If you want to incentivize people from all over the world to help you sell your products, then you should definitely look into affiliate marketing.
Affiliate marketing is a marketing strategy that compensates people when they generate a sale for one or more of your products. For example, let’s say you are in the clothing line business and you specialize in selling swimsuits made out of recycled plastic. For the sake of simplicity, let’s say that every swimsuit that you sell, retails for $100. If you were to set up an affiliate marketing program for your company, you would agree to pay anyone who joins your affiliate marketing program a fixed commission for every sale that they generate for you. These fixed commissions are usually in the form of percentages that can be anywhere from 1% to 75%+, but the most common commission rates are somewhere between 5% to 30%. Let’s say that you crunched some numbers and you can afford to give a 20% commission to your affiliates (the people who join your affiliate program to help you sell your products for a commission). This means that for every swimsuit that your affiliate sells for you at $100, you will need to pay them a $20 affiliate commission, netting you $80 for doing nothing other than paying out the commission. The affiliates do all of the marketing for you and you only pay them if their marketing efforts turn into a sale. It’s a win-win!
As stated above, affiliate marketing is a great marketing strategy for businesses that want a sales team that they don’t have to pay unless they get results, but do you know how to track your affiliate commissions? There are a few ways to do this.
Affiliate Tracking Method #1: Join an affiliate marketplace.
By joining an affiliate marketplace as an advertiser, not only does the affiliate marketplace track your affiliate’s sales for you, but they also help you find more affiliates to sell your products and by doing so, they are also helping you advertise your products.
There are dozens of affiliate marketplaces where you can list your products and each one has its pros and cons.
Affiliate Tracking Method #2: Add a plugin/extension to your e-commerce store.
If you would rather run your own affiliate marketing program, then this could be a great option for you.
The biggest downside when going this option is that you will have to find affiliates to market your products yourself. But if you don’t mind this and if you are a quality vs quantity type of business when it comes to who advertises your products, then this option might be your best bet.
The type of software that you will install on your own e-commerce store to run your affiliate marketing program will depend on the type of e-commerce platform that your store runs on. Each e-commerce platform has different plugins/extensions that run these programs. For example, SolidAffiliate, is a popular choice for e-commerce stores that are run on WooCommerce with WordPress. Mageplaza has a popular affiliate extension to run on Magento. Refersion is a popular plugin for e-commerce stores on Shopify.
If you’re not on any of these e-commerce platforms, then you might want to look into other types of affiliate marketing tracking software like Post Affiliate Pro.
There are a lot of options that you can choose from. Before you make your decision, make sure that you do your research and reach out to us if you have any questions. Let’s Talk.
Affiliate Tracking Method #3: Host your own affiliate program using promo codes.
If you want the quickest and easiest way to set up an affiliate marketing program, then custom promo codes could be an option for you.
All you have to do is give each of your affiliates their own custom promo code that they will give to their audience to use in your e-commerce store. For example, the promo code that you would set up for Wyle Entertainment might be something like “WHYLE15” where the customer gets 15% off on your products and the affiliate gets paid a 15% commission. At the end of each affiliate commission period (month, quarter, etc), you would then just total up all of the “WHYLE15” promo codes and send your affiliate, Wyle Entertainment, their affiliate commissions.
This method does require that the affiliate trusts you and your organization, so make sure that if you’re going to go this route, you will need to be transparent with your affiliates and you will need to communicate with them on a regular basis so that your affiliate continues to advertise your products.
Founder at HiredMarketing.com
We would LOVE the opportunity to help you set up and manage your affiliate marketing program! This is one of the many reasons why we created HiredMarketing.com because we want to be your product marketing hired hand when you need help. We work on demand, so we can do as little or as much as you need us to. We work on a monthly retainer model so you get to determine how many hours we work on your product marketing projects each month, so you never have to worry about going over your marketing budget. The days of having to hire and train in-house employees for individual marketing tasks are gone. You hire us and we will use our own proven product marketing specialists to carry out your product marketing tasks efficiently, effectively, and within budget.
If you have questions or if you’re interested in learning more, let’s talk.
If you’re the type of person that needs more data before you want to talk to us, then let us conduct a FREE (for those that qualify) Product Marketing Game Plan (PMGP) on your business and products to show you which product marketing strategies you should be implementing to increase your product sales. For your free Product Market Game Plan (PMGP), click here.
If you want to know our transparent pricing options or if you are ready to hire a hand to help you market your products and increase your product sales, then go ahead and click here.