If you simply go and discuss Affiliate Marketing with a Layman, you will see that he is also ready with an opinion, whether positive or negative. There are numerous myths out there that surround Affiliate Marketing and can often cause businesses and brands to pass on such type of programs that later turn out to be a failure.
Whether you are a Brand Manager with some Fortune 100 Name or the Marketing Director with an online store; it is essential for you to set up a Concrete Affiliate Program that can open a Revenue Channel without much of the stress which is usually associated with a new Marketing Initiative.
And if you are developing a program for Affiliate Marketing, it is really important for you to understand these myths in order to make the correct decisions as and when required and work towards the growth of your business.
#1 – Affiliate Systems are easily manageable
Generally, it is assumed that any Affiliate Program is quick and easy to manage whereas it needs a lot of work. And, in most situations, you have to face a lot of competition which means you are not going to bring the money in instantly.
Almost 47% of Indian Business Owners and Entrepreneurs believe that you only need setup a website and select some Affiliates to associate with and then, just let them run the program however; according to the study done by Three Ladders Marketing, only 0.6% of Affiliate Marketers could survive more than two years in Indian Markets.
This clearly means that Affiliate Marketing takes enough time and effort to build the structure and then make some money. The business relies on fostering relationships between the Business and Affiliates and to do so, you must:
- Connect with the right partners for your program
- Look out for better and capable partnerships
- Update the Website content frequently to keep it fresh.
An affiliate program can only bring traffic to your site or business; it’s your job to turn that traffic into conversions.
#2 – A Known and Productive Niche makes Affiliate Marketing work better
A lot of Business Houses do not bother to try an Affiliate Marketing Program because they have a firm belief about the size of their Favorable Market Segment. Some companies start with the concept and try to break into bigger niches even if they don’t have any interest in the market, resulting the wastage of funds and efforts.
It is pretty conventional that popular niches can do better with Affiliate Marketing however; it never means that you do not have a chance at success otherwise. Stay Focused and remain in the queue with the Goals and Mission Statement of your organization and you will surely find Affiliates who understand the relevance of working in a market where you can be comfortable.
#3 – Success only comes if your product is available on as many sites as possible
If that truly was an option, all webpages would have been loaded with links to Fortune 100 Brands’ Websites. What I feel the best way to get Affiliate Marketing working, is considering Quality over Quantity.
There are several smaller websites that will agree to promote your product, but the key is identifying that small number of Affiliate Partners who can deliver conversions to your business. For example, a Real Estate Firm might have over thousands of Associates coded in the system and still, only few of them whom you can count on fingers, generate more than 75% of total revenue.
In order to get more business from your Affiliates, you can start with interviewing them first and realize if they need some product training before they start full time.
#4 – Affiliation is a Mundane Strategy
With the new and upcoming algorithms by Google for Search Engine Optimization, building Links for pages will become a concept of yesterday. True! And that surely will discourage Affiliate Marketing Activities too but even if this is the case, there are a lot more fresh options where one can use SEO and still build a brand.
If you are not the one managing the Affiliate Program, you might come across some link issues with Google but for the most part, the whole idea of Affiliate Marketing still makes sense as it offers other relevant and related resources to consumers.
#5 – You don’t need to invest money in Affiliate Marketing
Yes, it’s true that Affiliation is a Cost-Efficient Method however; it still requires some funds to begin, if not too much. Online Marketers spend a lot of money to market their Brand Name.
If we compare Affiliate Marketing with other ideas being used by Marketers; it still seems the least expensive one.
The Bottom Line
The Success of a Business or Affiliate Program depends on how you locate perfect Affiliates for partnership and how often they can derive results for you. The real deliverables will never be dependent on the size of your Affiliate Group. According to the same study done by Three Ladders Marketing, which we mentioned above, most of the traffic for Affiliates was driven by SEO (79%) and Social Networks (60%).
Although these studies show that Affiliate Marketing is not that easy however; if you remember to nurture relations, focus on your forte, emphasize on just a few Key Affiliates and create an appropriate system that can generate performance for both the Advertiser and the Affiliate, you can surely drive profit and conversions even for a small business.