Trends in Small and Medium Businesses: Affiliate Marketing
As a small or medium-sized business, the more revenue streams you can obtain, the better. A popular trend over the past few years that’s increasing in use as businesses become increasingly digital is affiliate marketing. It has proven to be a great way for businesses to increase passive income, and for some savvy companies, provides a substantial portion of their profits.
Affiliate marketing is a modern way to make income using a traditional referral-based model.
For example, in the days before the internet, a dry cleaner without tailoring services might refer his or her clients to a tailor. If the dry cleaner had an agreement with the tailor, he or she might earn 10% of what the referred customer spent on tailoring.
These days, businesses can streamline the process of affiliate marketing by using unique internet links. If you put a special affiliate link on your website or social media profiles, you’ll automatically make a percentage of the sales. Using affiliate programs is a great trend for businesses to use with their customers, and to make commissions from other products they promote on their website.
Affiliate marketing is the top method for encouraging your dedicated customers to spread the word to their family and friends. By offering each customer a unique link, they can make a percentage ranging from 5-20% through telling others about what you offer through their personal Facebook profile, Twitter account, and website.
You can spread the word about affiliate programs by talking to customers in person or on the phone, e-mailing customers, and writing about the program in your newsletter.
Your own business can also make affiliate commissions by using affiliate links to products related to your business.
One example is that, if you have a coaching business, you might have a section of related self-help books on your website. By joining an affiliate program and using affiliate links, you can make a small commission every time a website visitor buys one of those books using your link.
Having strong internet and phone service will make it easier to create and develop an affiliate program for your customers, or add affiliate links to your website.
Contact us for more information about our phone and internet options for businesses!