2013 Volume 2, Number 2
Is 2014 the year you will explore affiliate marketing as a new revenue stream for your business? First, let’s briefly discuss what affiliate marketing from the perspective of a small business owner.
Thanks to the internet there are countless people who are making money selling products for entrepreneurs like you. Entrepreneurs in their own right, these marketers will promote your products or services through their websites or blogs. By enlisting their service, you agree to pay them a commission when the leads who visit your website (or brick-and-mortar) purchase your product. When it works, affiliate marketing can help you build sales quickly with the by-product of building brand awareness.
As a business owner you have three options: You can join an affiliate program as a vendor; partner with an affiliate marketer; or manage your own affiliate program.
Option 1: Find a reputable affiliate program like Amazon.com, Commission Junction; ClickBank; or Ambassador. Here’s the model: You, as the advertiser (small business owner) sign up with the ‘pub-lisher’ (the affiliate market network like Commission Junction); who reaches out to consumers to interest them in your product.
Option 2: An affiliate marketer, an entrepreneur in their own right, generally reaches out to you offering to sell your product. A good affiliate marketer works hard to promote your business. Ideally they are either passionate about the industry you’re in or willing to learn your business in order to market expertly about it. They have a website where they are constantly and consistently generating quality content about the industry. Using their own subscriber lists or opt-in email lists, they are considered experts and influencers who visit their sites again and again for this content; and, what’s important to you, will see your product advertising with a link to your website.
Option 3: Do it yourself: Create your own affiliate or referral program. There is software that makes this option doable.
Can’t decide which option is best for you? Contact us for an advisory session on how to avail yourself of this lucrative revenue stream immediately. It’s like taking on commissioned sales reps—only paying for performance.