5 Simple Ways to Boost Your Small Business with Affiliate Marketing

You may have heard about ‘affiliate marketing’, but did you realise it can benefit your business? If you’re like most bricks and mortar business owners, you might be scratching your head, wondering, “What on earth is affiliate marketing?”

Well, worry not, because we’re here to demystify this powerful marketing strategy and show you how it can skyrocket your small business to new heights.

Affiliate marketing could also be called referral marketing. 

At its core, affiliate marketing is a performance-based marketing strategy where businesses partner with individuals or other businesses, known as “affiliates,” to promote their products or services.

In exchange for their promotional efforts, affiliates receive a commission for each sale or action generated through their referrals.

It’s a win-win situation for both parties, with the affiliates earning a little extra cash and businesses enjoying increased exposure, sales, and a diversified revenue stream.

Now that you’re familiar with the basics, let’s dive into five simple ways that an affiliate marketing program can breathe new life into your small, local bricks and mortar business.

From cost-effective marketing to valuable partnerships, we’ll explore the potential that lies within this often-overlooked strategy. So, buckle up and get ready to take your business from bricks to clicks!

INCREASED BRAND EXPOSURE

By partnering with affiliates, a small bricks and mortar business can increase its visibility online. Affiliates can promote the business through their websites, blogs, and social media channels, potentially reaching a larger audience than the business could on its own. This increased exposure can result in more potential customers visiting the store or inquiring about products and services.

COST-EFFECTIVE MARKETING

Affiliate marketing operates on a performance-based model, which means that businesses only pay commissions when a sale or a specific action (like a lead or a referral) is generated. This makes affiliate marketing a cost-effective marketing strategy for small businesses, as they only need to pay for successful outcomes and can allocate marketing resources more efficiently.

ATTRACTING LOCAL CUSTOMERS

A small business can collaborate with local affiliates, such as bloggers or influencers, who have a significant following within the community. These affiliates can create content that showcases the products or services of the business, while also highlighting the benefits of shopping locally. This can help attract customers from within the community and foster a sense of loyalty among local residents.

DIVERSIFYING REVENUE STREAMS

Small businesses can expand their revenue streams by offering affiliate programs for their products and services. This allows affiliates to promote the business in exchange for a commission, enabling the small business to generate additional income. For instance, a local bricks-and-mortar store can create an online store or offer gift cards that affiliates can promote to their audiences.

BUILDING VALUABLE PARTNERSHIPS

Affiliate marketing can help small businesses establish relationships with other local businesses, influencers, or organizations. These partnerships can lead to cross-promotional opportunities, such as joint events or co-branded products, which can further expand the reach and reputation of the business. Additionally, these collaborations can help businesses learn from each other and adopt successful marketing practices that can be applied to their own operations.

OK…so you now have a bit of an idea of what this strange thing called Affiliate Marketing is. Check our next article for five working examples of how this might work for you.

 

Roger Hosie will be happy to explain what you need.
Please call (03) 6244 7854, or email rogerh@rsmgroup.com.au 

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