The market value of the affiliate marketing industry surpassed $17 billion in 2023, thanks to the 81% adoption by top brands and 84% by publishers. Affiliate marketing accounts for over 16% of Canadian and American e-commerce orders and 15% of global digital media revenue. These statistics show how profitable this avenue can be for content creators.
But with so many affiliate programs around, it is easy to get overwhelmed when choosing one. However, that will not be the case if you understand the building blocks of affiliate programs.
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Qualities of the Best Affiliate Programs
Depending on the program, affiliate marketers get paid after generating a sale, lead, or click. As an affiliate marketer, you can drive traffic and sales through blog posts, coupon sites, emails, mass media sites, and paid search microsites. Nonetheless, you need the right affiliate network and program for your marketing efforts to bring fruit on different channels. These tips can help you choose a good affiliate program that is sustainable, profitable, and reliable.
Find affiliate programs offering competitive commission rates so that your marketing efforts would be profitable. The commission rates depend on the service/product and the industry, with the best-paid programs offering rates of 50%. Conversion rates and the average order value (AOV) affect the commission rates. Only choose programs with conversion rates and AOV that balance well with the commission.
Consider affiliate programs with tiered commission rates because the percentage increases with sales and revenue generation. This guarantees you higher earnings from every sale you make. Measure the program’s commission rate against the company’s reputation, quality and type of service/product, and the provided resources.
High-quality affiliate programs offer the resources a marketer needs to effectively promote the product or service. They offer quality training and support to enable people to use the resources more effectively to optimize marketing campaigns. Ensure the program you choose has reporting and analytics tools to help you track the performance of your campaigns.
You also want an affiliate program that offers uniquely sized and styled images and banners to suit the needs of your audience on different platforms. Programs with customizable templates help you modify and optimize your email marketing campaigns and text ads for your audience and brand. Finally, a good affiliate marketing program should have a caring and reliable customer support team.
Flexible and Payment Options
Many affiliate programs welcome partners from all parts of the world. Although this levelheadedness in opportunity-sharing is incredible, they often lock out many would-be partners with the payment options they support. Many well-trusted programs work with globally-accepted payment methods and online gateways.
The best beginner-friendly programs support payment via PayPal, Payoneer, cryptocurrency, virtual gift cards, bank transfers, and checks. Ensure you partner with affiliate programs supporting the payment methods accepted in your country and jurisdiction.
Beginners in the affiliate marketing world may not know this, but cookie duration is the period between when someone clicks on your affiliate link and when they order and pay for the product. It is the active period of the cookie associated with your affiliate link. To help you better understand this concept, let’s compare the benefits of a cookie duration of 24 hours and another of 90 days.
For a 24-hour cookie duration, you only have 24 hours to persuade your customer to purchase. If they do so after the cookie’s expiry, you won’t qualify for the commission, which only benefits the product seller. For a cookie duration of 90 days, you will earn a commission provided the customer completes the purchase within three months. For your benefit, look for affiliate programs with a longer cookie duration.
Product Quality and Reputation
Whether you run an affiliate marketing campaign on your blog, social media profile, or paid search microsite, you have an audience and reputation to protect. You also have a unique niche and wouldn’t want to divert from that course. For these reasons, when choosing an affiliate program, you want to ensure it’s from a reputable company known for offering high-quality products. Look at the history of the program and the parent company to make sure they’re suitable for your brand.
Top-notch products and a solid track record lead to affiliate marketing campaigns’ success. They attract high-quality clients and lead to repeat customers. The worst mistake you can make as an affiliate marketer is partnering with untrustworthy companies offering substandard products. It will ruin your reputation and affect the growth of your brand.
Everybody with a small online fan base and a knack for selling can become an affiliate marketer. However, not every affiliate marketing program can generate a substantial income. Therefore, when choosing one, weigh the value you will get and the time it will take to cash out. Avoid programs with meager commission rates, a short cookie duration, and substandard products.