Is affiliate marketing effective for small businesses? Can this channel help your business get more customers and earn more money? The short answer is yes. The long answer is thoroughly described below, with all the details and explanations you need to successfully jump into leveraging affiliate marketing for your brand or product.
If you are running your own small business, it is only right to have a website. With everyone being on the internet it is almost impossible not to take advantage of it. Unless you do not want your business to grow and succeed it is essential to build up your online presence and having a website is one of the ways to do it. Thanks to the evolution of technology and free website builders like Webflow, building your own personal website has never been easier. You do not need to be a computer engineer or know computer programing. Free website builders enable you to build a personal website to your liking. There are so many positives to having your own business website.
So, here are the benefits and advantages of having your own website:
Do you want to squeeze more out of online marketing? That's always a good idea. Bear in mind these faults so your effort will not come in vain.
Weird. Your page likes or followers remain the same, but you no longer reach as many of them as you did in the past, right? The reason is obvious – algorithms change as does the business strategy of social media networks. Let me explain what I mean by that.
In 2018, Mark Zuckerberg announced that Facebook would reduce the organic reach of branded content and will focus more on “meaningful connections”. What is a meaningful connection you may wonder… Facebook no longer aims to keep you on their feed as long as it can, but instead focuses on quality time. Thus, users should be much more in touch with their friends, communities and groups than they are part of and, most importantly, truly interested in when it comes to content.
What is the result of this change? A 34% decline in organic reach on average. But that hasn't been the first time we faced such a drop in organic reach...
In other words, those who were building their community and follower base on Facebook in the “early days” of Facebook leveraged the opportunity to reach almost everyone for free. Today it's totally different.
This strategy applies for more platforms, of course. Instagram (being owned by Facebook) follow the same rules. So do the others… And it makes (economically) completely sense for them.
How to get out of it?
It looks like a huge problem, right? But what if you can use this to your advantage? Focus on great content, optimize according to the data that you get and leverage the latest Facebook formats and you may overcome your competitor pretty soon… Not everyone is able to follow the trend and change the processes accordingly.
Here are some tips to follow to increase your reach:
Well, that’s a tricky question – there are so many variables at play. Depending on your situation, the cost of your Facebook ads could be as much as $10 per click, or as little as 40 cents.
The most important factor is efficiency and performance. Your ads might be super cheap, but if they do not bring any results, it's a waste of money. Define the purpose (the goal) of the ad and what is your cost limit to label the ad as efficient. Many businesses measure success by the number of sold products, leads generated, or potential customers engaged.
There is no rule or benchmark for this, each business is different with different needs and circumstances. Someone might be satisfied with a new lead for $45 and another might not go over $10. One person might consider a $3 cost per click as successful and another would not want to pay more than $2. Calculate the revenue you can get from the lead and think about how much you want to spend per action, this way you can always check whether your ads perform well or not.
Before you spend a lot of money, try to set up your daily budget for $5 a day. (We will talk about how to set your budget later). Monitor your results. If the ad performance meets your ideas and you have money to raise the daily budget, do it. And do it again, if the ad is bringing you results.
Remember: If your ad is comical, visually appealing, engaging, or all of these combined, people will like, comment or share it more often than they would with some boring copy with a blurry image. If you really want the most from your paid ads, they have to be great to make the people share them and so the ads will be also spread organically. Deciding how much to spend is a good place to start, but always make sure each dollar goes as far as it possibly can. The key is the visual, the text, as well as targeting. Regarding your content creation, read my article about buyer personas, because you should tailor-make it for your ideal customers and you can also find more helpful info in this article about tools for creating visual content.
So, how can you get an idea of how much Facebook advertising costs before diving in?
All small businesses need a good marketing plan to help it reach its targets and aspirations. With every marketing plan comes a marketing budget. You can say they go hand in hand. Creating the optimal marketing budget will ensure you spend the right amount of money in the right places to achieve your marketing goals. Creating a marketing budget used to involve a lot of trial and error which can lead to unnecessary expenses and ineffectiveness. But nowadays with everything becoming easier thanks to the amount of information available on the internet, so is creating the optimal marketing budget, everyone can do it.
Small business owners are finding new ways and techniques to plan out their strategies and design successful marketing budgets. It all comes down to how much are you willing to spend to acquire new customers and increase your brand awareness.