Written byMackenzie Taylor
Affiliate marketing is a great way to partner with influencers and content creators that could help you reach a whole new audience for your business or brand. If you’re thinking of creating an affiliate marketing program for your business, it can boost your social media presence quite a lot if you partner with the right creators. To help you figure out if affiliate marketing is for you, how to get started, and how to use an affiliate program to boost your growth, we’ve broken down all the tips, tricks, and steps to get started!
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What is affiliate marketing?
Affiliate marketing is a way for content creators and influencers to help promote a brand or small business’ product and earn $$$ from the clicks or sales they generate.
If you’ve ever scrolled through Instagram (or any social media channel!) and noticed a content creator promoting a certain code and/or having a unique link to a certain brand’s website, that is their affiliate link or code from the brand. With this code, the brand can track how many sales the creator is generating for them and pay them out appropriately for said sales.
While each link is different, an influencer typically earns a set rate on the total amount of the sale they generate. While each brand is different on the rates they set, a typical rate for affiliate marketing links is 10-20% of the total sales.
What are the benefits of affiliate marketing?
The biggest reason why a business or brand should invest in affiliate marketing is to help them reach a new audience that they might not have reached previously with the help of an influencer or content creator.
So if you’re looking for a way to grow quicker on social media, we highly recommend working with influencers who love your brand and are in your niche by giving them an affiliate code/link to share with their followers.
Another big reason why we think affiliate marketing is a great tool to use is that it feels a lot more organic and less “sales-y” online. According to a study, 90% of shoppers are influenced to make a purchase through user-generated content (aka: content creators’ content). Now, that’s a lot of revenue you could be missing out on without setting up affiliate links…
How to set up an affiliate marketing program on Instagram
If you’re ready to get started on creating an affiliate marketing program for your business or brand, we’ve got you. Here’s a step-by-step guide on how to get started.
1. Pick an affiliate network
If you’re ready to launch your own affiliate network, one of the easiest and best routes is to use an affiliate network. This gives you the services and benefits of tracking, reporting, payment processing, and a whole database of influencers and content creators who are in the network already.
With each affiliate network, you can figure out the exact amount of commission an influencer has and which kind of commission structure works best for you. There are two types of commission structures:
- Pay-per-click: The content creator will earn a small amount for each click they drive to your website.
- Cost-per-acquisition: Pays the influencer/content creator when an actual sale is made.
Which one should you choose for your business or brand? Well, it depends! Cost-per-click might not be the thing for you if you’re just starting out, as cost per acquisition is paid out for actual sales performance and can motivate the content creator to get the sales you need and not just drive traffic to your website.
2. Set up your commission rates
Now it’s time to set up your commission rates to help establish how much you’ll pay the content creator for each sale they help drive to your website.
Once you have established your commission rate, you’ll also need to set up your payment terms. Usual payment terms are 60-90 days to allow for returns or exchanges.
3. Make a great affiliate program
Create an affiliate program that content creators actually want to be part of! If they’re not really getting anything out of it … why in the world would they want to promote your brand?
Be sure to create something that incentivizes content creators where they can unlock rewards the more they sell. Not only is this a great way for a content creator to make more money, but it’s a great way for you to drive more sales to your website.
4. Find content creators to work with
Now that you have your affiliate program set up, it’s time to start finding content creators to work with. Whatever your goal is, make sure you pick content creators that have similar goals that align with yours.
5. Keep track of your analytics
Once your affiliate program is running, keep track of what’s working for your business. It’s important to see which content creators are getting you more business and clicks.
You can also track whether or not you’re getting a high bounce rate from your website. The content creator you’re working with might not be representing your brand or product well if there aren’t a lot of sales, so always make sure you’re keeping track of your sales and analytics!
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