Let your current customers market for you..
With a referral or affiliate program
Finding cost-effective and efficient ways to grow your business is essential.
That's where referral and affiliate marketing come into play. If you’re not using a program like this already, take this as your sign to consider incorporating these strategies into your marketing arsenal.
Why? Think about it…what do you do when you need a new hair stylist or a new pair of jeans? You probably ask a friend for a recommendation before spending hours scrolling on Google.
No one can speak about you like your current customers.
Referral and affiliate marketing allow you to leverage your existing customer base and a network of partners to promote your products or services. This cuts down on customer acquisition costs significantly…you only pay commissions for successful conversions!
When a product or service is recommended by a friend or a trusted source, it carries more weight and trust.
This can significantly boost conversion rates and customer loyalty. Plus, with affiliates or referrers promoting your offerings, you tap into a broader audience that you might not reach through traditional marketing channels.
Now that you know the WHY, let’s talk about the HOW.
Here are 4 steps to take when setting up your own affiliate or referral program:
Choose a platform.
Select a referral or affiliate marketing software platform that fits your needs. Some popular options include Refersion, UpPromote, and Post Affiliate Pro. These platforms offer tracking, reporting, and payment functionalities.
Develop your terms, conditions, and marketing materials.
Create an agreement that outlines the terms, conditions, and commission structure for your program. Ensure it's easy to understand and fair to your affiliates or referrers. Have approved marketing materials (pictures, videos, etc) and guidelines ready.
PRO TIP: Set up marketing guidelines for each affiliate/referrer. Decide a minimum number of emails/posts/etc. you’d like to see from them each month.
Recruit affiliates or referrers.
Identify potential partners who align with your brand and can reach your target audience. You can recruit them through your website, social media, or other affiliate networks.
Track your progress.
If you can’t track it, don’t do it! Set up a system to monitor the progress, sales, and commissions of each affiliate or referrer. This data can help you make informed decisions as you move forward with your program.
Taking care of your current audience and providing them with endless value is one of the most important things you should do as a brand owner. Join me at noon CT today in my Facebook group, and I’ll show you step-by-step how we set up our affiliate program and share with you how you can do the same.