Aug 22 , 2019
What is affiliate marketing?
Affiliate marketing is a type of performance-based marketing where a company/business rewards one or more of its affiliates for each visitor or customer brought by the affiliate's own marketing efforts.
Affiliate marketing is a powerful and powerful tactic to drive sales and expand the brand of your business that is beneficial to both your business and the affiliate.
The affiliates will earn a commission or flat rate amount based on every individual that visits or purchases from your business based on how you structure the programme. They are able to do so through a unique affiliate link that is generated for them. They will be promoting your business/product through this link and every customer that clicks through it will automatically be captured under the affiliate's database.
The alluring thing about affiliate marketing is that your affiliates are able to dive into a different market for you, bringing in a new range of customers.
It is an inexpensive method and a win-win situation as you are only paying your affiliates for every sale you get.
They will be incentivised to market for you should you offer attractive rewards for each sale. You are able to offer slightly higher commissions because they are basically your advertising and the only cost you have to cover would be your product.
Thus, keep in mind that you're somewhat replacing your advertisement costs with your affiliates and you're able to offer a slightly higher commission or amount to make it attractive for them. Design a reward tiered scheme that offers them more rewards as they bring in more sales for. This way they'll do their best to hit the next tier and you're able to build your small army of loyal affiliates.
A few ways for you to find prospects for your affiliate programme would be through Instagram. Understand your niche and look through pages, influencers with a sizeable following in these niches as well and message them. Offer them your affiliate programme and let them know how it can be a passive income and an easy way for them to earn more money as they already have a following. This will entice them when you mention the rewards and money as some of these pages do not even earn money to begin with.
Of course with that said, you'll have to build up a decent Instagram page to bring about social trust so that the influencers won't overlook your brand as a knock-off.
With that said, the best plugin in my recommendation for Shopify would be Affiliatly or Refersion. Both are amazing apps that allows you to overlook your entire affiliate programme, set tiered schemes, create banners/advertising materials for your affiliates and manage your payouts.
Download the app into your store and there will be a full tutorial guide that will guide you into setting it up and linking it into your store.
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