If you have started your business, then starting an affiliate program can be one and a major idea to promote your products, increase your reach and elevate your revenue.
Running an affiliate program is a digital marketing technique where you appoint affiliates to advertise your products on their websites, social media platforms, etc. and provide them with a fixed amount of commission from every sale they make through their affiliate link.
Reading these lines, the process seems to be effortless. However, it’s not, there are a whole load of steps, tips and tricks that you need to apply to generate revenue from affiliate links.
Here in this article, mentioned below are some tips that you can adapt to run a successful affiliate program in Malaysia.
Tip-1: Identify your Audience
For a business running for a long time, it will be very easy to identify their targeted audience, based on their past sales.
However, for a newcomer, it is a bit of a task that is to be achieved, as new businesses have very little data to analyze and make decisions based on that.
Following are some points, basis of which one can identify their audience to be targeted:
- Make a user persona: It is a document that contains the specifications of an ideal hypothetical customer who will buy your product. Basically, it contains whom you are going to sell the product to.
- Make a note of the products that people are purchasing the most.
- Identify which geographical area is driving the maximum number of people and also, areas where your products are not performing that well and attracting fewer people.
Tip-2: Define Conversion Goals
Once you have identified the type of users you need to target, you can set your goals to generate more revenue.
The first and foremost thing that you need to figure out is how many users an affiliate should bring to your website in a month or quarter or any defined time window to get to your desired revenue.
Now, within that, you need to figure out several other factors to run an affiliate program in Malaysia that can generate profit:
- All users coming through affiliate links are not buyers, many of them just visit to know more about the product and the company. However, it’s your duty to come up with a strategy through affiliates to convert them to your customers.
- Figure out your repetitive and new buyers coming from an affiliate link.
- To get leads, i.e., user information that can be further used for email marketing, you can set goals of impressions, clicks and leads through an affiliate link.
Tip-3: Get links from Valuable Affiliates
Once you have decided upon your goals and know the people you have to target, you are required to get affiliate links that can help you generate revenue and drive the required customers.
Know what type of affiliate will help you reach your ideal hypothetical customer and targeted areas.
Aim to get affiliate links from websites that write blogs on products similar to yours or which publish reviews of products. Get in touch with them and talk out the business part.
Moreover, rather than just paying the commission from the product that is sold, make a deal for the amount paid for every click and lead you will get through that affiliate link, this will help in increasing awareness of your business among consumers, and will also encourage the affiliate to drive more traffic.
Additionally, try and get affiliate links from social media influencers as well, who you think can increase your customer reach and elevate sales. Social media influencers can greatly help in driving traffic of potential buyers and at cheaper costs, which is a key for a victorious affiliate program in Malaysia.
Tip-4: Analyze competitors
Analyzing competitors is the most important step that will lead you to success in your affiliate marketing. Go through your competitors’ affiliate links and take note of the following points:
- Which type of websites are hosting your competitors’ affiliate links?
- What is the monthly traffic of that website?
- From which area the users are mostly coming from.
After analyzing your competitors on all these criteria, you will have a clear idea about which websites, persons or entities you can approach to get your affiliate links.