Affiliate marketing consistently outperforms other channels for ecommerce businesses. In this special guest post, Refersion's Robert Woo shares essential tips about how Littledata customers can get a piece of the action.
Affiliate marketing is a powerful channel to drive sales, but is surprisingly overlooked by many small and medium-sized businesses. In a 2016 report by Heinz Marketing, referrals made the most positive impact on revenue for businesses, by far.
As business owners know, the easiest sales come from customer recommendations to their friends and family. Especially for SMBs, word-of-mouth is often the backbone of how they acquire new customers.
Now here’s another statistic: when customers come through affiliate channels, their average customer revenue is 58% higher than other channels.
In other words, not only is it easier to get more customers via word-of-mouth, if they are referrals, but those customers also spend more. As you can see, getting into affiliate marketing is a double win for your business. But it can seem tricky to get started.
The traditional way of doing affiliate marketing
Online affiliate, or referral, marketing is as old as the internet. Here’s how it traditionally works:
- Research various affiliate networks that are accepting new merchants (that’s you).
- Pay a fee to join one (as high as $5000).
- Use this network to find affiliate partners to market your product/service.
- Pay out a commission to these partners.
- Pay out a monthly fee, and a portion of these commissions (15 to 25%) to the affiliate network.
In this traditional way, you can see a clear trade-off for the benefit of joining an existing network. While you’ll have immediate access to many publishers waiting to market your product, there are a lot of fees for this privilege. So much so that for smaller businesses often find it hard to make a good profit from this model.
On the other hand, you could start your own program up from scratch. But while you’d save a fortune in fees, the big trade off is your time investment. It takes time to put an affiliate marketing program in place. From creating a portal for your affiliates to use, to finding these influencers in the first place, to getting the hang of the metrics you need to monitor; it can all be a lot, especially for SMBs with a small team devoted to marketing.
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The better way, for Littledata customers
Luckily, we here at Refersion have made it easy and affordable to forego joining an existing affiliate network and start your own. What we do is help businesses take a 'hybrid approach', taking the best of both worlds, making running a program cheap and simple.
The best part? We’ve now integrated with Littledata to make data analysis even more insightful, so your business can easily maximize the ROI of your in-house affiliate marketing program. Used together, Littledata and Refersion are a supercharged toolbox for ecommerce entrepreneurs who have always wanted to launch a referral program, but was afraid to commit the time and energy.
With Refersion, you can set up your business to start taking advantage of affiliate marketing in less than ten minutes. Connect your online shopping cart, create custom affiliate emails and coupon codes, and quickly find the right publishers to work with in the Refersion Marketplace. And if you’re already a Littledata customer, you’ll know that you can get all your affiliate marketing metrics and analysis in your dashboard and reporting.
Don’t leave money on the table
With the rise of ad blockers, many types of online marketing have taken big hits. But affiliate marketing isn’t subject to this limitation. Don’t ignore one of the best channels of getting new customers and higher sales! If you want to learn more about Refersion, watch this short intro video on how it all works.
Ready to take the plunge? Here’s a special signup page for Littledata customers. Get a 14 day free trial today!
Robert Woo is a Marketing Manager at Refersion.