Affiliate marketing in 2020 can help grow your brand and increase your sales. The reward here is high while the risk is quite low. Unlike CPC ads, you will only pay the affiliates when a customer purchases your product or signs up to your service.
This marketing strategy is different from the referral program. The latter is ideal for individuals who have purchased from your website or company.
Advantages of Affiliate Marketing
Choose Your Partners
As an advertiser or retailer, you get to choose the people you wish to work with. Affiliates will apply for your affiliate program.
Then, you can assess their suitability. From there, you can choose which ones are the best ambassadors for your products or brand.
Pay Only for Conversions
In traditional PPC ads, you will pay per click or if someone sent you a lead. Unfortunately, the lead is not a guarantee.
It means that the person may or may not buy your product or sign up for your service.
With affiliate marketing, on the other hand, you will only pay when a sale is made. In that case, it will not affect your budget if the marketing partner provided an ineffective campaign.
That’s why it is considered a low-risk type of marketing. You will use your marketing budget to build customers who will purchase your products and sign up for your services.
Minimal Start-Up Costs
Of course, affiliate marketing still needs some form of investment.
You will have to pay the affiliate marketing channel or the middleman. However, the cost is just minimal compared to purchasing an ad or employing a team of staff to run your ads.
However, you need to work with an affiliate network platform that can give you results. There are several platforms that offer reasonable rates. These would include Rakuten Marketing, Awin, and ShareASale, among others.
When choosing the right platform, you need to sign up with a company that offers the best tools and resources that you need.
Yes, affiliate marketing can be one of the ways to help you build links. And link building is crucial in SEO.
If you are working with higher-ranked partners, then you are products or brand can be shared effectively.
It can also help in increasing your connections. It lets you reach out to many industry leaders while you build relationships with influencers.
What are the Drawbacks?
As mentioned earlier, affiliate marketing in 2020 offers low risk. One of the drawbacks is that you cannot control the message.
You need to be careful in choosing the right partner. Some partners will lie about your product or represent your brand poorly.
Furthermore, your traffic may be coming from an unreputable source. As a result, the links you are getting from that source may affect your link building strategy.
Nevertheless, affiliate marketing in 2020 can be a good way to boost your sales and spread awareness about your brand. However, you need to be careful in choosing the platform and affiliates to promote your products and services.