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3 Benefits of Affiliate Marketing
Affiliate marketing is a great way to expand the reach of your business without the large marketing dollars. There are many benefits of affiliate partnerships, both on the business side and the affiliate side. For those of you who aren’t familiar with affiliate marketing, it is “a way for a company to sell its products by signing up individuals or companies who market the company’s products for a commission” (Entrepreneur). Affiliate marketing is pretty straightforward and easy to understand. There are a few ways to drive people from the affiliate to the company.
Affiliate programs focus on partnership and collaboration. It is a win-win for every party involved. Here are the 3 main benefits of affiliate marketing programs and why you should think about creating one for your business.
1. Increase exposure
Many smaller companies with small budgets struggle with exposure. Offering an affiliate program allows these businesses to increase their exposure at a relatively low cost. Affiliate marketing demonstrates a company’s ability to establish good partnerships and relationships, which in turn creates more business opportunities. Any way to increase exposure without substantial spending should be con Companies with affiliate programs increase exposure because they are tapping into the networks for their affiliates, which greatly enhances the reach of their messaging.
2. Brand ambassadors
The goal of affiliate marketing is obviously to increase revenue, but a secondary goal is to cultivate brand ambassadors. To further my last point, affiliates are usually businesses or people who love your brand and want to be involved. The more brand ambassadors you have, the more exposure your brand will get because they have an incentive to promote your product or service. A 10-20% commission is a great way to keep your affiliates active while receiving a steady stream of income.
3. Easy tracking
Just like with email marketing, affiliates are easy to track. Trackable efforts are important for your strategy so you can see what is working and what is not. Track each affiliate to see what kind of leads they are bringing in, how active they are with their referrals, etc. If you have inactive affiliates, then you may want to rethink having an affiliate program all together. If you have an active affiliate network, then make sure to look at which are performing the best and bringing in the most revenue.
GreenRope’s Affiliate Tracking
GreenRope offers affiliate tracking through the website. Our campaign tracking gives you detailed insight into the performance of each affiliate. Once you set up an affiliate ID, you can then begin to track all traffic to your website including conversions. This is very important, as tracking is key when it comes to your affiliate marketing. If you see that your affiliate program is bringing no revenue then focus your efforts elsewhere.
If you are considering affiliate marketing for your company, I advise you to look at your current revenue stream and see if an additional program can augment your established efforts. Are people asking you about an affiliate program? If you have enough inquiries, it could be an option to consider. Interested in being a GreenRope affiliate? Let us know and we can set you up with a code!