By Alex Brown, an 8-figure e-commerce entrepreneur & growth accelerator. Co-founder of The Beard Club.
If you’re building an e-commerce brand then you know first-hand how expensive it has become to acquire new customers.
Not only that, but being dependent on any single channel or platform (Facebook, TikTok, etc.) is a huge risk to your business (such as if your account gets flagged). Channel diversification is absolutely crucial for scaling your brand, and one of the most neglected channels might be your new best friend: affiliate marketing (partnerships).
Here are 10 fundamentals that guided our eight-figure e-commerce brand to an additional $1M in seven months through affiliate marketing—and how you can do it, too.
1. Play the long game. Aim to create relationships that will last a lifetime, because the stronger they are, the more business they can bring you from them and their peers.
2. Have great products and a great brand. It sounds simple, but the biggest partners in your space won’t promote something they don’t believe in.
3. Have great offers. Offering your affiliate’s audience 10% off their first purchase is a recipe for mediocrity. Get creative with offers, and consider what you might be able to offer for “free with purchase” for that partner’s audience, for example. It can convert 50-200% higher than a percentage discount, in my experience.
4. Pay well. Most people only want to pay an affiliate 10% of a $100 sale but will give social media platforms $50 for that same sale. That just doesn’t make sense!
5. Pay on time. The faster you can pay, the quicker they will likely promote again.
6. Build high-conversion landing pages. You should continually test and optimize direct-response sales funnels for affiliates, not just send traffic to your website.
7. Customize. The bigger the…