There’s no doubt that launching a new product in 2014 requires a clear web marketing strategy. Web marketing has become the core of everyday business activities, yet, most businesses are not aware of an integral portion of the strategy which can boost sales and increase market share: Affiliate Marketing! As a crowdsourced, performance-based service; affiliate marketing is a low-risk, high return strategy for online marketers.
What is Affiliate Marketing and How Does It Work?
Affiliate marketing is an Online marketing tool that connects you with other companies (bloggers, websites etc.) and other “affiliates”. You are able to place an advertisement spot on your companies website, and then receive a referral fee if business is generated for the affiliate business from your advertisement. Not all affiliate rates are equal, nor are they based on the same type of business for the company. For example, some rely on sales, others provide fees for the customer signing up for a newsletter or something similar. Unlike other systems that charge a company money for less of a promotion, the affiliate marketing model only costs if there is a sale or affiliate business (excluding initial set up).
Size & Power of US and Global Affiliate Markets
According to Forrester marketing research, “Affiliate marketing spending in the US alone is estimated to reach over $4.5 billion in 2014.” The prowess of the blogging world and internet marketing being a part of everyday business practices, proves that affiliate marketing has the potential to increase tenfold in the following years. “eMarketer estimates that global e-commerce sales will have exceeded 1.2 trillion moving into early 2014. Forrester also predicts that the industry may consolidate, but it will continue to grow by an average 17 percent between now and 2016. On a global scale, Affiliate Marketing is predicted to change the face of internet promotion, According to reports on online affiliate networks, total sales generated in UK alone was £2.16 billion in 2006 and £1.35 billion in 2005.(Source:www.wikipedia.com)
Benefits of Affiliate Marketing
By participating in affiliate marketing, it takes a small effort and can produce large results. Over one third of consumers begin their shopping from an affiliate site and understanding the shopping habits, and increase of e-commerce can demonstrate the major impact that Affiliate Marketing efforts can have for your business.
Affiliate marketing has minimal costs, but placing yourself correctly within great community of affiliates, even the smaller businesses can compete with larger companies that pay much more in advertisement costs. By outsourcing marketing efforts, it can free up time and money within your company and reap large rewards simply by joining a large pool of affiliates. Forrester’s research showed that 47% of surveyed buyers, were more likely to buy a product that was seen on multiple sites. This fact alone shows the impact that joining the affiliate community can have on growing business and creating more customers.
Marketing with an web marketing plan that joins your business with other well known and well-respected companies, builds brand loyalty and reputation. Businesses that trust your product are able to promote your business through Affiliate Marketing and customers are able to see that your brand is well-respected within the industry and by similar consumers. The power of the community trends and marketing efforts only multiples the rewards and benefits.
Affiliate marketing allows for businesses to also test the water and gain priceless market knowledge, without making large monetary decisions in a new region. More data and market knowledge, increases the customer experience as well. By knowing more about your businesses target market audience, and where your business is being generated through affiliate participants, it gives more insight and enables you to make choices that will overall help the end consumer.
Affiliate Marketing can also jump start a company that by joining a group and gaining the support of the right affiliate market. This type of exposure can rapidly increase a new business into the target market and get quick results. Affiliate marketing participants are niche representations of the target market for a business and by joining in this group, the business is becoming widely distributed and readily accessible to a audience that reaches all areas of the globe.
Choose Affiliate Marketing to Grow Your Business
In a growing marketing world where competition for advertisement space can come at a premium, Viral Wolf can create methods for your business that open doors to a larger market and increased success. Viral Wolf provides OPM (outsourced program management) in designing, creating, launching, management, and optimization of Affiliate Marketing Programs for unique brands who are serious about taking their online sales & marketing to the next level!
Contact Viral Wolf today to learn how your business can be skyrocketed to the next level by using advanced Affiliate Marketing technologies and potentially double your online sales in less than one year!