Affiliate marketing has gradually gained significant momentum in the past few years and shows no signs of slowing down. But, while tons of businesses are beginning to embrace this form of marketing, affiliate marketing isn’t for everyone.
Is affiliate marketing really the right thing for your online business? In this post, we’ll go over a few tell-tale signs you can look for to determine whether an affiliate program is the right move for you!
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Common Businesses That Use Affiliate Marketing
The first question to ask is whether your business falls within an industry where affiliate marketing is a standard practice. Following are a few of the most common businesses that achieve success with this type of marketing.
Online shopping businesses are making a killing from affiliate marketing. Amazon is one of the originators of affiliate programs to promote products, but now most online stores have some sort of affiliate or referral program. For example, one large business, FashionNova, works with celebrities and influencers to promote their products to the masses.
If you’re subscribed to a subscription-based business, such as a subscription box service, small business group, or educational subscription program, you know that these companies are continually seeking new clients, members, or customers. As a result, most of these programs offer affiliate programs to their current subscribers, allowing subscribers to receive rewards and perks when they refer customers.
Companies that mass-produce products such as shirts, business cards, and product boxes target smaller printing companies and businesses to expand their affiliate programs. For example, Vistaprint offers the Vistaprint ProAdvantage program where smaller companies can offer printing for customers at a discounted rate. The more customers each business brings in, the more money both businesses make.
Software Companies/App Companies
If your business uses email marketing tools, social media management tools, or anything in between, chances are those companies have affiliate programs. These companies offer rewards or even discounts or free upgrades on their software for referrals.
Is An Affiliate Program Right For You? Other Questions to Ask Yourself
Still wondering if an affiliate program is right for your business? Here are a few questions you should ask yourself to help determine whether an affiliate program could benefit you.
Can You Afford An Affiliate Program? Although an affiliate program can be a cheaper way to market your business, there are still costs involved. Whether it’s giving away free products and services, paying influencers, or offering affiliate commissions and perks to affiliates to provide referrals who convert, you have to make sure your small business can afford the associated costs.
If it’s not in your best interest to spend the money or sacrifice products or services, it may be a good idea to wait and reevaluate before starting an affiliate program.
Are Your Competitors Doing It? One of the best ways to judge whether or not an affiliate marketing program, or any marketing tactic for that matter, will work for you is to find out if your competition is doing it. If you notice that a competitor is operating a successful program, it’s definitely something you want to explore.
Will You Be Able To Handle It? Determining whether your budget will allow you to have an affiliate program is one thing, but deciding if you have the organizational skills and the staff to run the program are equally essential factors to consider.
If you don’t think you’ll be able to handle a sudden influx of customers or if you don’t yet have systems in place, such as Affiliate Royale, to manage affiliates and customers, you may want to take a step back and work on some preparation before you launch your program.
Are You Confident In What You Offer? Before you can share what you have to offer with the public, you need to be confident in your product or service. If you don’t believe in your product or service, no one else will. It’s tough to sell something you don’t care about. Be sure that you are proud of what you do and confident in the value you can bring to customers.
Do You Believe It’s Worth It? At the end of the day, you know your business and what you have to offer a potential customer. If you feel that people are going to benefit from what you provide and that they will be likely to tell a friend or associate about it, then definitely go for it!
However, if you don’t believe that an affiliate program is right for you, or you aren’t willing to put in the work required to run a successful one, that’s okay. You always want to do what works best for you and your business.
Manage your affiliate program without hassle with Affiliate Royale. Get started today!
An affiliate program can be a significant asset to your business. However, it is a considerable task, and the work it requires isn’t for everyone. We hope that the questions and information we’ve provided above will help you figure out whether an affiliate program is a good move for you.
Ready to turn your online business idea into a thriving affiliate program? Be sure to read our blog posts on how to convert your customers into affiliates, ways micro-influencers can help your affiliate program, how to use swipe copy to help your affiliate succeed, and how to tell if your affiliate program is doing well.
Do you feel ready to start an affiliate program? What factors have gone into determining your readiness? Let us know in the comments!