For all the reasons mentioned, as well as the fact that affiliate marketing helps both the brand and affiliate to make money, its popularity continues to grow.
When compared to many other marketing tactics, working with affiliates is also rather cost-effective, as you only pay a commission when you make sales. That explains why affiliate recommendations tend to work better than brand advertising. Just one-third of consumers trust brand messaging, while 70% would trust a recommendation from someone they don’t even know. Today, as many as 38%of companies consider affiliate marketing one of their top customer acquisition methods. Considering that US ecommerce sales reached $547 billion in 2019, you can see the enormous potential this strategy offers. Research shows that 16% of online purchases in the US are generated through affiliate marketing. Why You Should Care About Affiliate Marketing For that reason, B2B affiliates must be more authoritative and influential, and you as a business owner must be picky-just any affiliate won’t do. For B2B businesses, however, it’s more challenging, as their sales cycles tend to be longer, more complex, and involve several decision-makers. Affiliate commissions usually depend on the product and its pricing, and can be either one-off or recurring.īoth B2C and B2B businesses use affiliate marketing, and for each type of business, it can be highly effective.
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In this article, I’ll reveal all of the tools and tactics that we found effective in building our affiliate network.īut first, let’s make sure we’re on the same page about what affiliate marketing is and why it’s a thing.įREE TRAINING: How to Create a 7-Figure Course From Scratch Using Foundr’s Never-Revealed “Rapid Course Formula” What Is Affiliate Marketing?Īffiliate marketing is inviting other people or businesses, called ”affiliates,” to promote your product to their audiences and earn a commission whenever their referrals lead to a purchase. Putting together this network took a lot of work and planning, but the good news is, you can create a ”minimum viable” affiliate network in a matter of weeks. It took us several months to put together, and when the big day came, we were able to mobilize our network and create the much-needed buzz. To be exact, we developed a carefully crafted list of affiliate partners well before our launch. Three years later, my co-founder Matt Callen and I launched PayKickstart, a shopping cart and affiliate management platform, which managed to attract 10,000+ paying customers and generate over a million dollars in sales in its first 72 hours of existence.Īs you surely suspect, there was more to this epic start than simply pushing the launch button. That’s when I made the decision to become my own boss. I was left with a mortgage, bills, and a serious panic attack.
I’ll never forget that one morning when I walked into the office, just like any other day, and got fired on the spot.
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