There are a lot of myths about affiliate marketing, and these can often cause brands/companies to pass on these types of programs. It is important that you understand some of these myths so that you can make the right decisions for the future growth of your business.
Whether you are the brand manager of a Fortune 100 brand or the marketing manager/anything else at a startup, creating a solid affiliate program can open a revenue path without much of the hassle usually associated with setting up new marketing initiatives.
1. Affiliate systems are fast and easy to manage
Affiliate marketing program takes a lot of work, and in most cases there is a lot of competition, so you will not make money right away. Business owners and entrepreneurs assume that all you have to do is set up a site, choose an affiliate company to associate with, and then let it run its course. But according to Three Ladders Marketing, only 0.6% of affiliate marketers surveyed have been in the game since 2013. This means that affiliate marketing takes time and effort to build and earn money.
Affiliate marketing work is about building relationships. You strengthen these relationships by:
* Bring the right partners to your program
* Find better and more efficient partnerships
* Update your content regularly to keep things fresh and up to date.
The affiliate program will only help bring traffic to your website or business; You are responsible for converting traffic into conversions.
2. You need to work in a very popular and profitable place to make affiliate marketing work for your business.
Not many companies are interested in trying out affiliate marketing program because they think their market is too small. Some companies will try to break into larger niches even if they do not have any interest in the market niche.
It is true that popular segments work best with affiliate marketing, but that does not mean that you have no chance of success. Stay consistent with your company’s goals and mission statement and find affiliate marketers who understand the importance of operating in a market where you feel comfortable.
3. Affiliate marketing is one of yesterday’s strategies
Due to Google’s new SEO algorithms, link generation is outdated which can discourage affiliates from working. Even if this is the case, there are many new ways to use SEO and build your brand.
You may have a couple of problems linking up with Google if you’re not running your program, but for the most part, the whole idea of affiliate marketing still makes sense to Google – it offers another relevant and relevant resource for consumers.
4. Success in affiliate marketing comes from getting your product on as many sites as possible
The best way to think about affiliate marketing is quality over quantity. There are a lot of small sites that will promote your product, but the key is to find a small number of partners who will offer conversions. For example, a stock management services company has more than 20,000 subsidiaries in its system, but only about 25 subsidiaries generate 85 percent of revenue.
The real output will depend on identifying the right affiliates, big or small, driving results. According to the same study by Three Ladders Marketing, most affiliate traffic was driven by SEO, 79% and social media, 60%.
Although studies show that affiliate marketing is not easy, remembering to build relationships, focus on your niche, focus on a few key affiliates and create a system that generates performance for both the advertiser and affiliate partner, you can generate profits and conversions for your small business.
There are warning signs, however, when it comes to affiliate marketing. In an article late last year, Affiliate Robbery Could Cost You Millions, Forbes contributor Gabes Lippert wrote about the tactics of unscrupulous marketers that cost brands and companies millions of dollars each year.
LeBret adds that affiliate theft “…can prevent you (brands/companies) from beating profit expectations while making it difficult for you to properly allocate your marketing budget to programs that work.