Affiliate marketing has quickly become one of the most successful marketing techniques, regardless of brand size. If you’re getting ready to launch a campaign for the first time or expanding your program, use this guide to popular affiliate strategies to identify the best opportunities for your affiliate partnerships.
At its simplest, affiliate marketing involves partnering with a third-party publisher to promote your brand’s products or services. In exchange for the promotion, affiliate partners typically earn a commission based on pay-per-sale, pay-per-click or pay-per-lead models.
There are a variety of affiliate partner types, ranging from bloggers to content creators to comparison, review and deal sites. Depending on your needs, you can mix and match affiliate types to create a multichannel approach that works for your brand.
As mentioned above, affiliate partners can take numerous forms — as can your affiliate marketing strategy. As the industry continues to evolve, new partnerships, campaign strategies and platforms will emerge. With that said, here’s a look at the top affiliate marketing strategies to consider this year.
Take time to prepare your assets — including your mobile and desktop website, product images and videos and brand messaging guidelines, to name a few — before launching an affiliate program. Don’t worry about perfection, especially if this is your first time developing an affiliate marketing strategy. Instead, focus on consistency, easy accessibility and functionality for new users and your affiliate partners.
You can typically choose between a few types of payment models, including:
The pay-per-sale model is typically the most popular for brands, since your partners don’t get paid unless you do. However, the model can also depend on the desired outcome of your program. If you’re looking for leads, then a pay-per-lead model may be a better fit.
Consider the benefits of each before choosing one, or pair a few to achieve varying business goals.
You know the adage: Don’t put all your eggs in one basket. This wisdom can be applied to your affiliate marketing strategy, too. While it’s important not to spread your program too thin, especially at the beginning, consider identifying two to three strategies to give your affiliate program the best chance at early success.
It’s tempting to go after influencers and content creators with the largest followings. However, micro-influencers and niche creators can provide a surprising amount of value — especially when the influencer is a reflection of your ideal user.
Do your research and find influencers in your niche, particularly those with moderately sized, dedicated followings. They may not reach audiences of millions, but their users may be more engaged, more qualified and more likely to purchase a product or service promoted by the influencer.
While targeting a local or domestic audience makes sense for some brands, don’t be afraid to go global. Partnering with influencers and publishers worldwide can help you tap into new markets and expand at a quicker pace.
If a global strategy sounds overwhelming, don’t worry. Expert affiliate marketing management groups like ours at Acceleration Partners have vast networks of vetted, global affiliates ready to work with a brand like yours.
Whether you plan to focus your affiliate strategy on influencers and content creators or work with comparison or review sites, consider launching a coupon deal alongside your affiliate program. Even qualified buyers look for the best deal, and an exclusive discount code can boost the chance they’ll make a purchase from a new brand.
Launching an affiliate campaign with another brand can be a worthwhile way to expand your reach and tap into an established audience. Consider the co-branded partnership between Joybird and Sherin-Williams. The home lifestyle brand partnered with the renowned paint company to collaborate on home furnishings and color palettes. Similarly, Starbucks and Spotify partnered together to create a “musical ecosystem” that engaged with and appealed to both of the brands’ audiences.
While some brands manage their affiliate programs in-house, partnering with an experienced affiliate marketing management team like Acceleration Partners can help shorten your time-to-launch, streamline affiliate strategies and optimize program performance.
Every affiliate marketing program has the potential to improve, whether it’s the first campaign launched or one of many. Tracking performance and conversions can point you in the direction of top-performing partners. Similarly, technology like Acceleration Partners’ proprietary APVision technology can help identify unique opportunities and chances to better position your brand.
A successful affiliate marketing strategy relies on strong affiliate marketing partnerships. Some of the best ways to build strong partnerships include:
Affiliate marketing can be highly successful, especially when you take steps to optimize your strategy. Here are a few essential tips for brands launching their first affiliate marketing campaign.
Want to ensure your affiliate program succeeds? Avoid the following mistakes:
Successful affiliate marketing partnerships require careful coordination, streamlined communication and regular tracking, monitoring and optimizing. If you’re ready to take your program to the next level — or launch it for the very first time — our team at Acceleration Partners can help.
Contact us today!