Many people are turning in their keys to the office door for their traditional brick and mortar positions. It?s not that they are retiring, but rather finding a different way to earn a living?a more enticing way to live, in my opinion. Imagine having the flexibility of ?going in? when you want, taking off when you feel like it, and being able to attend all your children?s school events.
Starting an online business can help you achieve all that?and more. One way to do this is through an online affiliate program. If you are considering taking this step, or want to learn more, you have come to the right article, because I just listened to another informative Coffee Talk podcast by James Martell.
James is an expert in the affiliate program industry and shares valuable information through his podcasts, seminars, and books. On this particular session of Coffee Talk, his each of ?his guests have as many years in the industry to pack in their portfolio.
Sarah Bundy and Carolyn Kmet both have more than 10 years in the business and have done quite well. Sarah is founder of All Inclusive Marketing, otherwise known as AIM. Carolyn has worked for many popular companies with affiliate programs, including www.groupon.com, before coming to work as Vice President of Performance Marketing with Sarah at AIM.
So, when the 3 of these giants get together, one should take notes. In fact?I did. Read on for some of the highlights?
1. The Basics of an Affiliate Program
The general idea of an affiliate program is where you have more than one person working together, yet apart, to promote certain products. One person will have a product or service to sell?or multiple products. They carry the products and ship them to the consumers when they make a purchase. This person is known as the merchant. Sounds like a regular business, right? Well, there?s more?
A second person comes into the picture who is considered the affiliate. They also have a website, but do not host the product at all?just a link to it. So, they are not responsible for storing, selling, or shipping the product. They are responsible for ?encouraging? visitors on their site to click on a link, which will bring the consumer to the merchant?s website. If there is a sale as a result, the affiliate receives a commission from the merchant.
Here?s a scenario to give you an idea?
The merchant is selling bank checks online. The affiliate has a link on their website that will say something like ?ordering bank checks?. If the customer is looking to order online checks, they click on that link, are directed to the merchant?s site, make a purchase, and the affiliate is paid a commission by the merchant.
Now, of course it would help if the affiliate?s site is somewhat relatable to the item being sold. In other words, if it?s ordering checks online, the affiliate might have a site on finances, or DIY projects.
2. Steps in Starting an Affiliate Program
The best advice I heard regarding startup is when Sarah said that you need to create an affiliate marketing strategy before starting. It?s best to do some research on what affiliate groups are available to assist you, what your terms of service will be, and what your competitors are doing. It?s not too different from what you should do in a traditional offline business.
Develop a website with a brand message related to what you want to do, and who you want to affiliate with as far as merchants. When doing this, make sure you know who your target audience is, and what they are looking for as well.
And finally, creative eye-catching and effective banner ads to capture your visitors.
3. Where to Recruit Affiliate Members
They won?t drop out of the sky, no matter how long you sit. So, you need to know where to look for people to work with, and here is a short list:
- Trade Shows ? these are great, because you can meet them in person to develop a professional relationship
- Social Marketing ? look for people on Social Medias such as Facebook, Twitter, and Pinterest
- Existing Websites ? reach out to websites that are appealing to you by contacting them and expressing your intent
- LinkedIn ? this is a great place to look for established people as well
Of course, there is also word of mouth, and reaching out to people you know who might not know anything about affiliate marketing yet.
4. Know what Cost might be Involved Ahead of Time
You should never start a business, either online or off, before you have an idea of how much money you will need?and how much money you have available.
For the use of an affiliate management company, you can plan on anywhere from $30,000 on up to $90,000 annually, depending on who you choose to work with for this area. You might be able to save some money if you decide to manage everything in-house. However, you will most likely not be getting the experience and exposure that you would with an outside company.
Another cost is the launching fee. Depending on who you go with, this could be as low as $650, or as high as $5,000. ShareASale (www.shareasale.com) is a great place to start with, and they are on the low end for cost.
And finally, if you are the merchant, you will have to pay out a commission, which can range from 1-12%, depending on what you negotiate with the affiliates.
If this sounds like something you want to pursue, I suggest you dive into some research to learn as much as you can before you make another move.
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Mark Harris is a freelance writer and Internet marketer, working from the comfort of his own home and already enjoying success in his 30?s. He often draws inspiration from websites he visits for new projects. For example, when visiting?www.personalchecksplus.com?he decided to write a series on home budgets. Mark lives with wife in White Rock, B.C., and spends as much time on the local beaches as time allows. He also enjoys hiking, kayaking, and touring Vancouver.
Source: http://www.moderndignity.com/4-things-you-should-know-before-starting-an-affiliate-program/
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