There’s all sorts of fun marketing campaigns your company can run or just learn about. Right now, our team has somebody mastering the intricacies of Facebook marketing and ads. There are others on the team who are becoming LinkedIn promotion gurus. The one kind of guru we *don’t* currently have, though, is an affiliate marketing expert. Why? Because, while affiliate marketing is awesome, it’s not right for every market.
Affiliate marketing can do wonders in the right industries.
Why? Because with affiliate marketing, you’re asking somebody else to leverage their influence on their audiences to make sales for you. So if you’re a guru who’s selling information or trainings, then it only makes sense to use affiliate marketing, right? You better believe it!
Does that mean it’s right for every industry? Unfortunately, it doesn’t. How do you decide if it’s right for you? Well, there’s a few guidelines that I’ve discovered that you can use to decide for yourself. Ready? Let’s go!
What is your product or service?
I have a friend who knits (crochets? I always get them mixed up!) some amazing dolls. She sells these dolls online. She also sells the patterns that she creates for these super cute dolls. Would it make sense to pay someone else a percentage of her sale on that doll to help her sell more?
My vote is “NO WAY!” You see, she gets decent traffic as is. And those dolls take more than five minutes to create because they’re handmade. So I can’t in good conscience advise her to use affiliate marketing with those handcrafted dolls.
However, would I advise her to do affiliate marketing on the patterns? You bet! She’s already made them. They’re done. Selling those takes no extra effort on her part. So why not make extra sales on those?
How much traffic or interest are you generating?
Like with my friend in the previous example, she’s generating a fair bit of interest in her goods just because they’re a pretty awesome novelty. On the other hand, if she wasn’t getting as much exposure, she might be interested in doing a limited-time or limited-run affiliate marketing.
What do we mean by that? Well, she could reach out to some of the crafting blog community and ask them to feature her goods. She’d either have to offer to pay them, cut them a small percentage of her sales (affiliate marketing), or give them some of these dolls, because they really are that awesome. And yes, if you get in contact with the right blogger for that industry, you can really see some huge spikes in traffic.
Basically, it’s a cost/risk scenario.
You have to sit down and see if it’s worth the risk. Are you willing to give up a part of a sale (or even a few pieces of your product) to generate the extra interest? Then it may be worth it.