What you need to know
When you talk about business, product or services you basically talk about people, because the major ingredient and focus of any business, product or services is people.
However when you talk about business, product or services relating to people you need to understand how you can either bring that business to them or bring them to the business.
The process of revolving your product around people or bring people to the awareness of your product is what is called MARKETING
Marketing is the sole survival scheme for every business owners; one major litmus test for every SME’s success and the chances that they thrive beyond their first year is the ability to push proper marketing weights.
However in as much as marketing is very vital, we must not lose sight of a very major ingredient which is Personal Branding, we might not be able to talk about it in details.
Personal Branding is giving yourself a niche and you are being known for it, your brand is the public perception of you. It is that very thing that people remember first when you are spoken of, your distinct catcher.
Importance of Branding;
- Good branding brings public relation
- Good branding leaves a positive impression on the mind of your potential clients.
Back to what we have to talk about, Affiliate Marketing, in the world of digital marketing today, affiliate marketing is regarded the best, because it allows you reach a large number of people, it allows you leverage on the target customers and target market of others. People will want to affiliate with you when your branding is great.
What is Affiliate Marketing?
Affiliate marketing is an online method of sales that gives an increase in sales to a product owner by giving room for others to reach the same audience. It allows people to earn a referral bonus or commission as popularly called when they refer your product to others. These people are called “affiliates” this type of marketing helps “affiliates” to earn without having to own a product.
Affiliate often use methods of advertising which includes, Social media marketing, e-mail marketing, and content marketing and also search engine optimization. The role of an affiliate is a get the JOB done mechanism, as the product owner does not need to look for customers.
It costs the same amount buying from an affiliate as buying directly from the product owner, affiliates receive a percentage from the sales made from the product owners, and there is a ground agreement on payment so as to ensure the affiliate does not hike the price.
How to Become an Affiliate;
You can become an affiliate in a number of ways some which we are going to discuss. Kindly follow through and ensure you understand.
- You must register to become an affiliate, take for example; Oriflame beauty and health products have an affiliate structure that gives room for marketers to earn on purchase of Oriflame products.
- Take a customer survey on customer’s need, learn of the products and brands they are well comfortable with, with that information in effect, contact the companies and request for an affiliate program with them, with the proof of the database you have for potential customers.You can print a survey questionnaire, to begin with, and share with people to have their views.For new products, you would have to do strong marketing to have your customer target. For example, you might be an affiliate of a beauty store with your online traffic, either social media or blog.
- Do an online search for products that are of relevance to your website as the marketer and can appeal to the target audience. The most organization usually adds the affiliate website link to their own website landing page.
- Ensure you and the organization are on strong agreement on the commission to be paid or the percentage structure on the product sold with transparency from their end and due sincerity from your end as an affiliate.
There are two compensation methods, the Predominant Compensation Method and the Diminished Compensation Method.
Predominant Compensation Method;
Most of the affiliate program uses the Predominant affiliate method like the profit sharing and the payment per sales (PPS) method and a large number of the cost of the use per action, (CPA) while the reaming program uses costs per click, (CPC) however method suits the affiliates on the basis of agreement made with the product owners.
Diminished Compensation Method;
As the marketing structure enlarges and large revenue are being made using the recent marketing methods, a very few which by the figure is less than 1% uses the method of compensation like cost per click and cost per mile in affiliate marketing.
Cost per click which is CPC, was one of the most common when affiliate marketing started but now it has diminished due to the click fraud issues as some affiliates will source out clicks are manipulate false click to show to the clients
Cost per mile which is CPM, it is called today as PPI (Pay Per Impression) this requires that the affiliate publishes the clients product on his/her website and requires commission based on the no of traffic he has, leveraging on the proxy uses which the product has reached or not, however it was after this the CPC method was introduced to know the actual no of people who saw and clicked.
How It Works;
After you might have been accepted into an affiliate program, you as an affiliate or a marketer will receive a unique URL that includes your ID. Then you can share that unique URL with your subscribers, site visitors, and social networks via text links or ads.
When someone clicks on that link, affiliate software records that click and any resulting product sales in the affiliate’s account. When a commission reaches an agreed scale, the affiliate will be paid.
Some clients may decide that though you will get your affiliate commission, which you can see displayed on the software, you might not be able to access it until it compounds to a particular amount, this, in turn, gives the company avenue to make more money that would help them sustain the system and pay you without any glitch as an affiliate.
Affiliates are most successful when the products they promote match the interests of their followers and subscribers. In addition, many successful affiliate marketers advise recommending and promoting only products that the affiliate is personally familiar with.
That’s because familiarity with the product, program, or service helps build trust between the affiliate and end-user and can help you market well when you get the chance to engage a mouth to mouth marketing strategy.
When you see a new business or product that matches your customer base and you’d like to affiliate with them, study the product well and be assured that it is one you can defend or trust, many people lose their customer strength because they recommended a bad product.