How To Build An Affiliate Program – The rise of e-commerce has drawn people online and bought from a variety of brands. It also created a new group of e-commerce shoppers.
Research conducted by the 2021 Awin Affiliate Marketing Report revealed an interesting fact: These new shoppers rely on affiliates to guide them to purchases. At the beginning of 2020, one in four new shoppers bought brands through affiliate links.
How To Build An Affiliate Program
The decline of traditional advertising to promote your business, coupled with the rise of social media, is giving new life to affiliate marketers. But how can you take advantage of this opportunity?
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This beginner’s guide will walk you through how to set up and manage an affiliate program for your online store.
Affiliate marketing is a reward-based system that encourages affiliates to promote your products in exchange for a commission.
A customer, lawyer or industrial marketer signs up for your affiliate program and sends visitors to your Shopify store via their referral link, and every sale you make as a result of their promotion earns the marketer a bonus.
The affiliate program pays out a fixed dollar amount or a percentage of total sales, but incentives can also be free or discounted products. It’s a win-win. For example, Target affiliates receive an 8% commission on every qualifying purchase made through an affiliate link.
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The affiliate marketing strategy is used in business-to-consumer (B2C) and business-to-business (B2B) campaigns, with more than 80% of brands using affiliate programs to promote their products. Recent data from IAB UK also shows that the two biggest sectors for associate operations are retail and travel.
Affiliate programs remain a cost-effective and diverse way to find new customers and help a wide range of merchants – including bloggers, publishers, merchants and reward sites – make money online.
Recent data from Statista predicts that affiliate marketing spending will reach $8.2 billion by 2022, up from $5.4 billion recorded in 2017. Marketers surveyed by IAB UK agreed that affiliate marketing is performing extremely well for customer acquisition and ROI. Compared to other activities, it is ranked 7.83. and 7.6. Out of 10 in a row.
The “other” income category, which generated income of $ 42.8 million in the second quarter of 2021, an increase of 8.7% from the previous year.
Affiliate Marketing For Beginners
Other revenue decreased 12.1% in the fourth quarter, mainly due to lower revenue from live events and commercial printing, it said in a press release. However, the reductions were partially offset by higher Wirecutter referral revenue.
But affiliate marketing is not just limited to third party publishers. Ecommerce brands like Healthish use affiliate marketing to build brand awareness, launch products and make sales. At the launch of their core product, the WB-1 bottle, Healthish worked with Instagram influencers to create content and sell the bottle at scale.
Affiliate marketing is not right for every business. For example, if you have small profit margins, this may not make sense: it will be difficult for the business owner partner to pay and also make a profit.
Affiliate programs must pay a portion of each sale to be worth the promoter’s effort and money, depending on their style of promoting your products. One of the best ways to know if an affiliate program is right for your company is to check if other companies in your industry have created it.
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A program with this kind of longevity shows that it works and produces strong returns on the time invested in BarkBox. If you browse through popular dog accounts on Instagram, many of them have a BarkBox partner link or icon in their bio.
This is a useful achievement and very much builds on the existing work that BarkBox does to keep its affiliate program running. It’s a big win for both BarkBox and Instagram account holders.
How do you know if other companies in your niche have successfully learned how to create an affiliate program? A simple Google search aimed at competitors can unearth sites that have their own affiliate referral programs. Your search could be:
You can also see related hashtags on social media. Searching for hashtags related to your industry will show influential users. You can check their profile to see if they are promoting your competitors via affiliate marketing.
Benefits Of Affiliate Marketing
Now that you’ve determined that it’s an avenue you want to explore, let’s take a look at how to create an affiliate program for your Shopify store.
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How to create an affiliate program, step by step 1. Choose products with a high average demand (AOV) to promote
Your first step is to choose the products you want to include in your affiliate program. You can include all your products, but it is smart to focus on high AOV products to increase affiliate income and income per click.
Think: a 10% commission on an $80 product is more attractive than a 10% commission on a $5 product. Tell partners exactly what products are being advertised and give them some promotional tips like:
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Providing valuable products and promotional advice to affiliates can help them sell more, which in turn leads to more sales for your company. You can always add or remove products from your affiliate program and adjust your messaging if your strategy isn’t working.
Once you have chosen your products, you must decide on a commission package. Ideally, cash is the most attractive reward. Some e-commerce brands can get away with offering free products or offering store credit. But aim for money if possible.
According to ReferralRock, the most common percentage is commissions in affiliate programs, with the average commission between 5% and 30%.
Shopify experts HeyCarson break down affiliate commissions by category, with commissions ranging from 10% to 40% of sales.
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In comparison, Amazon’s typical commission income is between 1% and 20%, depending on the products you promote.
Choose a price based on your category above to get started. You can always raise or lower your prices if they are not right for your business. Or create multiple offers with different commission types.
Thanks to our Shopify partners and app developers, discovering how to create an affiliate program for your Shopify store is easy, as you can start by simply installing an affiliate app of your choice.
From there, each application will take you through a setup process that will help you work with an affiliate program that meets your online business needs.
Affiliate Program New
It’s up to you which app you want to use, but here are some examples of some of the affiliate marketing apps available in the Shopify App Store. If you need help installing an app on your site, visit our official documentation to learn more about the Shopify App Store.
Referral is an incredibly powerful affiliate platform. With over 879 reviews and a five-star rating, it’s definitely one you want to check out. It offers a fully loaded affiliate and influencer marketing platform so you can launch a program in minutes.
Referral makes it easy to recruit, track and pay affiliates. All referral customers also have access to a marketplace of over 5,000 potential partners to take advantage of your offer.
Best of all, the benchmarks fit your business. Start with a free trial of its Professional plan, and if you see the need to expand your partner offers, upgrade to the Enterprise plan.
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Another popular affiliate marketing plugin is LeadDyno. LeadDyno processed over $200 million in affiliate sales in 2020 and offers superior customer support through live chat, email and phone. You can easily track orders from affiliate links and coupons and access tools to engage, reward and pay affiliates.
LeadDyno integrates with your Shopify store in just a few clicks and is highly customizable. Pay your affiliates automatically or with one click using PayPal, Dwolla, or even Coinbase. LeadDyno quickly totals and pays your affiliate commissions.
UpPromote is the highest rated affiliate app in the Shopify App Store, with over 1,270 reviews. UpPromote is a comprehensive automated and affiliate marketing solution for influencers and partners, where you can easily create a professional affiliate campaign.
You can manage your affiliate program with just a few clicks. Create virtual commissions, customize sign-up forms and set up payments easily. It also offers tools to convert customers into affiliates and a powerful tracking system to track clicks and conversion rates.
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UpPromote offers a 14-day free trial, as well as a free plan with unlimited partners. Paid plans start at $21.99 per month.
Now that you know how to create an affiliate program, you need to recruit the right kind of affiliates to join.
Some affiliate programs, such as the one used by Twitch, a streaming platform focused on video games, only accept particularly notable applicants.
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