In today’s increasingly digital marketplace, companies must adopt effective marketing strategies. An excellent way to not only strategically boost brand awareness, but also drive consumer traffic and increase revenue, is by utilizing affiliate marketing. In 2022, in the United States alone, an estimated $8.2 billion US will be spent on affiliate marketing. In this article, we discuss how to increase brand awareness with affiliate management services.
What are Affiliate Management Services?
Affiliate marketing is a type of online performance-based advertising where a company rewards a commission to an affiliate for promoting a product or service to potential customers. A percentage commission is typically given when the customer referral results in a sale.
Joining an affiliate program is an excellent and cost-effective way for any business regardless of the industry to increase brand exposure, and convert increased website traffic into revenue. However, in order for these programs to work effectively, there is a significant amount of organization and management involved. Therefore, companies would be well-served by using professional affiliate management services.
How Does Affiliate Marketing Work?
The essence of affiliate marketing is an “affiliate link”, a special link on a website designed to track consumer traffic. The affiliate receives a commission when a customer performs a desired action such as buying a product or service via the affiliate link.
In order for affiliate marketing to be successful, a company must offer exceptional products and services. This includes having stellar reviews and testimonials on your website.
Types of Brand Affiliates
There are several types of affiliates for any brand that range from single individuals to other businesses.
Social media influencers
Reward/loyalty program websites
How to Start Affiliate Marketing
Affiliate marketing is an excellent strategy to increase brand exposure, customer acquisition, and digital revenue. Here are the easy steps anyone can take to become an affiliate marketer.
Select a platform – Choose which platform you want to utilize, whether it’s TikTok, a YouTube channel, or a blog. Moreover, you could select review websites targeting a specific audience.
Choose your niche – Of paramount importance when recommending a product or service, is choosing a niche that you are familiar with and understand what is being offered.
Join an affiliate program – There are countless affiliate programs out there, so do your research.
How Does Affiliate Management Services Work?
An affiliate network functions as an intermediary between a merchant and an affiliate marketer. With affiliate management services, the most effective affiliate network is selected for your specific business needs.
There are two principal payout models used with affiliate marketing: Cost-Per-Sale (CPS) and Cost-Per-Action (CPA). With the CPS model, the affiliate receives a percentage commission for every lead that results in a sale. However, with the CPA model affiliates receive a percentage commission when there is a resulting action such as clicks, impressions, newsletter sign-up, etc. Affiliate management services also entail determining which payout model is most appropriate for your company. Most importantly, it is about maintaining positive relationships with your chosen affiliates to foster trustworthiness in your brand.
Affiliate Program Management
Once you have determined the most suitable affiliate network, and there is increased customer acquisition and revenue, effective affiliate management services involve maintaining the affiliate program. This involves components such as monitoring analytics and making modifications to augment conversion rates. Likewise, it entails increasing the roster of affiliates to maximize your brand exposure.
Furthermore, affiliate program management also requires marketing materials such as banners, landing pages, and email headings.
The Importance of Affiliate Management Services for Businesses
Factoring in the undeniable popularity of affiliate marketing as a strategy, possessing a valuable affiliate network for your company website is imperative. The objective is to drive quality, targeted traffic to your web pages, thereby increasing the potential to convert said traffic into brand exposure of your products and services, and revenue.
As part of any small business’s marketing strategy irrespective of the industry, affiliate marketing is exceedingly cost-effective with high ROI – An essential component for any small business owner.
Increasingly, customers are going online to fulfill their purchasing needs. That said, it is a highly competitive marketplace for any business irrespective of the industry. To attract and engage your target audience and increase brand awareness, possessing exceptional web design is crucial.
Sarah Bauder is a senior content specialist at IronMonk Solutions. Sarah has a degree in journalism and has a decade of experience writing content at numerous renowned publications. She enjoys writing about digital marketing, business, entrepreneurship and more.