ChicExecs Co-Founder and Co-President, Nikki Carlson, shares five reasons to do affiliate campaigns in 2022 on Forbes blog. Below is a highlight from the piece.
Affiliate marketing might sound complicated, but it’s a really simple, low-cost way to sell more products. Sure, affiliate marketing has been around for years, but that doesn’t make it any less potent.
1. Low Cost: Tactics like paid ads require hundreds of dollars up front, and there’s no guarantee that you’ll earn a dime. Affiliate marketing, on the other hand, doesn’t have any startup fees. All you need is an in-demand product, a group of interested affiliates with an engaged audience and a decent commission to incentivize your affiliates. That’s it! You only pay your affiliates when they make a sale. And since the affiliates take their commission right off the top, it won’t hurt your bank account nearly as much as other marketing tactics.
2. Low Risk: Affiliate marketing puts the hard work onto your affiliates, which gives brands more peace of mind. With affiliate marketing, you only pay when you make a sale, which means you’re essentially self-funding your own marketing. So, if you have an affiliate that doesn’t make a single sale, you don’t owe them a dime.
3. Greater Reach: The more affiliates in your network, the greater your potential reach. If you choose your affiliates wisely, they can significantly expand your reach into new audiences. In fact, affiliate marketing can give you a global footprint, putting your brand in front of thousands of new shoppers for less effort.
4. Scalability: Guess what? You can add more affiliates to your program as needed. Since you only pay affiliates a commission on every sale, it’s easy to scale up without hurting your marketing budget.
5. Easily Track Metrics: With some PR and marketing strategies, it’s hard to nail down your exact ROI. Fortunately, affiliate marketing is one of the most trackable ways to market your business. Every affiliate has a unique code or URL. This means you’ll know exactly which affiliates are getting you results. See who your most profitable affiliates are and reward them for their hard work! It isn’t uncommon for brands to give high-performing affiliates better terms, like higher commissions, in exchange for making a certain amount of sales.
Read the entire article on Forbes here.