Although affiliate marketing has been around for quite some time now, many business owners are still confused and clueless on how it works. Other people describe it as fraud, while many others assume it as a huge pain in the neck.We want to help uncover the truth and dispel some myths circulating out there.
- An Affiliate Program is easy to put up and manage. There’s nothing easy about affiliate marketing because it has so many moving pieces. You can make it easier by making communication key both to the stakeholders internally and affiliates or if you’re working with an agency, communicating to them on what you’re looking for. You should take risks, test different commissions, working with different affiliates (email, loyalty, etc…) to better understand what speaks to your customer. Fail fast!
- All my profits go to the affiliates. With affiliate marketing, you’re not killing your profits. Ultimately your have to decide what makes the most sense to offer a commission without throwing away your profit. This takes a little more thought than throwing a flat # out there. Be sure to test. Evaluate the competition, start low and work up from there. You have to decide what the cost of a customer is. Also, consider segmenting your commission based on the value the affiliate is giving you (i.e. Coupon gets x%, Content gets x%, etc…)
- It takes thousands of affiliate sites to succeed. Quality is better than quantity. While having many affiliates can help get more clients, not all can convert into sales. Hence, it is vital to find quality affiliates who will sell the most and drive quality results. Your success does not depend on the number of affiliates.
- Affiliate marketing does not really work. Business success does not happen overnight. Unlike other techniques, affiliate marketing demands healthy and long-lasting relationships. Also, it entails a two-way effort. You have to keep your content fresh and new and establish good reputation so customers get more comfortable with your brand. Affiliate marketing works and many online businesses can prove it with their success stories.
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