Whether you have a well-established company or are just about to create a startup, you need to figure out an effective marketing campaign to promote your business. Affiliate marketing is one of the most wide-known methods to start a marketing campaign.
Top 7 affiliate marketing companies, which include such famous names as Acceleration Partners and Fluent, expect the finances spent on affiliate marketing to rise to $6.8 billion by the year of 2020.
So affiliate marketing is expected to be the most used way to build the marketing campaign and its popularity will definitely continue to grow. But this method is effective only when you treat it smartly. If it lacks proper planning it can actually ruin your brand. Do you want to find out more about any other mistakes you can make?
Here are 7 deadly sins you can make when starting an affiliate program.
1. Buying Cheap Software
This is the aspect where any business shouldn’t be cheap and try to save some money. When it comes to the software that will operate to promote your product and secure your data and personal information of your customers, you don’t want to be stingy.
Choose from the top platforms for affiliate marketing to ensure that everything goes smoothly. One of the best affiliate software is Post Affiliate Pro. Affiliate marketing is a great way to earn some extra money online but in order to succeed, you need to invest. And if you pay cheaply, you’ll pay dearly.
2. Paying Small Commissions
Affiliate marketing companies seek their business partners out of a huge number of companies eager to promote their products. And in order to become a business partner, you’ll need to stand out.
In order to attract more affiliates, your products should be more commissioned. It works as a kind of a bonus for the affiliates, who are also companies trying to keep their business afloat. When determining affiliate rates for your affiliate marketing program, you would also need to compare your commission rates and the rates of your competitors to figure out the standards of the industry and set more competitive rates.
3. Not Interacting with Affiliates
Communication is important for any business, and affiliate program is the same business deal like those you have with your other partners. If you ignore communicating with your affiliates, you risk not only to miss some important details but to obstruct the whole program.
Constant communication with the affiliates will pay off right away. This will show them that you’re beyond interested to work on promoting your business. This is the attitude all affiliates are looking for in their business partners.
4. Not Treating Affiliates Like Business Partners
Affiliate partners come in all forms. There are some who are still testing the waters of this money making model while there are other established publishers and influencers to whom affiliate marketing is serious business. One common thread that runs among all your affiliates is their serious desire to make money and a successful business out of marketing your product. It is thus important to treat them the way they deserve.
For sure, working on business development is a very difficult process. It requires your full attention to details and a lot of hard work. But if you’ve started an affiliate program in order to promote your business, make sure that you don’t forget to treat the affiliates like business partners. The affiliate program is another business deal for you, and it’s not just a lazy way to make money online. Make sure you comply with all the requirements and fulfill all the agreements, otherwise you might lose profitable deals.
5. Not Asking Affiliates for Their Input
When you hire affiliate companies to create a marketing campaign for your business, you hire full-time professionals, who earn money from successful business promotions. So when you’re working on an affiliate program, always ask the affiliates to help you out with designs and running the program itself. Such collaboration is a great chance for both established businesses and startups to learn how to create successful marketing campaigns and promote their products or services. So always ask the affiliates for their input. After all, you’re paying them to teach you how to do it.
6. Posting Low-Quality Content
If you don’t build your content on such essential elements like appropriate length, media, and logical coherence, then the quality of your content may suffer. It will consequently impact the success of your affiliate program, as no one is interested in reading low-quality content. So before you start planning your affiliate program, make sure that all content you post is created according to appropriate standards.
7. Working with Questionable Affiliates
It’s like with the software: you don’t want to be too cheap at this point. You put the success of your business into the hands of affiliates, who should be real professionals with a lot of experience. So don’t choose the affiliate company that cannot be trusted. Otherwise, the success of the whole affiliate program may be threatened.
Tools for Successful Start of the Affiliate Program
These tools will definitely help you out when starting the affiliate program:
- Profit Margin Calculator – calculate the commissions and profits to find out how much you’ll actually make on each sale;
- Assignmenthelper – this tool will help you create quality content to ensure the success of the affiliate program;
- Google Analytics – see how many people get attracted by your marketing campaign and work on the improvement of your visibility;
- AdEspresso – buy traffic to draw more attention to your product or services.
Starting the affiliate program is a good decision. You can attract more customers and draw more attention to your business. However, it’s important to do it smartly, so make sure you make all the necessary steps and avoid mistakes, and your affiliate marketing campaign will be a success.