How to Setup an Affiliate Program to Grow Your Business

Developing an affiliate marketing program for your business can be a great way to increase your brand’s exposure and product reach. To make your program as effective as possible, you need to do your research.

This article will cover affiliate marketing, what you need to know before you start your program, and tips that will assist you in your journey.

What’s affiliate marketing?

According to entrepreneur and marketing guru Pat Flynn, “Affiliate marketing is the process of earning a commission by promoting other people’s (or company’s) products. If you find a product you like, you can promote it to others and get a share of every sale.

It sounds simple. It is common for affiliate programs to involve two parties. The merchant is the person who creates and supplies products/services for the affiliate. Next is the affiliate–the party that markets the merchant’s product/service in hopes of their efforts resulting in a sale or the completion of another CTA.

How does affiliate marketing help me?

Affiliate marketing is now responsible for over 16% of ecommerce sales, and it’s not hard to see why. This type of marketing can help you reach new customers. Each affiliate will serve as an additional marketer for your brand. It allows your products to reach new audiences that you might not have otherwise had.

It also allows your existing channels to become more powerful. Affiliate programs are performance-based. It means that affiliates won’t be paid unless they achieve the goals you have set. It incentivizes affiliates and ensures that you only get paid for actual results.

Are there any examples of affiliate programs that have been successful?

Many of the most well-known brands offer affiliate programs. These include Amazon, Adobe, and Shopify. It’s easy for affiliates to find the products they want to sell with so many options. You’ve likely seen an affiliate marketer if you are active on social media. Instagram, in particular, seems to be a favorite for beauty industry affiliates.

Many beauty bloggers post videos and photos featuring affiliate links. These videos often offer discounts to their followers. These types of referrals are popular with big brands like Benefit, Glossier, and Sephora.

While some people may see the Jimmy John Shark photo as a warning against swimming in shark-infested waters, others see it as a testament to the courage of those who do. Isn’t it?

How do I start an affiliate program?

First, you must have a product or service that you want to sell to become a merchant. Although this may seem obvious, if you don’t have a product or service to sell, now is the right time to make your idea a reality.

Then, you need to decide what you will offer your affiliate partners responsible for promoting your products. What CTA are you asking them to use? It could be anything, from getting people to sign-up for your mailing list, visit your website, like you on Facebook, and then buying your product.

How much will they earn for this CTA? You will allow them to offer your audience a discount on the purchase price of your product. You should clearly define your affiliate program to give something tangible to the potential affiliates that you approach.

The next step is to choose software to manage your affiliate partners and track their promotional activities. Without the use of software, it is almost impossible to monitor your affiliate activities and stop frauds.

Once you know what you expect from your affiliates and what they can expect from you as a partner, you are ready to start contacting potential affiliates with the offer. Affiliates could be companies, blogs, individuals, or other businesses (not competition or companies whose affiliation could cause a conflict of interest).

It is important to identify affiliates who are relevant to your target market and have potential customers. Your relationship with affiliates should be mutually beneficial. If your products include toys, you can approach toy blogs and ask them to feature your toys in their content.

If your product is jewelry, you will approach jewelry, fashion, and lifestyle blogs and influencers. Your affiliates’ content and feed should seamlessly incorporate your products. If they don’t, likely, the partnership isn’t right.

Important things to keep in mind when creating your program

It may take time for your affiliate program to go live. These are some tips to help you get your affiliate program started.

• Provide ready-made promotional materials: You want your affiliates to be able to sell your product easily. And you want them to do it in a way that is true to your brand. Providing them with creative and promotional materials that you’ve created will help ensure this happens.
• Offer affiliates competitive commissions and bonuses: By offering rewards to affiliates for selling x or completing y, you will incentivize them to do more for you. Affiliates will be more likely to partner with you if they are offered a high commission.
• Never stop looking for affiliates: No matter how many affiliates your company has, you should still be seeking out more. Look out for social media profiles and blogs that may be compatible with your products. Make sure to set aside time each week to reach out to these people.

It is a thrilling time in any business’s life to start an affiliate program. These tips will help you create the best program for your affiliates and you.