3 Ways to Sell More Products Using Affiliate Marketing
The simplest way to sell more products or services is to scale out your marketing budget. The bigger your marketing budget the easier it is to sell more products and services. But you know what? That’s not realistic for most people.
The first thing you need to do is check out affiliate marketing.
Affiliate marketing is when you pay other people to market your product or service. And the beautiful part about affiliate marketing is you only pay them for every time they drive a lead or a sale. And you can pick which one it is.
And that’s amazing because if they’re not driving you sales you don’t have to spend a dollar. Now the key with this is to incentivize your affiliates. The way you do this is paying them a nice bounty every time they drive you a sale or a lead. But before you can do that, you need to figure out your cost for your product or your service.
So for example, let’s say you’re selling something for $200. But your physical hard cost is 100 bucks. You know you can’t pay out an affiliate more than $100. If you pay them $100 every time they drive you a sale you’re breaking even, you’re not making any profit. You don’t want to do that. You could really offer them 10 bucks.
But if you offer them something that’s too low it’s not gonna incentivize them to push your offer instead of pushing your competitor’s offer.
So you need to make sure that you’re giving them enough of a bounty where they’re gonna be like, “Oh my God, this is a lot of money and I’m gonna be happy!”
The next thing you need to do is check out all your competitor affiliate campaigns. So go to their websites, look for their affiliate pages and when you look at their affiliate pages see what they’re offering. You ideally want to try to at least match that if not beat that. If your numbers don’t work out where you can beat it than of course, you know, give a lower bounty to your affiliates.
And last by not least, optimize your landing pages. Through using Crazy Egg, you can see how far people are scrolling where they’re clicking, where they’re getting stuck. And when you optimize your landing pages your conversions are gonna go higher. You can even run AB tests inside Crazy Egg.
And as your conversion rate gets better and even if your conversion rate is better than your competition you can give a lower bounty because if someone drives 100 visitors to your competitor and they only get one sale but you have an optimized landing page and they drive 100 visitors to your website and they get three sales.
In theory, you can pay them less because they’re getting a much better ROI on their marketing spend. Do that, and you can generate more sales or a lot more sales without having to increase your marketing budget.