While the majority of my consulting work focuses on how to market businesses online and help them find new customers, using techniques like SEO and paid advertising, I also have a fair number of customers who could use help figuring out how to increase their current revenue per customer, without ever spending a dime.
This is essentially, free money, and can come to most business owners in the form of carefully leveraged affiliate marketing…and no, I’m not talking about paying for affiliate referrals, I’m talking about taking advantage of existing affiliate marketing programs that are already out there.
How To Increase Revenue With Affiliate Marketing
Imagine this scenario. A customer walks in the door and starts buying your product and service. you’ve made a sale, and are happy to make your normal (“average”) profit from this customer.
But, two months later, the customer says “Hey, ya know what, I also need XYZ related service, do you have that?” Unfortunately, you don’t, but just because your don’t provide that product or service, doesn’t mean you can’t still make money off of your customers’ needs.
Enter affiliate marketing.
Instead of simply turning down the customer and/or recommending a potential product for them to use, you could recommend a product and send them to it using an affiliate link.
This only works if you would actually recommend the product anyway, since you don’t want to risk customer satisfaction, but the logic is that if you’re going to be referring them, you might as well make a few bucks on the side, at no extra cost to the consumer.
When you refer them via an affiliate link, you’ll be able to earn a commission based on their purchases. Sometimes it’s a one-off commission, and sometimes it’s a recurring monthly rate for as long as they’re a customer. That can add up to huge money in the long run!
A Simple Example
One example of this might be if you are a web designer or programmer. A customer comes to you to put up a website, and you oblige.
But, as you’re working with the customer, you realize they don’t yet have a domain or a hosting plan for their business. This is something they will obviously need, so you’re by no means forcing them into an extra purchase or ripping them off. Instead, you simply use an affiliate link to point them in the right direction.
Registrars will often pay commissions based on lifetime customer sales, and hosting companies usually pay anywhere from $50-150 for a new customer, depending on the plan, etc. That’s an easy way to boost your bottom line, while providing a simple extra service to your main client!
Learn more about Affiliate Marketing
If you think that learning affiliate marketing can help your business make more money there are several great affiliate marketing courses you might consider. My personal favorites are Affilorama and Wealthy Affiliate, which are two of the leading programs available, and provide comprehensive affiliate training systems to get you started off on the right foot.
Both Affilorama and Wealthy Affiliate are good choices, and you can click the following links for more information, or watch the video below to compare the two: