Affiliate marketing is a low-risk form of advertising that businesses and companies use to promote their products or services. It is an entirely performance-based process that is entirely credited to the affiliates’ own promotion efforts. Promotions for an affiliate product or service may include social media mentions, reviews, blogs, video blogs, and podcasts, but the affiliate only offers commission when a purchase is made through its personal link or recommendation.
According to Statista, in 2020, the UK invested £627m in affiliate marketing, up from £569m the previous year. Smartphone spending accounts for nearly 40% of total spending.
With such a huge increase in just one year, it is not surprising that more companies are interested in affiliate marketing and its benefits. To find out how affiliate marketing can benefit your business, read on.
When running a campaign, choosing the right target audience is vital. This is because there are many things your business needs to consider about who will be interested in your products or services. Do you know the average age of your audience? Do you know their interests and income?
One of the main reasons why affiliate marketing is so simple is that the affiliate company you are likely to choose already has a perfectly designed audience that is ready to influence. By directing your marketing through an affiliate that has direct connections to your ideal audience, you can reach a highly educated group of people who are likely to provide conversions.
You can try affiliate marketing even if you don’t want to cash in. You can start with very little and expand your budget as the strategy proves its worth.
Affiliate marketing offers great flexibility in terms of pricing and choice of affiliate companies. There are countless affiliates in all sectors of the industry which means you will not be disappointed. Plus, depending on your affiliation, creativity has no limits, especially if you find someone with a passion and a great following for what you do.
Low start-up costs
With affiliate programs, you don’t have to have an advertising team or need to purchase advertising space. That’s because your professional affiliates will generate marketing ideas, build content and do the advertising for you.
The only initial effort will be to choose the affiliates you want your brand to collaborate with. Once you decide on the right person or people, your affiliate partners will deal with the advertising visuals and decide the most effective way to get your products or services under the eyes of the company’s target audience.
Low risk form of marketing
Since affiliate marketing is a low-cost advertising method, this means that it is really a low-risk way to promote your brand. Because of the way affiliate marketing works, it is ideal for low or tight business budgets because the only payment that will be made is when your affiliate generates a conversion.
The average ally commission is between 5-30%. The amount of commission you are happy to give up will be a deciding factor for the affiliate you choose at the selection stage.
Get your brand in front of your target audience
To make sure your affiliate marketer is perfect for your business, do your research if you want it to be successful. Manual selection of affiliates means that you can use your best judgment on who has the most targeted audience and who is most likely to resonate with your brand.
By choosing the right affiliate marketer, their promotions for your products and services will seem less difficult to sell to their audience, which means they are more likely to show interest.
Contact Digital Ethos
At Digital Ethos, we are fully committed to reaching your company goals. Every campaign we develop together focuses on transformational growth, and we’re constantly looking for innovative ways to perform your existing campaigns. Want to start? Contact our team of experts today!