LeadGen Strategy: Should You Develop An Affiliate Marketing Lead Generation Program?
LeadGen Strategy: Should You Develop an Affiliate Marketing Lead Generation Program?
One of the biggest hurdles you have to overcome when running a successful business is figuring out how to generate a consistent number of quality leads. Developing and deploying a comprehensive lead generation marketing strategy internally can put a lot of pressure on your team. Instead, you can develop a lead generation affiliate program that allows you to partner with independent marketers, who attract potential customers while you focus on delivering a great customer experience.
Our team at lemonads works with some of the top lead generation affiliates in the world, so we’re very familiar with the benefits that working with these marketers can produce for your business. That said, developing a lead generation program is not that easy, especially if you don’t have experience working with affiliates in your industry.
In this article, we will briefly discuss the basics of affiliate marketing and cover additional advertising techniques that work well with this approach. We’ll also go over the benefits of lead generation campaigns and provide tips on creating a program that helps you attract the best lead-gen affiliates.
The Basics of Affiliate Marketing
For starters, let’s discuss the basics of affiliate marketing and its different stakeholders.
Affiliate marketing is a promotional approach where advertisers work with affiliates to promote products and services. In this context, advertisers are the companies that want to promote their services, while affiliates are independent marketers that help businesses through numerous ads campaigns.
This may vary depending on the industry, but most affiliate models have four main stakeholders, which are affiliates, advertisers, affiliate networks, and consumers.
Simply put, consumers are the people that make up the target audience, but they can actually consist of potential B2C or B2B customers. Moreover, ad networks are platforms designed to help advertisers launch their affiliate programs, attract the best marketers, and manage all interactions with these professionals.
An affiliate program is an agreement between an advertiser and one or more affiliates, and it contains all of the elements that marketers need to know to generate valid conversions. At the same time, the program specifics payout amounts, payment schedules, and other details that affiliates need to know to choose the best alternative.
Is Affiliate Marketing Compatible With Other Advertising Techniques?
As you may already know, the best way to improve the effectiveness of your marketing campaign is to diversify your strategy. Rather than opting for one method, you should create a healthy marketing mix that includes communication channels that are used often by your customers.
With the above in mind, not all marketing techniques work well together so you need to evaluate the different alternatives and create a compatible mix tailored to your company.
The good news is that affiliate marketing is compatible with a huge range of digital and offline marketing techniques. This includes:
- Search engine optimization
- In-house PPC campaigns
- Email marketing
- Cold calling
- Social media marketing
- Inbound marketing and other digital techniques
Is It Possible to Generate Quality Leads Through Affiliate Marketing?
Many advertisers are skeptical about affiliate marketing because they dislike the idea of giving up a certain degree of control and letting affiliates take on some of the heavy lifting. However, affiliate marketing is used by approximately 4 out of 5 businesses on a global scale, making it one of the most popular forms of marketing today.
One of the many reasons why lead generation affiliate marketing has become so popular is because it’s helped a huge number of companies across dozens of industries generate a consistent number of potential customers. At the same time, developing a program to attract lead generation affiliates is relatively low-risk, especially when compared to traditional channels that can’t be tracked or quantified.
In addition to the above, some of the reasons why affiliate marketing lead generation can help provide quality prospects include:
Superb Transparency Levels
Lead generation affiliate marketing is a type of digital performance advertising that relies on attribution and tracking. This means that lead generation marketers ensure that all conversions are trackable, valid, and meet the requirements set forth in the affiliate program.
As an advertiser, you also have a lot of control so you can take steps that help improve transparency. For example, request valuable contact information that is authentic and easy to verify. That said, remember that the more steps required to generate a conversion, the harder it will be to generate leads, so you’ll need to offer more competitive payouts.
Allows for Targeting By Location and Other Demographic Data
One of the main advantages of affiliate marketing lead generation is that marketers can target specific areas through dedicated campaigns. Not only this, but affiliates can filter traffic based on other demographic information like age, gender, browsing habits, browser type or version, and many other variables.
This is one of the reasons why affiliate marketing is suitable for all types of companies, even local providers. Some marketers specialize in launching ultra-targeted local affiliate marketing lead generation campaigns designed to drive foot traffic, so advertisers can usually choose the exact level of support they need.
Intricate Analytics that Allow for Better Decision-Making
If you have experience working with digital advertising campaigns, there’s a strong chance you’re familiar with the benefits of having in-depth analytics.
Affiliates can track a wide range of campaign metrics, which are statistics that help them understand how their ads performed. These include metrics like conversion rate, click-through rate, and other statistics that reveal how the target audience feels about a particular advert.
After tracking enough information, affiliates can examine the statistics of their campaigns and make adjustments that help them produce a higher number of quality leads for their advertisers.
Relatively Low Financial Risk
The reason why affiliate marketing lead generation is known for being low risk is that advertisers only have to pay commissions for valid conversions. In other words, if affiliates don’t produce leads that meet the program requirements, it won’t cost advertisers any money. On the contrary, when affiliates perform well and incur a large payout, advertisers receive a large number of qualified leads.
Boosts the Performance of Other Techniques
Affiliate marketing is not only compatible with other types of marketing, but it can actually boost the performance of other digital techniques. The reason for this is that affiliates often focus on generating quality content and using it to promote the advertisers’ solutions, which bolsters the reputation of the brands being promoted. Not only this, but driving more engaged traffic can also directly boost user experience metrics, which in turn impact search engine optimization, PPC, and other approaches.
Tips on Developing a Superb LeadGen Affiliate Program
Remember, you need to create an attractive affiliate program in order to partner with the best marketers in your industry. Leading affiliates can drive the highest-quality leads to your site while ensuring that your brand only garners positive attention.
With the above in mind, developing a program for affiliate lead generation isn’t simple. Let’s take a look at some of the steps you’ll have to take to create a winning lead generation affiliate program.
Set Your Objectives Early On
The first step you need to take before anything else is to set up your goals. Rather than focusing on one type, you should set long-term goals as well as short-term milestones that help you stay on track and on schedule.
At the same time, remember to be as detailed as possible with your goals. All affiliate marketing lead generation programs are designed to, well, generate leads. Therefore, you should get more specific and think about the number of leads, the budget you want to stay within, and other elements that help you set more tangible goals.
Determine Who Your Target Audience Will Be
Your target audience may seem obvious. But, instead of looking for your platonic customer, you should analyze your current client base and determine who the most profitable audience is. Once you have a program in place that allows you to consistently generate leads from this segment, you can start exploring other audiences and experimenting with your creatives.
Always Value Quality Over Quantity
Putting a huge amount of pressure on affiliates to generate a certain number of leads can sometimes affect the quality of the results. Try to stay clear from quantity-based goals and include quality indicators as the requirements of your program instead.
Define a Lead Evaluation Mechanism
Many first-time advertisers are happy to reel in as many leads as possible. But, the truth is that now all leads are created equal, so you should develop an evaluation mechanism that lets you see the value of each prospect that your affiliates attract.
Nurture Affiliate Relationships and Scale as Much as Possible
Although it may be time-consuming, you should compare the performance of your affiliates and establish a good relationship with your top partners. There’s a strong chance that these affiliates will scale and develop their platforms, which will help you grow your own project later on.
Are You Looking to Set Up a LeadGen Affiliate Program? Contact lemonads Today
Lead generation affiliate marketing programs are not always easy to develop or promote. As a matter of fact, the quality of the affiliates you attract will directly impact the results you get.
Instead of figuring out how to reel in the best affiliates on your own, our team of lemonads can help you develop the perfect lead-gen affiliate program. To learn more, contact us today and our team will be glad to help.