Nowadays, starting an e-commerce business requires almost no money, but if the cost of opening and maintaining an e-commerce business is minimum, most e-commerce businesses fail.
The reason for that is that you can open an e-commerce business cheaply, but you need the traffic to make sales, and the advertising costs are not cheap!
The solution to that problem can be provided by affiliate programs.
An affiliate program can help a new company to build a brand and start making sales, while it can also help old companies to increase their sales.
Additionally, it can also help the survival of a company, new or old if no sales are made and there isn't any budget to pay for advertising. In that case, an affiliate program can help a company boost its sales at a minimum cost.
A company can include an affiliate program on its website and offer a commission to anyone that makes a sale of its products or services.
This is how an affiliate program works:
An affiliate marketer is a person that wants to promote a company's products or services through an affiliate program.
2. The affiliate marketer gets an affiliate link with a unique id.
3. The affiliate marketer promotes the affiliate products/services with the unique affiliate link.
4. Each time someone buys something using the affiliate link, the affiliate marketer earns a commission.
An affiliate program of a company helps the company minimize advertising costs because the affiliate marketers will promote the products or services of a company for free.
All the advertising can be done by affiliate marketers, and in this way, a company will keep low ongoing costs for advertising.
For example, an influencer can register for a company's affiliate program if they are making a profit from that affiliate program and will continue to promote the company's products to its audience with new blog/social media posts.
An affiliate program also gives a company the potential to attract influencers with a large audience. It's wise for a company to create an attractive affiliate program so it will attract more affiliate marketers in quantity and quality as well.
Some terms that are good for a company to keep in mind to create an attractive affiliate program are recurring commission, tier affiliates, and high ticket affiliate marketing.
An attractive affiliate program has a high conversion rate because if you offer someone a good commission to promote your products, it gives them the feeling that your company is also their own company.
Many affiliate marketers will work hard and they will do anything to promote your company because they make a living from it.
An affiliate program can also give a passive income that will result in financial freedom.
This can happen by an affiliate marketer creating a website, creating original content in the website niche, and also creating content for the affiliate products/services.
The final step is to drive a lot of traffic to the website using digital marketing strategies like SEO, social media marketing, etc.
If this goal is to succeed, after some time, the website will start generating money, and no more actions need to be taken.
Rewardful offers a service that helps SaS companies set up an affiliate or referral program with Stripe and Paddle.
It's an all-in-one solution that includes everything a company needs to create an affiliate program. It includes every feature that is needed to create an attractive affiliate program.
A good solution for any kind of business can be the Shareasale affiliate network which is very popular with more than 4,800 merchants and over 241,000+ affiliates worldwide.
With so many affiliates it will be much easier for a business owner to find affiliates in the Shareasale network, instead of just relying on the affiliate program that is installed on a company website.