Despite reading a number of books, articles, and blogs on how to start affiliate marketing, you will more than likely come across a number of individuals and e-commerce stores that, technically speaking, demean this means of marketing. However, as it is with a number of business strategies, myths and misconceptions always tag along.
According to a study conducted by Forrester, however, the affiliate marketing spends will likely reach about $4.5billion by 2016. Nevertheless, it is always wise to implement a strategy after thoroughly researching it.
Here are the top three, affiliate industry myths that most are likely to come across.
1. Success In Affiliate Marketing Depends Entirely On the Niche
While there is no doubt about the fact that affiliate marketing yields highly profitable results in specific niches, it does not mean that it would not be successful in your niche. Affiliate marketing depends on the way your affiliates advertise your products. Make sure that you train your affiliates accordingly and help them understand your product or service, so that they can analyze the appropriate target audience competently, and ultimately, yield profitable results.
2. It Will Diminish Over The Next Few Years
This is one of the biggest, and unfortunately, one of the most common myths associated with affiliate marketing. In addition to the Forrester study mentioned above, here are few more facts that debunk this myth:
- Since more people are opting for online shopping, luxury brands are now opting for the integration of affiliate programs within their marketing strategies. (Source: eMarketer)
- It is considered the ideal means of advertising for expansion towards an overseas and international market in a cost effective and efficient manner. ( Source: Marketing Land)
3. It’s Always Quantity Over Quality
Last, but not the least, most (wrongly) assume that affiliate marketing is directly proportional to the quantity of affiliates one has on their dashboards. This, however, is not the case. In a number of firms, only about 25% of the say, 20,000 affiliates generate a return on investment of 85%. It is entirely dependent on the affiliate team, and how well they are trained about the target audience. Consider focusing on a particular set of key affiliates rather than wasting your resources, time, and energy on training an elaborate workforce. Managing affiliates requires a great deal of commitment and effort, and focusing on quality will ultimately yield profitable results!
When it comes to launching an affiliate marketing platform, having an authentic and efficient affiliate program guide is essential. Avail the benefits of affiliate marketing and many more, with a competent management team by your side. We suggest you consider our services at LeadDyno! We provide clients with optimized means that allow highly efficient affiliate tracking of leads, visitors, customers and payments. Feel free to contact us for any questions that you may have and we will be happy to get you started on this ultimate marketing strategy!