Affiliate marketing is big business. If you’ve ever wondered how much money you can make in affiliate marketing, or if it’s even possible, check out this study from STM Forum:
Obviously, there’s a lot of opportunity to generate revenue through affiliate sales.
Success in affiliate marketing relies on your ability to make them use your link. It’s essential to optimize each element of your customer journey to engage the person and maximize the chance of making that affiliate commission. In this guide, I’ll show you a system that will enable you to almost double your conversion rate.
How Most People Promote An Affiliate Product
The great thing about affiliate marketing is that it’s so accessible. If you have an audience or can build one, you can probably earn an income through affiliate marketing. Generally, people promote an affiliate product in one of four ways. They are:
- Insert or mention a relevant affiliate link on a blog post, video, webinar, podcast, etc.
- Run a promo to your email list or messenger list
- Share affiliate deals through your social media channel
- Run a Pay Per Click campaign to generate leads
Out of the options listed, a webinar is probably the best way to market an affiliate deal. On a well-managed webinar, you can expect conversion rates of 10% or more. Email marketing is probably the next most effective channel. You might get a conversion rate of between 5-10% for warm traffic to a well-designed sales page.
Finally, you have things like promoting an affiliate link through a blog post or social media. Here you’re generally dealing with a conversion rate of 0.1%-3%. This is because there is little incentive for the person to use your affiliate link. Moreover, many people visiting your site, watching a video, or whatever, will be engaging with you for the first time.
However, it is possible to increase those conversions and incentivize people to use your link. I’ll show you how in the next section.
The Bonus Profit Formula
The idea behind the Bonus Profit Formula is straightforward. Instead of sharing your affiliate link and hoping people to click, you provide an incentive to use your link. The incentive is a custom bonus. Or, if you’re feeling really kind, some custom bonuses.
Here’s how that works in practice…
Instead of sharing your affiliate link directly, you send the traffic to a landing page where you promote your custom bonuses. On the bonus page, you share a link to the affiliate offer.
It’s not complicated, but it is effective. By addressing the question, “what’s in it for me?”, you make more sales. People are now incentivized to use your link over competitors.
How to Come Up With an Amazing Bonus
People love bonuses. A study by the University of Minnesota found that shoppers preferred getting bonus items over discounts because it saves them the effort of calculating how much they will save. A study by someone from somewhere also discovered that people like free stuff.
As we’ve discussed, the bonus’s purpose is to give undecided customers the final push towards buying. Before you decide on a suitable bonus, you need to understand your typical customer and what will provide value to them. Something isn’t valuable just because it’s free. It has to solve a problem, address a need, or fulfill a desire.
The best way to come up with an idea for a relevant bonus is to review your customer persona. Below is a visual representation of a customer persona.
A customer persona is a representation of your customer. It includes things like their position, interests, goals, and pain points. You should have a customer persona for your business. You should then use that customer person to identify customer wants and pain points that relate to the product or service you will promote. You can then fill in those gaps with a suitable bonus.
Create Bonuses that will Fill the Need
We’ve covered the theory on how to create a customer persona and talked about the importance of creating relevant bonuses. So what does a good bonus look like?
Ideally, your bonus should have no reproduction costs. Examples of relevant bonuses that cost you nothing to provide to lots of people include:
- Ebooks and white papers
- Online courses
- Videos and video guides
- White label software, plugins, WordPress themes, etc.
You don’t really want to provide bonuses that cost you money. Try to avoid physical products. A free bracelet will cost you money to purchase, money to send, and time. If you choose to offer a physical object, ensure you figure out your profit margins.
Here’s an example. Imagine you’re promoting an email verification tool. The person using the software would perceptibly find value in some of the following.
- 20 ready to launch email marketing drip campaigns
- Guide to the Running an Online Promotion
- 10 Tricks to Help You Double Your Affiliate Sales
- A Video Guide to Creating a High Converting Sales Page
You can see how these bonuses are designed to fill knowledge gaps of a prospective customer. By creating valuable relevant bonuses that fill these gaps, you’ll increase the chance of a person making the purchase.
The 10x Rule of Bonus Value
The value of the bonus you offer should not be of lower value than the main product. According to Dwayne Anderson, bonuses should represent a 50% increase in value to the buyer. Others recommend that the bonus should be three or more times the value of the base product.
Russel Brunson, the founder of Clickfunnels, recommends that the value of your bonuses should be ten times the product’s value. This value overload can be the perfect nudge for an undecided customer to go ahead with a purchase.
Given that you’ll often be offering a bonus that is not being sold, you’ll need to give the bonuses you create a value. Try to come up with a number that is realistic. The value of your bonus should take into account the amount of time it took you to create, and the costs it involved to produce. You can then add 50-100% margin on top of the production costs.
How to Create Your Bonus Landing Page
Now that you understand the importance of a bonus landing page, let’s proceed to creating it First and foremost. you need to use a landing page builder to create the page. Your bonus landing page is where you sell the bonus or bonuses you create.
A bonus landing page is easy to produce because they follow a pretty standard formula. Here’s what they look like:
- Video or some sales text
- Overview of the bonus with image & price
- Overview of the bonus with image & price
- A stacked summary of your offer and CTA
You probably need a visual reference point so you can imagine what this would look like in practice. So, here’s an example from a friend of mine. The screenshot below is what you might see above the fold when you arrive on a bonus page.
What you see above the fold should provide a snapshot of the offer you promise the visitor. Ideally, a sales video is more effective than a paragraph of text.
Underneath the fold, you sell your bonuses. Here’s an example of a bonus from the same page.
You’ve got the headline that provides an overview of the bonus. There’s a price associated with the bonus. Underneath the headline, you have two paragraphs of text that provide a snapshot of the value that this bonus offers to the visitor.
There’s also a graphic. This breaks up the text.
At the bottom of the page, you have a stack summary of the offer.
The bonuses that are on offer with this product are listed under the bullet points. Then, you have the total value of the offer below, followed by the CTA.
Stacking the offer is important. It helps the person browsing the page understand what is on offer. It’s a powerful and effective copywriting tactic. You’ll see this used on a lot of sales pages because it works.
Affiliate marketing can be a lucrative business if you are hard-working and tenacious. The bonus landing page, linking the opt-in form with your sales page, is one of the best strategies to increase your sales. As long as you choose them carefully, bonuses are proven to boost conversion rates.
You must be strategic at every stage. Pay attention to your customer persona and ensure your bonuses address a pain point or fulfill a need. Remember the 10x rule of bonus value, which states that your bonus(es) should be worth at least ten times the base product’s cost.
Your bonus landing page must contain critical elements to drive conversions: a catchy headline, an enticing supporting paragraph, photographs or videos to demonstrate the bonus, a stack of the offer and a clear CTA. Take your time and get creative. Your landing page might not be perfect on the first attempt. Small changes can make a big difference to your conversion rate, so run A/B tests and experiment.
About the author:
Owen Baker is a content marketer for Voila Norbert, an online email verification tool. He has spent most of the last decade working online for a range of marketing companies. When he’s not busy writing, you can find him in the kitchen mastering new dishes.
Tags: affiliate marketing, affiliate sales