Topics
- Affiliate marketing
- Increasing online sales
- Word of mouth marketing
Video summary
The video discusses the benefits of creating an affiliate program for an online business in order to increase sales and revenue through word of mouth marketing. The speaker explains that affiliate programs work because people trust recommendations from sources they follow online. Adding an affiliate program can result in a 20% increase in revenue. Therefore, it is worth the effort of enrolling people as affiliates and paying them a commission for every sale they generate.
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Introduction
Welcome to Affiliate Marketing in a Minute, the video series designed to help you get more customers, create more sales, and make more money in your online store. In this video, we discuss whether it is worth creating an affiliate program for your online business.
Affiliate Programs Can Significantly Increase Online Sales
If your goal is to massively increase your online sales, it is absolutely worth creating your own affiliate program. At Shout Out, we see merchants generating millions of dollars every single year from this single strategy alone. Our clients are Shopify, WooCommerce, and Squarespace online store owners who sell everything from fashion to health and beauty, body armor to survivalist gear.
Word of Mouth Marketing is the Most Effective Form of Marketing
The reason why affiliate programs work is because they are based on word of mouth marketing. Word of mouth marketing has always been the most effective form of marketing that there is. These days, instead of just listening to family and friends recommend products, we also listen to people who are online that we follow and really trust what they say. Affiliate programs capitalize on this behavior.
Adding an Affiliate Program to Your Marketing Mix Can Result in a 20% Increase in Revenue
On average, we see a store gets a 20% increase in revenue when they add an affiliate program into their marketing mix. This is because affiliates are motivated to promote your products and bring in sales in exchange for a commission. Affiliate marketing enables you to reach more potential customers than you could on your own. And the best part is, you only pay commissions on sales that are generated, so there’s no risk involved.
Conclusion
If you want to have people talk really positively about your products online, have lots of trust in your business, and share really good positive word of mouth online, then it’s absolutely worth creating an affiliate program for your business. It can be a game-changer for your online sales and help your business reach its full potential.
The Impact of Affiliate Programs on the Affiliate Marketing Industry
Affiliate marketing has been around for decades, but with the rise of social media and online influencers, it has become even more popular. In fact, some of the biggest names in affiliate marketing are online influencers who have huge followings on platforms like Instagram and YouTube.
Because affiliate marketing is performance-based, it has been relatively immune to the changes in the digital advertising landscape. With traditional advertising methods like display ads becoming less effective, affiliate marketing has continued to grow year over year. In fact, some estimates suggest that affiliate marketing spending will reach $8.2 billion by 2022.
The rise of affiliate marketing has also led to the creation of new tools and technologies that make it easier for merchants to manage their programs and for affiliates to track their earnings. With so many businesses investing in affiliate marketing, it has become an essential part of the digital marketing landscape.
Overall, affiliate marketing is a win-win for both merchants and affiliates. Merchants get to reach more potential customers and generate more sales, while affiliates can earn commissions by promoting products they believe in. It’s a mutually beneficial relationship that has helped countless businesses succeed online.
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