Seeking a way to quickly and easily grow your SaaS business? You should consider adopting an affiliate marketing strategy. Affiliate marketing is a proven customer acquisition channel that can help you attract more leads and sign-ups, with very little risk. In this article, we’ll take a closer look at what SaaS affiliate marketing is, and how you can use it to your advantage.
What is SaaS affiliate marketing and how does it work?
To put it simply, SaaS affiliate marketing is a type of performance-based marketing in which you (the merchant) pay affiliates (publishers) for referring new customers or clients to your business. The publisher promotes your business through their own channels – such as their website, email list, or social media followers – and when they drive a sale or sign-up, they earn a commission.
The benefits of SaaS affiliate marketing for businesses
#1 It’s a low-risk way to grow your business
You only pay affiliates when they generate results, so there’s no upfront cost or risk involved. What’s more, because you’re only paying for results, you’re more likely to see a return on your investment than with other marketing channels.
#2 It’s a great way to reach new audiences
By partnering with publishers who already have an established audience, you can quickly and easily reach new people who are most likely to be interested in your product or service. Some affiliate programs even offer access to exclusive audiences that you wouldn’t be able to reach through other marketing channels.
#3 It can help you boost your brand awareness
When done correctly, affiliate marketing can help you build trust and credibility with potential customers. When potential customers see that your product or service is being recommended by a trusted source, they’re more likely to consider using it themselves.
#4 It’s original and innovative
Since it’s a relatively new marketing channel, there’s still a lot of untapped potential when it comes to SaaS affiliate marketing. This means that you have the opportunity to be original and innovative in your approach, which can help you stand out from your competitors, and then invest your money into real estate with Getaway through their buyers agent services, for example.
How to get started with SaaS affiliate marketing
#1 Set up your goals
The thing is, affiliate marketing can be used to achieve a variety of different business goals – from growing your brand awareness to boosting your bottom line. So, before you get started, it’s important that you take some time to think about what you want to achieve with your affiliate program. This will help you determine the best way to structure your program and choose the right affiliates.
#2 Define your perfect affiliate marketer
Who do you think that would be the best type of person to promote your product or service? Once you have a good understanding of your target audience, you can start to look for affiliates who are a good fit for your business.
Some things that you might want to consider include:
– Their audience size and engagement
– Their content quality and style
– Their past experience and successes
– Their alignment with your brand
– Their reach in terms of geography or demographics
However, in terms of SaaS, it’s also important to consider whether the affiliate has a tech-savvy audience. After all, they’ll need to be able to understand and promote your product or service, which can be complex.
#3 Find the right affiliate tracking system
This may be tricky, yet it’s worth it, to look for an affiliate tracking system that will work best for you. There are a few things that you should consider when choosing a system, such as:
- Ease of use: The last thing that you want is a complicated system that’s difficult to use. Look for a system that’s intuitive and easy to navigate.
- Features: What features does the system offer? Make sure that it includes all of the features that you need, such as automated payments and reporting.
- Price: Obviously, you’ll need to consider your budget when choosing a tracking system. Fortunately, there are a number of affordable options on the market.
- Customer support: If you run into any problems, you’ll want to be able to get help from customer support.
After finding the perfect affiliate tracking system, it’s time to…
#4 Track and measure your performance
Affiliate marketing is a data-driven marketing channel, which means that you need to track your performance in order to see what’s working and what isn’t. Fortunately, most affiliate tracking systems will provide you with detailed reports that can help you understand your performance.
You should keep an eye on a couple of metrics, but don’t respect results overnight! This may take time, especially if you’re just starting out. For example, you may want to use the following metrics:
- Sales: This is probably the most important metric for any business, so you’ll want to keep a close eye on it.
- Signups: If you’re looking to grow your user base, then this metric will be important for you.
- Engagement: This includes things like click-through rate (CTR) and time spent on site.
- Conversion rate: This measures the number of people who take a desired action, such as making a purchase or signing up for a free trial.
- Average order value: If you want to increase your revenue, then this is the metric for you.
- Earnings per click: This measures how much money you’re making for each click that you generate.
- Cost per acquisition: This measures how much it costs you to acquire a new customer through your affiliate program.
Don’t take 20 metrics at once, as it can be overwhelming. Just choose a few that are most important to you and your business goals.
Start creating successful affiliate partnerships
With affiliates, you can create long-term, win-win relationships that will help you grow your business. By following the tips above, you can set yourself up for success and avoid some of the pitfalls that many businesses make when they first start out with affiliate marketing.