Mr. Dongre has a small furniture business where he crafts artistically carved tables, chairs, shelves, and tools out of wood. After discovering the advantages of online selling, he has been a dedicated furniture e-seller. But now, he wants to expand his customer base and has been looking for ideas to increase sales. What Mr. Dongre needs is to be able to reach out to people who would be interested in buying his beautiful furniture. This is only possible if he advertises his products on relevant platforms, which can generate more leads than others.
Affiliate marketing is a good way of advertising online
where entrepreneurs like Mr. Dongre can target a large customer base with the least amount of effort.What is affiliate marketing?
Affiliate marketing takes its concept from an earlier marketing form, wherein a person refers your product to someone. If the recommendation results in a sale of your product, the person earns a commission. In the digital platform, businesses generate unique affiliate links for attracting leads and sales. The online user who manages to convert a lead to a sale are rewarded a pre-determined amount for each purchase that happens through the link.
In the last few years, affiliate marketing has gained traction as a sure shot method of online revenue generation for both the business owners and affiliates. This partnership, in fact, is key to improving your business over a long term. It can also help build a lasting relationship between the partners, bringing in sales even during later dates.Is it a profitable business improvement idea?Social media
has always influenced user sentiments and preferences. When users recommend products on Facebook, Twitter, Instagram, Youtube, or Snapchat, their friends or contacts tend to click on it and view them. Some people post articles, photographs, and videos reviewing the products in their blogs or websites. This boosts trust for these products in consumers’ eyes. Affiliate marketing takes advantage of this trust, increasing the chance of readers clicking on the relevant or recommended products’ link, and eventually purchasing the item.
India has a burgeoning online business scenario with immense potential for innovative business models. The reason that affiliate marketing is profitable can be attributed to the large group of bloggers, video reviewers, and web-owners, who regularly research products and post their views on these platforms. For these internet influencers, affiliate marketing is lucrative money earning opportunity. For the sellers, this is equally profitable.
Currently, affiliates have contributed to about 96 crores of the online retail sales in the country. Estimates suggest that by 2025, this number is poised to reach 835 crores, a remarkable growth of 8 folds within eight years*.Why Use Affiliate Marketing to Promote Products?
If you are still unsure why affiliate marketing is the best idea to increase sales of your products, check out the list of benefits here:It enhances brand value and credibility
– Small businesses partnering with bigger brands, for instance, furniture makers associating with home improvement agencies, construction giants, and interior designing firms can reap high benefits from catering to a targeted audience and being associated with market-renowned businesses.It helps advertising to a wider audience
– Affiliate marketers can be individuals, companies, or agencies, helping you tap into their own customer base. This increases your consumer base maximising exposure and opportunity for new sales.It makes you the master of the affiliate program
– In affiliate marketing, simply promoting products
does not warrant you to open your pockets. You can choose to pay only when the link converts to a sale. Additionally, you can decide the amount of incentive you pay for a particular advertisement type. For instance, you can choose to pay more to someone who gives your brand or product more exposure than someone who simply posts a link.It gives you complete control
– Yes, you can even control how you want your brand or product to be portrayed online. Affiliate marketing allows businesses to provide the images, graphics, text and even completely designed banners to be used by affiliates.It creates a passionate group of followers
– If you regularly communicate with your affiliate and your partnership is strong, affiliates are motivated to push your products even more. Help them with good incentives and see them become passionate advocates.
Now that you know that affiliate marketing can change your entrepreneurial venture to a fledgeling business, allow Amazon to give you the right retail platform. With thousands of consumers already signed into and regularly buying items on Amazon, sellers here are assured of buyers lining up. Register at Seller Central
and see your products fly off the shelves.Source: Adgully: Affiliate marketing industry to reach $835 mn by 2025