draws the comparison between Batman and Robin and affiliate marketing. Drawing a powerful comparison between super hero duos and advertisers and affiliate marketers, he describes how companies should work with affiliates. Is affiliate marketing right for your business? Here’s how to tell:
You have a clear idea of who your target market is.
Affiliates have to understand your product’s ideal demographic. Otherwise, they can’t target the right people. If you don’t understand your target market, neither will they.
You don’t have many channels competing for your business.
If you have a direct sales team or maintain relationships with wholesalers and resellers, you may not have a wide enough margin to afford affiliate commissions.
You lack a brand-building budget for yourself but have the funds to pay a skilled seller.
Affiliate marketing could be ideal for you—it’s a completely performance-based compensation structure. If the affiliate doesn’t make sales, you don’t pay. Affiliate marketing can have a profound impact on the growth of your business—especially since the costs are variable. Because you only pay an affiliate if he’s successful and there are little to no fixed costs, it’s an effective way to get your products to market. In fact, affiliate marketing is responsible for a significant portion of the revenue at a number of successful companies.
For example, Beyond Diet, a program created by Live Smart Solutions, was the second most-searched diet product on Google in 2012. Largely due to affiliate marketing, its revenues grew from zero to eight figures in three years. Peak 10 Publishing is another excellent example. The sale of its survival guide and products grew 500 percent in just a year by leveraging strong affiliate relationships.Since you can’t weed out affiliate marketing candidates by who wears his cape the best, here are a few qualities to watch for:
The affiliate has promoted other products in your space.
If he’s familiar with your niche, he’ll likely be more successful than someone who doesn’t understand the product category.
He makes his living doing this.
A part-time affiliate is probably a dabbler who hasn’t invested the time and resources to become proficient. Look for full-time professionals instead. These affiliates are much more committed and willing to work through challenges to achieve results.
He has good street cred.
What do other product owners say about the affiliate? Don’t be afraid to ask for references and work samples—they can be illuminating.
By ensuring you have a clear understanding of your audience, evaluating your competitive landscape and investing in a competent, experienced partner, you’ll be able to introduce the right people to your product at the right time. A sidekick could be the best thing for the growth of your business.
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