It's no secret that digital products have opened up a world of potential for marketers. According to a survey conducted by IAB UK, affiliate marketing has been proven to be an incredibly effective tool for customer acquisition and ROI, scoring 7.83 and 7.6 out of 10 respectively. Brands like Healthish are taking advantage of this strategy to build brand awareness, launch products, and generate sales. BarkBox has been running a successful affiliate program for nearly 10 years, and HeyCarson, a Shopify expert, has broken down affiliate fees by category, with commissions ranging from 10% to 40% of sales.
For comparison, Amazon's typical commission revenue rate ranges from 1% to 20%, depending on the products you promote. Thanks to Shopify's partners and app developers, setting up an affiliate program for your Shopify store is easy. All you need to do is install an affiliate app of your choice. With the decline of traditional advertising and the rise of social media, affiliate marketing is becoming increasingly popular.
SEO can also be used to boost your entire affiliate marketing strategy, although it takes time and effort to see the final results. To get started, take a look at the profiles of potential affiliates to see if they're promoting your competitors through affiliate marketing. By implementing the right strategies, modern businesses can gain huge amounts of traffic, leads, and conversions (with less effort) compared to other strategies. One common mistake merchants make when developing their affiliate marketing strategy is focusing their resources on a single source or coupon sites.
To get started with affiliate marketing, merchants will first create and sell their products to their target market and create their own affiliate network. It's important to provide potential affiliates with all the essential information related to your affiliate programs, including commissions, detailed tasks, benefits, etc. If there's a product you'd like to promote but there isn't a public affiliate program available, contact the company and ask if they'd be willing to establish an affiliate relationship with you. With features such as personalized registration pages, affiliate tracking, and analytics, you can easily find and manage affiliates.
Affiliate marketingis a rewards-based system that encourages partners to promote your products in exchange for a commission.
This strategy is used in both business-to-consumer (B2C) and business-to-business (B2B) campaigns. It's all about promoting products and earning commissions when people buy those products. In the image below, five elements participate in the operating process of affiliate marketing: merchants, products, affiliate networks, affiliates and commissions.