Every striving business-person knows that the key to sustainable profits is to find a way to make money while you sleep. As overused as it is, prima facie, the phrase seems as nutty as a fruitcake. But what if there is actually is a way to earn profits passively?
Well, welcome to the newly highlighted but ancient tradition of affiliate marketing.
Why should brands incorporate affiliate marketing into their marketing campaigns?
Affiliate marketing is a marketing strategy distinguished by its characteristic of being quantifiable. If a seller installs a billboard, there is no way to measure the billboard’s direct impact on sales.
In contrast, the seller only pays for the deals that are actually converted, paving the way for precise sales data. Hence, 81% of brands use affiliate marketing as a promotion strategy.
For any professional guidance in helping you boost sales and revenue, consider hiring Dignitas Digital, a full-scale digital agency in Philadelphia that helps eCommerce brands in getting success online.
Strategies to increase sales for your e-commerce store using affiliate marketing
1. Know your Objectives
Breaking down your organization’s vision and mission statement into smaller objectives and translating them into marketing-oriented goals is imperative. Marketing campaigns are created to help the company achieve its set objectives.
By ensuring the goals you set to align with the five SMART criteria (Specific, Measurable, Attainable, Relevant, and Time-Bound), you have an anchor to base all of your focus on decision-making.
2. Know your Metrics
Once you have set the goals, you need a good measurement system so that you can track the progress and effectiveness. You can also define different metrics that can be used as KPIs (Key Performance Indicators). This will help you handle the efforts better and boost sales.
3. Select the Top Affiliate Marketing Avenues
Only when you partner with the best, will you be the best. By keeping this in mind, study and choose the most fitting affiliate site. A successful affiliate program will fit with your niche and specifications. Top affiliate platforms in the world:
• Amazon Associates: Amazon associates can be a good avenue to start with as they serve a multitude of niches.
• ShareASale Affiliates: This is another good option to try out and it has been in business for almost 2 decades.
• Rakuten Marketing Affiliates: This company works with leading names like eBay, ClickBank, and Shopify.
4. Use Multiple Streams
Use multiple conversion streams. Tweak your commission structure to make sure they work. Product/service sales, survey reaction, product literature download, and email responses may be a conversion source.
5. Budgeting and ROI
In most instances, when a KPI is met, a small amount of sales is given to the affiliate. Choose your goods well to get full returns from your marketing activities. Set sufficient budget numbers and ROI numbers. The realized revenue would go into the expense of selling products, partner commissions, profits, return costs, etc.
Ensure you leave enough for yourself after deducting these operating expenses for a healthy profit.
6. Content Quality and Affiliate Credibility
There would be a more effective conversion of quality content supported by a known affiliate. With smarter e-commerce tools and strategies, more sales can be achieved. Brand value is also developed by collaborating with experts in respective fields.
7. Track your Affiliates’ Efficacy
This will help you know whether the program is working.
8. Connect and Communicate
Not all of the material may be permanent. Connecting with your team, talking about new product releases, product promotions, marketing strategy improvements, and other company decisions is good to practice to boost sales. Daily contact will keep them involved in your company and interested in it.
Daily ties in this direction go along. You will learn by yourself what assistance they need and give them the best of your abilities and services.
9. Add to your Campaign
Paid ads will significantly increase traffic to your website in conjunction with your program, text, and banner. Consumer buying increases when, along with an influencer, they see the company marketing the commodity.
All these eCommerce marketing efforts are bound to drive your online store to higher profits than ever. To know more about the strategies that drive results, get in touch with Dignitas Digital today!