How to Launch a Successful Affiliate Marketing Campaign
No matter the size of an organization, marketing will always be one of the main determinants of success. It goes without saying that the primary goal of any business is to make profits, and that can only happen when products and services are sold. One way of ensuring that you achieve this goal is by building your voice through effective marketing campaigns.
With the advent of technology, there are many techniques you can use to present your ideas to the target audience. Social media, influencer, content, and SEO marketing are among the most popular methods modern businesses use to sell their brands online. Affiliate marketing is another option you can consider when it comes to online marketing. So how do you launch and successfully run such a campaign?
What is an affiliate program?
You’ve probably come across this phrase with increasing frequency in recent years. What is it? And why are more businesses prioritizing it in their strategies?
Affiliate marketing is a technique in which a company pays someone a commission to advertise their products and services. The affiliate, who is the marketer, picks an item from the seller’s catalog and markets it to his friends or fans, after which he or she will earn a piece of the profit from every related sale. As an entrepreneur, you can either hire individuals or choose an online affiliate marketing platform like CJ network to drive your sales. (1)
That said, here are some steps you need to take before launching a successful affiliate marketing campaign:
Know your target audience
The primary objective of any marketing strategy is to attract more customers to your business. However, if you have no idea about what your audience needs, it will be hard to create—let alone launch—a stellar affiliate campaign. Therefore, it’s imperative that you understand your target market, its current demands, and how you’re going to reach those customers.
For a start, you can create a poll that will help you understand the needs of your target audience. Remember, your priority should always be the customer’s interest. As such, going through this research process should make it easier for you to decide whether affiliate marketing is your best bet.
It’s also worth noting that your first or current set of customers are very important in this project. Other than being the trendsetters in your business, they are also the first adopters of any new products. Therefore, involving them in your affiliate marketing campaign will increase your odds of success.
Pick the right affiliate marketing campaign
There are many things that need to be considered when choosing the right affiliate marketing campaign. Once you already understand the needs of your target audience, you need to find the best method of reaching these consumers and how to beat the competition around you. So how do you go about finding the best program for you?
First, you might want to look at what your competitors are using in their campaigns. Even before you design your own strategy, analyzing all the available opportunities in the market will give you an idea of where you stand and give you all you need to position yourself competitively in the field.
Analyzing affiliate marketing campaigns can be quite difficult for a beginner. But it doesn’t really have to be challenging. Start by finding two or more competitors running affiliate programs. Look at how their campaigns structure affiliate commissions. For instance, at what point are the affiliates eligible for payment? Are they paid a fixed amount per action or in commission?
Also, be sure to find out how each of these firms finds its affiliates. Some recruit them on their own, while others the right affiliates by joining networks like CannAffiliate network. Of course, there is no wrong or right way of going about these projects; it all depends on your business and what you’re offering. Therefore, you need to use the information from this analysis to decide the best affiliate program that’ll fit your budget and guarantee an increase in revenue generation.
Decide on the key factors of the campaign
Every affiliate program has a set of key features that make it competitive. One of the factors you’ll need to decide on is the commission structure. How much and what method will you use to pay your affiliates? The most popular payment method used in most campaigns is percentage-based commission. Of course, this depends on your company needs and the available budget.
You’ll also need to select the marketing channels that your affiliates will be allowed to use during the campaign. Social media platforms, for one, are very effective when it comes to digital marketing. While at it, decide on the amount of time after which your affiliates will no longer be eligible for a commission once their friends and followers click their link.
Other factors that you might want to clarify before launching your affiliate marketing campaign include the terms and conditions, how to make your program competitive, and how to manage the whole project.
Recruit high-quality affiliates
Affiliates play a crucial role in this project. Therefore, finding the right fit for your business is the first step toward success in your marketing strategy. Remember, there are many affiliate networks and individuals willing to take on the task, but not all of them will give the desired results. So what should you consider when recruiting high-quality affiliates?
First, whichever affiliate you choose should have an audience that matches the needs of your business. For instance, if you’re a travel agency, whoever markets your products and services on social media should have followers who want to travel or are likely to travel. Another thing that makes a good affiliate is their ability to engage their fans, provide quality and relatable content, and update their websites or social media pages regularly. (2)
Launching an affiliate marketing campaign is one thing, but making it a successful project is another. Before you execute any of your plans, you must ensure that you study and understand your audience. Once you’ve gathered enough information from your analysis, you can use it to decide on the type of campaign you’re going to launch and which affiliates to invite.
- “Affiliate Marketing”, Source: https://www.investopedia.com/terms/a/affiliate-marketing.asp.
- “How To Create A Successful Affiliate Marketing Program”, Source: https://www.thebalancesmb.com/how-to-create-a-successful-affiliate-marketing-program-2294866