Hello Magento Folks,
Welcome to MageComp Blog! I hope all of you are safe and at home. To make your days even more qualitative, We are here with some rare and specific information about What is affiliate marketing and how it adds value to your E-commerce growth. Indeed have a look at our most recent article about All You Need to Know about Magento 2.3.5 So without further ado let’s begin.
Introduction:
Global Competition is critical to survival. A company must put on its best shoes in order to incorporate the best strategies and carve a name in the industry. One of the best practices to stay awake in the business is considering the concept of Affiliate Marketing. Affiliate Marketing asks the company to partner with a more established firm in the industry and gets their products and services promoted from them. In return, they shall pass a required affiliate percentage of their revenues generated. This way the company can attract a large clientele and get maximum return on their investments.
Affiliate Marketing proves to be a great tool for fresh entrepreneurs as they can build contacts and have access to the industry insiders. We often make investments in social media ads and campaigns to promote sales but these mediums may sometimes prove unfruitful. Whereas for Affiliate Marketing, you are assured of profitable returns with no investment made. Thus, a question may arise as to how to get started with this Affiliate Marketing and what could be its added benefits to E-commerce. We shall go through answers to all of these in the presented blog!
How to get started with your Affiliate Program?
Track your Affiliate
You can find your affiliate either by joining an existing network or by building your own tracking system. If you wish to join these networks, it becomes easy to find the best affiliate but at the same time you are also charged some amount of a fixed fee or a cut off from your revenues.
Whereas developing a tracking system for yourself can help you cater to all your needs at low costs but can prove to be time- consuming.
Probe into your Niche
Developing your own tracking system can be challenging. Yes, you can have complete control over it and manage it the way you want with the help of a number of applications but building it from scratch may take a lot of your time and effort. As well as it may not assure you of productive results.
Instead one must always look to find an affiliate partner in his concerned industry so that he can gain the benefits of a relative and quality customer base. And because you already have a strong clientele, you can ask your audiences to further affiliate for you by the ways of blogging and reviewing that can be really helpful for your E-commerce.
Contact your Affiliates
While managing your own tracking system it becomes important to develop contacts in your niche. This initiation can be done through E-mails and proposals which can help your business gain the support that it needs to flourish.
Contacts can be built outside of your zone as well. For instance an apparel brand could also team up with a jewelry brand as its affiliate in order to generate sales.
Decide on the Affiliate percentage
Obviously the commission rates are customizable according to the affiliates but it is advisable if you have already worked on a pre-established commission rate as you pitch to your prospective affiliates. This can help you build an image in front of them as well as favorable rates can invite and attract better partners for your E-commerce.
It is better to offer a higher percentage commission to your affiliates as they are the ones who shall bring you, customers, thereby increasing your sales and profits. Hence, in one way or the other spending on commissions could prove to be investments that reward you with returns in the future.
Top 5 Affiliate Programs that Can Give You Maximum Success:
Flipkart Affiliate:
Joining this network is absolutely free of charge and you can earn up to 15% every time a customer visits your page for the purchase. The benefits of joining this network are that you get product links, banners, promotional banners, widgets, Bookmarklet widgets, search tools, and API access to Flipkart’s product catalog as your affiliate tools.
Amazon Associates:
With easy access to tools such as Product Links, Advertising, banners, and Site Stripe Toolbars, Amazon associate offers you up to 12% of a return on all qualifying purchases. And you do not have to pay anything in order to join this network. Isn’t that great?
Commission:
This affiliate network has a growing network of 17,500 affiliates by offering benefits such as Performance Marketing, Specialised Branding, App Installation, Lead Generation, Monetisation, etc, to name a few. The minimum payout of this site is $100 and it brings CPS, CPI, CPC, and CPA offer to help affiliates perform well.
Optimise:
Optimise works in more than 30 countries as an Affiliate program and is famous for using the latest technology and offering par excellence customer service. It offers maximum affiliates, mobile, and reward solutions to companies all over the world and charges absolutely no fees from its customers.
BIGROCK Affiliate:
This again is free of cost affiliate network and is basically suited for web designers and bloggers who are interested in Web Hosting. They offer domain-registration and Web Hosting as well as give a high commission on the sales generated. There is no limit to the amount you can earn with this Affiliate program.
Addon- MageComp Affiliate:
We are leading providers of Magento extensions, services, customization and anything you can think about Magento needs. From Magento development, testing, store migration, upgradation to Marketing and SEO, we have mastered the niche from day by day learning and implementation. we have developed 150+ Magento 1 and Magento 2 extensions and our numerous services used by more than 10000+ store owners & developers globally. which you can easily target your audience and start affiliate marketing with us!
When you join our affiliate program, you will be supplied with a range of banners and text links to place wherever you like. When a user clicks on one of your links, they will be brought to our website and their activities will be tracked by our affiliate program. Once this user completes a purchase, you earn a commission!
| MageComp Affiliate PROGRAM | |||
|---|---|---|---|
| Affiliate Program | Commission Type | 10% Pay-per-Sale for each sale you deliver | |
| Payout Requirements | $0.00 – Minimum balance required for payout. | ||
| Discount policy | 10% discount on each purchased item | ||
Real-Time Statistics and Reports!
Log in anytime to check your performance with data of sales, traffic generated and your commission balance.
You may easily signup from here,
How to get started with E-commerce Affiliate Marketing:
- You can track the data on impressions, clicks, leads and sales
- It has a favorable return on investment
- It helps you attract more traffic to your store
- You can build a trustworthy image amongst your customers
- You can concentrate on sales of specific categories by having affiliates for your high-value products
Things to take care of before kickstarting your E-commerce Affiliate program:
- Know and Analyse your competitor’ strategies to have the ability to attack their weaknesses and find ways to accelerate your product’s sales.
- Set clear and precise objectives and key performance indicators for your affiliate marketing to have maximum returns.
- Determine your Cost per Acquisition and set a proper budgetary plan.
- Have knowledge of your customer retention rate so that you can set proper commission rates.
- Determine the Customer Lifetime Value so that you can calculate the average profits a customer can bring to your company.
Challenges for your E-commerce Affiliate Program:
- It is important to partner with the right affiliates because it is said that 80% of your returns come from 20% of your affiliates.
- Inculcating the right technology is crucial because managing the orders, advertisements and tracking links is important to generate sales.
- Recruiting an efficient Affiliate Manager is important so that he can manage Digital Marketing, Relationship Building, negotiations, strategies, etc. well and effortlessly.
- Make sure you do not hurt your customers and provide them with the best customer experience.
Conclusion:
In order to attract more customers to your brand and make your E-commerce platform successful, you need to invest in the most uniques forms of marketing, i.e. Affiliate Marketing. Either by creating your own network or joining the niche channels, you can ensure increased ROI and maximize your sales.
Again don’t forget to check about MageComp Affiliate program and get wholesome benefits for individual growth.
Affiliate Marketing helps you come to a step closer to your audiences and build a reputation in the minds of your customers. By building contacts inside your industry, you can enjoy the boons of a shared clientele and enhanced profits. This is just the starter guide to get you going with this constructive resource. But once you begin you realize that you are in a vast ocean of tools unused that can take your E-commerce altogether to a new level.
If there is any query related to this then feel free to get in touch with our Support Team we will be obliged to help you. If you find the article useful then do share with your Magento friends and don’t forget to let us know your reviews regarding this in the comment section below.
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