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Building an Affiliate Program

You’ve already heard about building an affiliate program but haven’t thoroughly grasped how it operates, how people benefit from it, or what it is in the first place. If we were to define affiliate marketing in a single sentence, it is a marketing business model in which your clients and/or readers double as your salespeople.

What makes us think this is possible? Today, we’ll go over what you need to know about building an affiliate program, including:

  1. What is affiliate marketing?
  2. What are the proportions like in affiliate marketing?
  3. How do I find partners?

What is Affiliate Marketing?

Affiliate marketing is a form of marketing where you pay for a specific result. In affiliate marketing, this implies that an affiliate offers a commodity on behalf of a business in exchange for a predetermined fee, which is usually a set number or percentage of the transaction.

This is a great promotional tool for almost every business model!

Affiliate marketing can work whether you have a product to sell or have a package/service to advertise.

The unique aspect of this kind of advertisement is that it helps all. For example, the consumer could discover goods that they may not have discovered otherwise. In addition, someone they (likely) trust has also recommended the commodity.

So what is affiliate marketing, exactly?

It’s a method that rewards everybody and results in more goods being marketed to more consumers. It is a smart option for someone trying to improve their bottom line. Espcailly since it is both accessible and scalable if you’re a business or a seller.

However, we still haven’t discussed how affiliate marketing functions! You must first gain a deeper understanding of the partnerships that exist inside the industry to fully comprehend affiliate marketing.

What are the proportions like in affiliate marketing?

Affiliate marketing is mostly about building partnerships with other individuals. The customer-affiliate and affiliate-business partnership must be built on the same principles. Meaning, high levels of loyalty, equal terms, and openness.

In the most basic form of affiliate marketing, three parties are involved:

  • The customer (audience)
  • The affiliate (promoter)
  • The business (owner)

Between those two points, did you realize that affiliate marketing currently accounts for 16% of all e-commerce sales? It’s much more crucial to comprehend the cycle! 

First and foremost, the affiliate locates a commodity and makes contact with the business that sells it.  The affiliate and business settle to a commission fee – either a set sum or a percentage.

Secondly, the affiliate then markets the commodity to their community. This is usually via a dedicated connection that allows them to monitor purchases and referrals. Finally, the commission is paid and the sale is concluded.

Do this a few times and you’ll have the affiliate’s lifecycle.

How do I find partners to build my affiliate program?

CVA has dedicated virtual assistants that can help you search for blogs in your niche. The data compiled is used to locate relevant influencers. This is simple and inexpensive. Your VA can begin by searching Google for a long-tail keyword such as “financial tips for small businesses.”

Then look for “Partner with us,” “Work with us,” or “Advertise” in the links.

So, what’s next? Start a discussion by entering your details. Repeat this step until you have a small group of collaborators you can trust.

You’ll most likely be able to generate some traction with your own affiliate page while they expand your following. Furthermore, CVA’s dedicated virtual assistants can help with website management. Making the update and final step even simpler.

Posted on April 23rd, 2021 by Client Advocate Team

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