Infinite Opportunities with Affiliate Marketing

So you have a business up and rolling. Now, how about establishing a sure-fire way to grow sales with little to no risk? If you are thinking affiliate marketing, the answer is yes! Affiliate marketing’s pay-for-performance model makes it a low-risk, high-reward venture; it’s a no-brainer for businesses looking to drive qualified sales or leads. The more complicated part is how to actually get affiliates to not just opt to join your program among the thousands that exist, but also to actively promote and drive sales for you.

Before you begin outreaching to affiliates, you’ll want to do some recon and self-reflection to make sure you’re putting your best foot forward and taking full advantage of your competitive edge. First, you’ll want to do a competitive analysis to evaluate the strengths and weaknesses of the competition. Affspy.com is a great online tool to assist you with a behind-the-scenes glimpse of your competitors’ commissions. Some hot buttons to focus on include: What are your competitors’ conversion rates compared to yours? Who offers the best payout? Who allows trademark bidding, direct linking, or incentivized traffic? You may not be able to beat out the competition in each of these areas, but knowing the competition will help you to create a sales pitch around your unique strengths.

Knowing your competitors’ strengths and weaknesses is important, but it is equally important to understand your own strengths and weaknesses. Performing a SWOT analysis will not only help you bolster your sales pitch around your strengths, it will also help you identify any chinks in your armor. Having done your research, you will be able to effectively promote your program around your strengths and confidently assure affiliates of your competence in areas that your competitors may fall short in. Behind the scenes, you will also be able to identify and tackle your own weaknesses.

Now you’re ready to answer the all-important affiliate question: Why should I promote for you? The rookie mistake in answering this question is to tell an affiliate why YOU think they should promote for you. Instead, before you outreach to an affiliate, take a moment to step into their shoes and figure out why your program is truly the best fit for them. How does your program align with their needs, their goals, and their audience? In essence, what can your program do for them? Keep in mind that the affiliates you are talking to get bombarded with hundreds of similar requests every day. In addition to promoting your competitive edge, make sure your offer is clear and concise. Consider if it would pass the “mom test.” Would you have any issues promoting your offer or product to your mother? Is there anything murky about your offer? If you couldn’t recommend something to your mom, don’t expect an affiliate to jump on board and promote it (at least not the type of affiliate you want).

Once you’ve done your research, analyzed the competition, created your unique pitch, and done your best to boost your weaknesses, you’ll want to make sure you have a strong team in place to help make sure that your program doesn’t run out of steam, fall by the wayside, or become outdated. A dedicated affiliate manager (or resource) who is committed to a minimum of 30 hours per week is highly recommended. Access to a web designer who can handle any creative requests out of the ordinary and a programmer or technology liaison will definitely come in handy when it comes time to integrate different things that may not instantly mesh seamlessly with your system. You will also want to have links in the most common creative sizes so that they are available on demand.

Now you’re ready to begin outreaching to potential affiliate partners. If you’re not sure where to begin, start by checking out who is promoting for your competitors. If an affiliate is encrypting their links, they can still be decoded and identified with a tool called Rex Swain’s HTTP Viewer. Affiliates often work with many advertisers in one particular vertical; see if these affiliates will also promote for you.

You can also look at publishers by vertical. Be sure to understand each vertical and how you could potentially work with each – keeping in mind that some simply may not be a fit for you. Publisher verticals range from but are not limited to SEM, SEO/content, loyalty/cash-back/incentivized, email, Web 2.0 (social media, blogs, mobile, etc), coupons/deals, review sites, and comparison shopping. Focus on best-fit areas where the most opportunities lie or where you are currently lacking exposure, but remember, if a vertical doesn’t fit, don’t force it.

The #1 caveat to a new advertiser is a publisher or network that makes you lofty promises or immediately wants exclusivity. Beware, as good things rarely come from either. Think of exclusivity as something that is earned over time, not given up front. Publishers who promise you the moon and the stars nine times out of ten will either fall short or send traffic that will hurt you in the long run. There are no shortcuts in affiliate marketing.

Whether you are working to establish new relationships or simply maintaining or growing existing relationships, attending trade shows such as Commission Junction University, Affiliate Summit, or LinkShare Symposiums, are a great way to meet affiliates face to face and build lasting business partnerships. Ultimately, never lose sight of the fact that affiliate marketing is all about relationships.

Affiliate Marketing Checklist:

• Use Affspy.com to do a competitive analysis of your competition.
• Perform a SWOT analysis to get a better handle on your own position.
• Promote your business to affiliates based on its unique strengths.
• Behind the scenes, work to correct and improve areas where your company may be weak.
• Hire an affiliate manager or the services of a similar resource.
• Have a web designer and programmer on hand to handle any design or technical issues.
• Have links ready to go.
• Reach out to potential affiliates. Start with the ones who are promoting for you competition.
• Find verticals that are the best fit for your business or niche.
• Beware of affiliates who make you wild promises or want exclusivity right away.
• Attend some affiliate trade shows to make personal connections with affiliates.