Articles

Affiliate Marketing Vs Referral Marketing

by Rishab Malik Digital Marketer

Introduction

Hello friends, For business growth, we make lots of strategies for digital platforms. This time we focus on Affiliate & Referral, which is more suitable for a different kinds of business. Both can boost up your business just to identify which is more suitable or if both are suitable then how you have to implement these marketing in your business.

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Many examples we can see in front of us both kinds of marketing. Amazon associate is one of the most famous for affiliate marketing apart from sponsored ads affiliate marketing boost sales of local & international brands. Oyo Rooms using Referral marketing to increase its users as well as boosting their sales although they give discounts to customers from referral marketing. Let's focus on Both strategies how will they boost any business-

Affiliate Marketing

  • Identify the audience
  • Low Risk
  • Strong ROI
  • Transparent Payment Structure

Identify the Audience

Targeting your segmented audience will save your time & money both which is crucial for any business. Well-targeted audience creates more chances to increase your sales. Only knowing about your audience is not enough but it can help you to promote your content on the best place to marketing, advertise and promoting your Content to attract your audience.

Low Risk

This will give you Minimum risk & Maximum output. You will be paying affiliates after making some purchasing from their platforms. This will save your money amazingly. Just you have to choose the best or average affiliates in your category.

Strong ROI

Who doesn't want to Maximum ROI of their investment? This marketing is proof of maximum ROI. It will increase many aspects of your business like average order value, customer order average, average customer revenue. These things automatically increase any business revenue.

Transparent Payment Structure

Totaly different marketing from traditional marketing. In all marketing strategies, you have to pay before the purchasing. You don't have to pay for affiliate marketing in advance you have to pay after the completing the sales, that's the beauty of this marketing. If your affiliate's doesn't produce sales, you can shift your from current affiliates to different affiliates. an average e-commerce affiliate commission rate around 5 to 15 % which is not the high amount for any business.

Referral Marketing

  • Marvelous shopping experience
  • Analytics for further planning
  • create sharable content
  • Make it easy
  • Influencers Utilization

Marvelous Shopping Experience

Many Successful eCommerce stores focus on this factor because if your product cost is higher than from other eCommerce store but still buyers prefer you because you're giving them a better shopping experience. Sometimes products Price doesn't matter relation is matters between customers and stores. If customer loves the product or the customer service during shopping or after shopping.

Tips to Improve your Customer Experience

  • Getting feedback from the customer after the sales or every experience getting they have from customer service before & after the sales.
  • Analyze your own shopping experience as a customer. focus on the best experience on the website.
  • Researching gives you more learnings about enhancements of your store & implementing new techniques will work for your product.

Create sharable Content

If you're creating your content attractive enough then people's have reason to share. you can give more reason to your audience for sharing your things. Unique User selling point can make your content more sharable.

Making it easy

Most eCommerce websites give options of the REFER button on their website. whenever customers are on your website they have the freedom to refer to what they are purchasing or viewing on your website. after referring the product, the website gives you content for sharing which automatically prepares the link or banner with links which makes it easier for better understanding. you can also provide the option for social sharing which gives you more revenue.

Influencer Utilization

Find influencers who have popular blogs, lots of followers or having a large friend lists in Facebook accounts in your category. Their live testimonial could be a factor of your sales boost. A sponsored ad with product testimonial will bring more customers and so on.

Conclusion

Finally, you understand how fruitful both of these marketing strategies. Using these strategies according to your business taking it to the long term. Your minimum effort & consistency never let you down in your business. just you have to focus on mistakes correct them but never repeat the old mistake.


About Rishab Malik Innovator   Digital Marketer

4 connections, 1 recommendations, 52 honor points.
Joined APSense since, December 15th, 2019, From Delhi, India.

Created on Feb 11th 2020 03:12. Viewed 91 times.

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