Affiliate marketing certainly has the very real potential to drive sales and generate significant revenue. More than that, it is a very cost-effective lead generation tactic where you pay solely for performance. Conversion optimisation has a massive impact on how much affiliate commissions you generate. However do you know how to make sure you get the most referrals from your affiliate marketing strategy?
Connect With The Right Affiliates
If you would like your affiliate marketing strategy to be a success, you need to make sure the products you’re offering resonate with your target audience. Ideally, every product you offer should resonate with one or more of your buyer personas. Essentially, buyer personas are sheets that help business owners and marketers define the goals, needs, and interests of people who visit their site.
If you need help deciding if an affiliate is a good choice for your business, ask yourself this question; how does this partnership help my customers, even if it’s just a segment of my audience? If you can’t answer this question, it may be time to look at other affiliate marketing strategies.
Each affiliate product should appeal to at least one segment of your audience if you want to see more clicks and sales from your affiliate links. You can easily develop buyer personas by asking visitors to submit feedback forms and by engaging with your audience on social media. Look for patterns in pain points or aspirations and use this information to connect with the correct affiliates for your business.
Tracking Your Own Data
You want to ensure fantastic progress for growing your audience. This means that you want to follow your link clicks to your website in, for example, Google Analytics in addition to Google Data studio.
Besides link clicks, Google Analytics will assist you to analyse your overall website performance. The audience section will assist you with having a good understanding of your website visitors via segmented reports on demographics as well as audience interests.
Also, you can use the date range comparison tool in order to compare traffic numbers and engagement over time. You are able to run reports on which social channels bring the most traffic to your website.
Keep track of your conversion rates. Keep tabs on changes that affect your referral numbers. Different niches and channels are difficult to compare, but on average, a 0.5% to 1.0% conversion rate is seen in the affiliate industry.
Segment Your Email List
There’s a good chance your existing customers have already taken advantage of your affiliate offers. If you don’t segment these users into separate email lists, you’re missing out on a massive marketing opportunity.
Segmenting gives you the freedom and flexibility to create custom offers, both affiliate and otherwise, for your subscribers. When you consider that over 80% of consumers say they want more personalised promotions from their favourite brands, it’s easy to see the benefits of segmenting your email leads.
If you need more proof, consider this; research shows that sending emails with personalized subject lines leads to a whopping 26% boost in opens.
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