistake that many businesses make. You can’t just watch and sit back for the sales to come in. At the end of the day, the main purpose of affiliate marketing is to bring in traffic to your ecommerce website. It is your job to make the customers who visit your site to buy your products and services. Hence, you should be well optimized to drive conversions, maximize opportunities, and make the most out of your potential buyers.
Having the right tool can help you achieve this. For instance, you can provide better user engagement and experience by classifying your traffic sources into multi-level categories. To protect yourself against fraud, an affiliate marketing software like TrafficManager enables users to connect their account to a real-time fraud scoring tool such as Forensiq, IPQualityScore, and ScroogeFrog.
Attracting and keeping affiliate partners
Publishers and influencers make good affiliate marketing partners. That is why it is a great idea that brands nurture their relationships with them since they keep companies connected with their target audience. To do so, they have to offer great incentives and eye-catching visuals that partners can display proudly on their preferred platforms.
But, of course, it is also important that the company creates strategic partnerships. To that end, they have to be thorough in assessing applications to ensure the good reputation of affiliates and their capability to bring revenue to the business.
Hence, it’s crucial to find the best affiliate marketing platforms to manage and deliver your campaigns successfully. TrafficManager is an affiliate tracking solution built to help businesses increase their traffic and sales. It is equipped with the essential features for you to build your own affiliate network, manage and optimize traffic, and boost conversions. Check out this review page of TrafficManager for an overview of our key features and benefits and see what other people think about us.