There are two ways to run a business – the traditional, ‘go it alone’ way to promote and sell your products and services, or by using the ‘team-power’ way of affiliate marketing. If you count yourself among the traditionalists, you’ll be missing out on one of the most potent and successful online marketing concepts today. Recognizing the tremendous potential to augment their sales, widen customer bases, increase profits, and give them a good handle on things in their businesses, a major number of successful companies, small businesses and even large corporations are increasingly relying on affiliate programs to spear head their overall marketing efforts. Check these advantages.
THE POWER OF ONE – Just as highly successful MLM companies use ‘the power of one’ (individual contributors in a network), so does every successful affiliate. Running an affiliate program, to promote and sell products or services, has several advantages. First of all, in addition to your own efforts, you’ll have an off-payroll team with unlimited scope in terms of numbers, each working hard to promote your business.
BUILDING A LIST – As often the case, most people express some level of skepticism when exposed to affiliate programs promoting various products or services. However, this does not diminish the fact that, if managed and promoted well, an affiliate program can help to build an enormous list of potential customers, while retaining existing ones. However, to achieve this, a lot of hard work will be necessary in the initial stages to build credibility and trust among potential visitors to your site. This will go a long way in building a solid relationship with your potential targets and existing customers. Moreover, you will also be giving merchants the opportunity to add to their own lists for continuous marketing to your potential targets. This will be possible when you refer potential targets to the merchants’ sites directly.
SELLING MULTIPLE PRODUCTS – Perhaps, this is one of the great advantages of running an affiliate program because affiliate marketing allows you to sell multiple products simultaneously and dramatically increase sales. The secondary advantage of selling multiple products is that their individual sales results complement each other. For example, when sales are low for one set of products, profit lines can still be maintained by the sales successes of the others. However, the key here is to select products that have assured, niche market potential, rather than those with mass public appeal. Another advantage of selling multiple products through an affiliate program is that people who are customers of a particular product can be potential targets for another.
‘TARGETED’ AFFILIATE MARKETING – This is perhaps, the most advantageous aspect, and one that is exclusive to an affiliate program. By inviting or influencing visitors to subscribe to your opt-in list, this segment becomes ‘targeted’, potential customers. ‘Conversion’ is what differentiates between ‘untargeted’ and ‘targeted’ site visitors. The former, are least likely to ‘convert’ their visit into a sale, while the latter are most likely to.
Probably, the biggest advantage of an affiliate program is that when it is up and running smoothly and successfully … you’ll have lots of time to attend to other important things.