We covered affiliate marketing from a publisher’s (resource sites, blogs) perspective in a previous article. Loads of people around the world earn additional income with the help of affiliate marketing while a number of others earn a hefty amount by doing it full time, making it one of the top ways to earn extra income.
Affiliate marketing is also one of the top ways to earn extra income for merchants as well. In this article we will look at how merchants can make full use of affiliate marketing to improve sales. This method is especially beneficial for new web stores which need to get out there and into the action fast. Marketing your products properly by making use of an existing web of affiliate marketing sites will result in higher targeted traffic and thus better conversion rates.
Why should merchants, especially new ones, consider affiliate marketing in the first place? For starters, there are a host of resource sites and blogs that are already established and have targeted traffic continuously flooding sites of which they are affiliates. These affiliate sites have been around for quite some time: the more established ones have been active for over a decade. They attract anywhere from 2,000 to over 20,000 hits a day! The owners of these sites are constantly ensuring that their sites are relevant by keeping content interesting and up-to-date, and getting in on the social networking and micro-blogging action as well.
As you already know, targeted traffic is the lifeblood of a web store. If you want to go into the online jewelry business for example, your first question would be “How to start an online jewelry business.” Your second question should be “How to get targeted visitors as fast as possible.” By identifying sites that suit your niche market and leveraging on their traffic, you can potentially take hold of some much needed targeted traffic without much effort. Of course this in no way means that you should abandon all other marketing efforts in favor of affiliate marketing. Affiliate marketing is merely one of the many ways to improve your store’s potential to generate sales.
The good thing about affiliate marketing is that you only need to pay commission when a visitor clicks on the link on an affiliate’s site and follows up with a purchase. It’s a win-win situation. Commission can also be given out in several ways. One is a general commission scheme which is a flat rate for all products sold. This works well if the products promoted are around the same price range across the board. Another option is commission on a product-by-product basis, which is usually a percentage of the product retail price. This method is suitable for costlier products which might be harder to sell. Some merchants even go as far as to give out bonuses to affiliates whose lead conversions manage to hit predetermined revenue figures.
It is clear why more and more merchants are hopping on the affiliate marketing bandwagon. As we have stated over and over again, there are many ways to promote your store and bring in targeted traffic with very little investment. As business people, we should use every tool at our disposal. If you work online start today by initiating an affiliate program of your own.
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