Affiliate marketing isn’t a new concept, although the term specifically relates to internet-based commerce. It works on the idea of one business promoting another, and both businesses getting a share of the profits from this arrangement. It’s one of the ways in which Amazon became so big in the early days of the internet.
How does this help eventpreneurs?
Simply put, affiliate marketing could be one of your most useful ways of generating leads and business. Considering how much money you’ll inevitably spend on social media advertising, it makes sense to invest some of that money into building relationships with local businesses instead. This not only helps to build strong connections in your area and industry, but puts money back into the local economy too.
When choosing which businesses to contact about affiliate marketing, it pays to be smart. Think about where your potential clients will network, and what kind of businesses they’ll visit. Then approach these businesses to collaborate to work out a good deal.
Here are 4 tips to help you maximize the potential of affiliate marketing:
- Consider working with businesses you would work with anyway. For example, if you’re a wedding planner, get your business advertised at local wedding venues if possible. Potential clients will already be visiting these locations, so why not make the process easier for them and get your services out there.
- Build working relationships with companies. For example, if you regularly hire the same supplier for your events, offer to recommend them to your clients in return for some marketing potential. If they advertise your services on their website or through their business, you can feed off each other’s clients, making the process better for everyone.
- Be smart about which businesses you affiliate with. It might seem a good idea to rush out and try and build a relationship with a massive company. However, not all relationships are created equal. Ensure your values are in line with each others before pursuing the opportunity.
- Consider offering affiliates promotions. The main objective of affiliate marketing for businesses is to generate leads, and what better way to do this than with promotions? It doesn’t have to be anything major; it could be as small as a free consultation. Offering new clients an incentive to contact you is more than half the battle won.
Affiliate marketing can be massively beneficial for EventPreneurs, especially as it can be a more cost-effective way of advertising. The main benefit however is to build good relationships with local businesses, as you can then feed off each other’s client base. The first step to take is to work out which companies would benefit you the most, and create an attractive deal to offer them.
Do you use affiliate marketing in your business? Has it been successful for both parties?