Affiliate programs are an excellent way to grow your online business. There’s no doubt about it.
Less experienced readers might be wondering… what is an affiliate program?
It’s essentially a system in which you reward people for getting you more customers, usually as a % of the money you make from those customers.
Usually it involves each person who signs up for your program, a.k.a an affiliate, having a unique URL which they share. This sharing is usually done on social media.
The first step towards making money by creating an affiliate program is making sure its attractive to potential affiliates.
Create an attractive program
There are three key components that potential affiliates look for when signing up for a program:
- The commission amount. What can they expect to earn per sale?
- The period. After sending you a potential customer through a URL, a cookie is usually created. How long after the customer’s first visit do you keep this cookie active? If they come back within 5 days and buy something, will you still award the affiliate a commission?
- The likelihood of conversion. Is your product good? Does your website look like its likely to convert potential customers into actual customers?
If you create a program that is attractive based on these three principles, you’re off to a good start.
People wanting to find the programs that pay out well and are lucrative often look to others in the industry for guidance.
A quick google search for “best affiliate programs 2020” will reveal many posts that list the best programs.
If you have an attractive program that the readers might want to know about, it should be fairly easy to get a place on these lists by reaching out to the authors.
You could also consider offering a commission to the authors for helping you get affiliates. Affiliate inception anyone?
Whilst this might sound like a pyramid scheme, its certainly not. It’s just a two-tiered commission system.
Affiliate programs are so lucrative that its often worthwhile to dedicate resources to buying advertising space.
This might be in the form of Google ad words, or Facebook sponsored posts, or any other form of marketing that traditionally works online.
You could also consider creating a tiered affiliate program.
This way, you can focus on attracting a small number of important, high-level affiliates.
These affiliates then encourage lower-tiered affiliates to sign up, and advertise directly to potential customers.
Through this spiralling technique, you are able to focus more resources on a small group of people, but end up with a large affiliate program at the end.
Affiliate programs aren’t easy, but they certainly are powerful.
And I believe they are a lot easier to setup and grow that many alternative marketing options.
If a program is right for your product or service, its definitely worth building it in as part of your wider marketing campaign.