If you run a lead generation business, then you may have dismissed affiliate marketing as a channel. It can seem tricky to create a successful campaign when you’re first starting out, especially when you have so many other marketing activities to manage. Balancing lead quality with quantity is a fine line that requires a long-term commitment to the end goal. But for those companies that are patient, they are rewarded with a steady stream of leads that are easier to convert and more profitable over their lifecycle. In this article, we share five tips for growing your lead generation business with affiliate marketing.
#1 – Identify a Clear Target Audience
Identifying a clear target audience will make every other step in the process more effective. If you can pinpoint your ideal client, then it’s much easier to develop campaigns that will appeal to them and recruit affiliates with the right audience. It’s well worth investing time into understanding which leads are most profitable to your business. What type of leads have the highest conversion rates? Are there any characteristics that your biggest spenders share? Identifying those customers with the highest lifetime value will enable you to target more of the same.
#2 – Define Measurable Goals
Deciding what you want your outcome to be is one of the most important steps in the process. Without a well-defined goal, it will be impossible to measure a campaign’s success. Do you want to capture their email address so that you can sell to them via an autoresponder sequence? A phone number to set up a meeting? Make a purchase immediately? Agreeing on the desired outcome will enable you to design an affiliate campaign that’s geared towards achieving it. Perhaps most importantly, you’ll be able to define commission incentives that are completely aligned.
#3 – Partner with High-Quality Publishers
For most affiliate campaigns, 80% of the results will be driven by 20% of the publishers. It can be tempting to approve every application and build up a vast army of affiliates, but the reality is that only a small fraction of them will be high performers. Instead, it makes sense to focus your efforts on recruiting partners that are most likely to deliver results. These will be the bloggers and content creators who publish regularly and have an engaged audience that matches your target. By concentrating your resources on recruiting and supporting these affiliates, you’ll see much bigger results from your campaign.
#4 – Develop Long-Term Relationships
Once you have recruited quality affiliates it’s important to build on the momentum through affiliate management. This is what separates consistently high-performing campaigns from the rest. Keep your affiliates engaged by updating the creative content like banners and text ads. Offer tiered commission structures so that affiliates are encouraged to go the extra mile and generate as many referrals as possible. Offer giveaways that affiliates can pass on to their audiences as a way to build even more buzz. This will help to motivate your network and generate even bigger results.
#5 – Evaluate & Adapt Along the Way
Make full use of the analytics and reports that are available to you. The data will tell you what is working well and where you can improve. Unlike traditional forms of marketing, affiliate campaigns allow you to track results in real-time and make adjustments along the way. Being nimble allows you to take advantage of marketing opportunities as soon as you spot them and get the full benefit.
These tips will help your lead generation business to leverage affiliate marketing. Identifying a clear target audience and defining measurable goals will set you up for success from the start. Partnering with high-quality publishers and developing those relationships over the long-term will help you to generate consistent returns. By tracking results along the way, you’ll be able to utilize affiliate marketing to its full potential.
Looking for Help to Leverage Affiliate Marketing?
At Advertise Purple, we can help you to extend your reach and generate high-quality leads through affiliate marketing. We have a network of best-in-class publishers that create engaging content that’s aligned with your strategic objectives. Plus, you’ll benefit from our industry-leading technology which makes tracking and reporting a breeze.
Our experienced team of professionals is always up-to-date with the latest developments in affiliate marketing. We can help you to set up a brand-new affiliate program or manage an existing campaign to maximize results. We can even have one of our affiliate managers do a complementary analysis and strategy session. Contact us today by calling 424-272-7400, filling out the form below or emailing email@example.com.