Affiliate Marketing: What Is It And What Are Its Benefits? | Digital ethos | Open mic
Affiliate marketing is a low risk form of advertising that businesses and businesses use to promote their products or services. It’s a completely performance-based process that boils down to affiliate promotion efforts. Affiliate product or service promotions may include social media mentions, reviews, blogs, vlogs, and podcasts, but the affiliate only pays a commission when a purchase is made through their personal link. or its recommendation.
According to Statistical, in 2020, the UK invested Â£ 627million in affiliate marketing, up from Â£ 569million the year before. Smartphone spending accounted for almost 40% of overall spending.
With such a drastic increase in just a year, it’s no surprise that more and more businesses are taking an interest in affiliate marketing and its benefits. To see how affiliate marketing could benefit your business, read on.
When running a campaign, selecting the right target audience is essential. This is because there are so many things your business needs to consider about who will be interested in your product or service. Do you know the average age of your audience? Do you know their interests and income?
One of the main reasons affiliate marketing is so easy is that the affiliate you are likely to choose already has the most suitable audience ready to influence. By channeling your marketing through an affiliate that has direct connections with your ideal audience, you are able to reach a group of highly educated people who are likely to drive conversions.
You can try affiliate marketing even if you don’t want to spend the money. You can start with very little and increase your budget as the strategy proves successful.
Affiliate marketing offers great flexibility in terms of pricing and affiliate selection. There are countless affiliates across all sectors of the industry which means you won’t 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.
Start-up costs are low
With affiliate programs, you don’t need to have an ad team or buy ad space. This is because your professional affiliates will generate marketing ideas, create content, and advertise for you.
The only initial effort will be choosing which affiliates you want your brand to work with. Once you’ve picked the right person (s), your affiliates will take care of the visuals and decide on the most effective ways to get your products or services right in front of the company’s target audience.
Low risk form of marketing
Since affiliate marketing is a low cost advertising method, that means it really is a low risk way to promote your brand. Because of how affiliate marketing works, it’s perfect for low or tight business budgets because the only payment that will be made is when your affiliate generates a conversion.
The average commission for an affiliate is between 5 and 30%. How much commission you are happy to part with will be a deciding factor in which affiliate you choose at the selection stage.
Place your brand in front of your target audience
To make sure your affiliate is the perfect fit for your business, do your research if you want it to be successful. Manual affiliate selection means you can use your best judgment to determine who has the most targeted audience and most likely to resonate with your brand.
By choosing the right affiliate, their promotions of your products and services will look less like a hard sell to their audience, which means they are more likely to show interest.
Contact Digital Ethos
At Digital Ethos, we are as committed as you are to achieving your business goals. Every campaign we develop together is focused on transformational growth, and we are always looking for innovative ways to outperform your current campaigns. Do you want to start? Contact our team of experts today!