Every day we are exposed to beautiful aesthetics in luxurious settings and high-end glamour in magazines, T.V., and social media. But, how can we break into successfully promoting and earning commission on these types of products? If you’ve already mastered affiliate marketing, then you’re off to a great start. Of course, there are key differences between certain approaches that need to take place within the high-ticket sales realm in order to reach a successful conversion percentage.
Let’s take a look at a few.
What is high-ticket affiliate marketing??
With the help of economic and social factors and technological advances, affiliate marketing continues to grow, and potential earnings increase. According to Statista, by 2022 spending in this area is expected to reach $8.2 billion, but how? Affiliate marketing happens when a company, or business, decides to have a third party promote their products. This third party is known as the affiliate. The affiliate will use their own efforts to promote products through paid ads, blogs, reviews, social media posting, and other tactics.
There should always be a specific link attached to each sale of a product which allows both the affiliate and the advertiser to correctly track which sales come from where and whom. Affiliates are paid according to a commission structure that’s set up when the partnership is established. Occasionally, outside of the determined commissions, advertisers will offer additional incentives to their affiliates such as random or performance-based bonuses, providing tools, services, and marketing materials, discounts, product offers, contests, etc.
There are many ways to increase the drive of affiliates when needed, but establishing a fair commission structure is key for acquiring and retaining quality affiliate partnerships.
High-ticket affiliate marketing holds differences from traditional affiliate marketing in a few ways. Generally, these commissions range from $500-$1,000 and up. Various niches benefit from being within this sector because the products being sold are typically more expensive items or services that bring in larger profits with which they are able to invest more back into their affiliate programs.
High profit returning products take greater effort to sell and bring high returns, therefore they yield a higher commission rate as well. These types of companies can be technology, property, travel, and luxury lifestyle items like private planes, yachts, art, and personal finance.
Additional steps to take for success with high-ticket affiliate marketing
When focusing on high-ticket affiliate marketing, publishers will concentrate more effort on fewer products and see higher commission returns instead of spending their energy and resources on promoting a wider range of products that could still bring in a lower return. Affiliates can hone in efforts to market high-ticket products in more intentional ways by taking steps to really know the products they are promoting.
It’s very important that your audience trusts and can rely on your word, especially when the products you’re selling aren’t inexpensive. Customers will regularly put more time into researching a more expensive product before making a commitment to purchase. Use the product you are promoting so you can develop a clear understanding of its benefits and communicate those with your audience. Transparency is fundamental in building trust and, as with anything in life, the products you’re promoting will have their good and less appealing traits, so be honest about them. Write thorough, authentic reviews with lots of product details and descriptions.
Because these types of sales—higher ticket affiliate marketing sales, like travel and luxury—are not generally made at first glance the way a new ice cube tray would be, it’s especially important to set up and direct people to your lead capture page. Once customers have reached this page, you can collect details like their name and email address. Set up regular email correspondence and follow-ups to retain customer attention and build trust while proving your reliability.
You should also be running frequent evaluations of your KPI’s and running A/B tests to ensure your system is refined and your target audience is being reached. With high-ticket items, this is especially important.
Who is high-ticket marketing right for?
High ticket luxury items aren’t for everyone. Not everyone is able to afford them, so your list of potential customers is going to have its limitations. Because of this, it’s very important to select and build a relationship with an audience that is very specifically targeted and has a data-backed interest in your niche. But what comes first, is it the audience or the product? The correct answer here would be the audience. Find an audience that you as an affiliate can genuinely connect with and establish a relationship within that niche, from there look for products to promote that your audience is interested in.
This can also be a benefit if you decide to use bonuses or free gifts to motivate your audience to buy. If your audience is tailored to you and your niche, you could potentially offer free training, ebooks, etc. These products would act as an add-on gift for the customer and as promotional material for your services.
Hopefully, this was able to shed some light on the basic differences between traditional and high-ticket affiliate marketing to consider when beginning to understand the space. And hey, even though we can’t all buy yachts, we can properly promote them!