All you need to do for affiliate marketing is promoting someone else’s product, and when there’s a purchase, you get paid. But things get complicated when you start doing it. Among many important things, you need to create a strategy that you can follow religiously. A strategy will help stay focused, organized, and accountable. In this article, learn how to create the right plan for your marketing endeavor.
What is an Affiliate Strategy?
Before creating one, first, understand what it is. An affiliate marketing strategy is a plan of action that details how you’re going to market and sell your affiliate products and make a commission. While it’s a simple definition, it can be lengthy and detailed.
If you’re planning large-scale marketing, you should account for nearly everything that goes into it. That’s because an unmanaged component can drive up your operating cost, thus diminishing profit on returns.
In the subsequent sections, learn about the core components of a winning affiliate marketing strategy.
Select a Niche
The most important thing you need to figure out is the niche. Niche is the target market where you’re going to sell your products. If you sell a different product to an irrelevant audience, you’re never going to make money — no matter how good targeting or copy is.
While you can sell anything, there are specific niches that are more profitable in the affiliate marketing industry than others.
Those are weight loss, fitness, sports betting, debt settlement, mortgage, fashion, jewelry, CBD, marijuana, online dating, etc.
Since mainstream ad networks like Google and Facebook have restrictions on these niches, advertisers can’t promote them with complete flexibility. But affiliate marketing networks accept most of the industries.
There’s a list of items you cannot promote on Google, Facebook, and Instagram. It’s an excellent way to target those industries because advertisers are willing to pay more for sales through affiliate marketing.
But, do some research and figure out the top-performing niches for that particular year and month.
You can target multiple niches. But make sure there’s a different strategy for each niche. A plan should focus on a single niche.
Figure out Traffic Sources
After you’ve figured out the niche, your strategy should include traffic sources. You need to acquire traffic from somewhere and show them the ad. People will then go through a funnel and buy the product at the end of it.
For affiliate marketing, the best traffic source is Google. This traffic is free and converts well. And once you rank in SERP, you can get traffic for months to come.
Another cheap traffic source is ad networks that allow you to place your ads on different platforms for cents. Facebook is also an option, but the traffic tends to be expensive.
So you have to figure out the traffic source.
Create a Lead Magnet
A lead magnet is not compulsory, but it’s highly advised that you include it in your strategy. A lead magnet helps you capture the email addresses of potential leads. Even if they don’t convert at the first attempt, you can target them with more value. Just like affiliate marketing, email marketing generates excellent ROI.
By combining affiliate and email marketing, you can generate far greater profits. So, create a lead magnet only if you want to do email marketing alongside affiliate marketing.
Join a Reliable Affiliate Network
In your strategy, you should include the affiliate networks you’re going to work with. There are dozens of networks available, but not all of them are created equal.
When selecting a network, you should look at two things: reputation and payouts. If they’re reputed, then they’re likely to pay out well and on time. Also, look at the history and customer support offered by the network.
Pick Relevant Affiliate Programs
An affiliate program can make or break your marketing efforts. You get paid a portion of the program. Look at how well the program is selling and what other affiliates in the network have to say about it.
It is something you’re going to figure out only after you’ve joined a program. So you can leave it blank at the beginning.
Figure out Payout Model
Affiliate programs would have different payout models. The three most common ones are CPC, CPM, and CPA. CPC pays by the click you generate, CPM pays for 1000 or so impressions, and CPA pays by acquisition (when a visitor actually purchases something or fills out a form). You’ll adopt a different marketing strategy for each model.
Affiliate marketing is a multi-billion dollar industry, and there’s a lot of money to be made. But you need a strategy in place to succeed. Take the help of the pointers mentioned above to craft a winning marketing strategy.