Are There Benefits to Affiliate Marketing and Do You Need to Use It?
Building a successful online brand takes more than building a website and starting an email list. To build brand awareness, you need to market your brand to the public. Thanks to technology, there are dozens of marketing channels brands can utilize. Most recently, many have been asking about the benefits of affiliate marketing, especially with the massive rise in social media marketing.
Before we can talk about the benefits of affiliate marketing, it’s crucial to understand what it is.
What is Affiliate Marketing?
Affiliate marketing, by definition, is the process in which someone, known as an affiliate, earns a commission for marketing another brand’s products or services. An excellent example of affiliate marketing are bloggers who sign up as Amazon affiliate. These bloggers have an account with Amazon, and as they pick and share their favorite products from the site, any sales that come from their affiliate links earn them a small commission.
How Does Affiliate Marketing Work?
In short, affiliates are individuals you work with to help build your brand awareness to an audience that is similar to your own but might be out of your usual reach. Many brands choose to work with popular bloggers and influencers that share their targeted audience because it helps them reach potential new leads (whether on their blog or social media platforms) by spreading brand awareness.
Affiliates often are compensated by one of the following methods:
- Pay per click: this method pays affiliates based on the number of redirected consumers they move from their own site to the brand’s website.
- Pay per lead: this method compensates affiliates based on the conversion of leads.
- Pay per sale: this method is considered standard, and the affiliate earns a direct commission off each sale made.
Another popular method is to compensate affiliates by giving them free products/merchandise to either review or share with their followers.
What are the Benefits of Affiliate Marketing?
There are many benefits of affiliate marketing for the individuals who are doing the sharing. So, what are the benefits to your brand? Aside from growing brand awareness, affiliate marketing helps:
- Increase your search engine optimization (SEO).
- Garners you very targeted traffic.
- Save you time on marketing by having someone else do the heavy lifting for you.
- Create valuable networking opportunities.
- Give you access to markets you may not have had access to before.
- Allow you to leverage the skillsets of your affiliates, some of which your team may lack.
- Build brand authority in your given niche and so much more.
Is Affiliate Marketing for You? Let The Hive Help You Decide
Sure, there are many benefits of affiliate marketing when you take the time to find the right people to work with. That means narrowing down your affiliate criteria, a task that can seem rather tricky.
That’s why I created the private business networking community, The Hive.
This community is built of like-minded individuals who are more than willing to bounce ideas back and forth to help you decided whether affiliate marketing is right for you.
Join The Hive today and let myself and your peers help guide you through the process!