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With the rise of the internet and the growth of digital marketing, affiliate marketing has also increased in demand. An Affiliate Marketing strategy is a broad term, that covers a variety of marketing methods that could determine how, or even whether you are successful as an affiliate marketer. So, what is the importance of choosing the right affiliate marketing strategy? It’s a fair question. You see, not every affiliate marketing strategy is created equal. Some strategies work better than others for particular niches and markets. Moreover, there are a number of different strategies to choose from. Each strategy has its own pros and cons, and you should only choose a particular strategy if it fits your long-term goals as an affiliate marketer. Let’s take a closer look at what choosing the right affiliate marketing strategy entails.
- Traditional Affiliate Link Model
This is where an Affiliate Marketer receives a link from the product or service provider that he or she is promoting. They will then drive traffic to this link via the various promotional strategies they have in place. Typically this link will have their personal affiliate code embedded within this link, so that the provider knows where the customer has originated, and to pay the Affiliate Marketer their agreed-upon commission. The upside for this method is that it is quick and easy to implement. However, there are many down sides with this method including;
- Many advertising platforms including social media ones such as Facebook, won’t allow you to drive traffic from their platforms directly to an affiliate link.
- You’re often unable to collect a prospect’s Email address. Asking for and receiving a prospect’s email address is a crucial part in building a long term, successful & profitable Affiliate Marketing business.
- It is very difficult to build your ecosystem, brand & presence on the internet. As you are sending interested buyers directly to another business, who will most likely incorporate them into their ecosystem. In other words they will become their customer, enabling them to market further offers to your lost prospect.
2. Funnel Based Model
This is where the Affiliate Marketer sends traffic to a landing page using a page/funnel building software as a service (SAAS) business, such as Clickfunnels or Builderall. You do get more control of your front end by having the ability to capture email addresses to build your list. You can also build a preframe page to introduce the product or service you are promoting.
The advantages of this method over the standard affiliate link method are;
- You get to capture email addresses and build your email list. This is huge as the ROI for each email subscriber can be as high as 36x. That is for every $1 you spend on an email subscriber you can make as much as $36 in return… This is an INSANE ROI and why building your list is so crucial!
- You can drive traffic to your own personalised domain. This has numerous advantages such as, driving traffic from social media and advertising sites such as Facebook and Google. Further, you can now start building your own brand as opposed to someone else’s.
3. Tribe / Hub Based Model
This is the ultimate Affiliate Marketing strategy as you are building a real & enduring business on the internet. Your hub is your home on the internet, where you build your TRIBE and BRAND to interact with, and provide massive value to your community. This is where you build trust and long lasting relationships with your tribe, who will see you as their go to option in your niche or space. Many of the most successful companies in the word have adopted the tribe/hub model such as Apple, Amazon, Microsoft to name just a few. Also, many successful Affiliate Marketing businesses have travelled this path as well such as;
Nerdwallet — Nerdwallet is a $500M T/O business that connects their community with financial service products & services.
Expedia — Connects their community with travel products & services such as airline & hotel options.
Airbnb — Connects their tribe with lodging & homestay options for vacation rentals & tourism activities.
Advantages over the previously mentioned strategies include the following;
- You can build a tribe or community of passionate members who are connected and resonate with your brand and values.
- You become a trusted & respected advisor with prospects falling over themselves to take up your recommendations and offers.
- You have a centralised hub that you can funnel all of your promotional efforts back to. This ensures your ecosystem is continually built & nurtured.
- You can plug in done-for-you landing pages, webinars and promotional tools into your website. Thus ensuring your ecosystem is centralised with your brand & in one place on the internet.
FINAL THOUGHTS
Affiliate Marketing is a real opportunity. And I believe it is about to go mainstream. As advertising costs continue to increase, I believe more businesses will rely on Affiliate Marketing as a way to control their marketing budgets. One of my favourite quotes is by Bo Bennet…
Because it’s true. The very nature of Affiliate Marketing allows ordinary people like me to partner with huge companies and leverage their systems. For this reason, its is essential that you incorporate a Hub/Tribe based strategy in your affiliate marketing business.
LEARN HOW TO BUILD A HUB/TRIBE BASED AFFILAITE MARKETING STRATEGY
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