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Affiliate referral programs can be botha source of new business leads and incoming revenue if you have an existingcustomer base thats ready to try your product or service recommendations. Decidingto participate in affiliate referral programs is not an easy one for most smallbusiness owners as there are many pros and cons to consider. Its important asa business owner to thoroughly evaluate all parts of an affiliate referralprogram before starting to market the opportunity to businesses and individualsthat may want to participate. The following are key points to keep inmind when deciding whether an affiliate referral program is the right strategyfor your business.Pros:Ï Developa sales force of individuals that are willing to market your products andservicesÏ Increasebrand awareness in your industry through actions taken by participating affiliatereferral partnersÏ Quicklyexpand market reach, including internationallyÏ Partnerwith affiliate marketing companies like Commission Junction for onlinemarketing.Ï Developtiered referral commissions to reward top affiliate partners to increasemotivation of sales forceÏ Affiliatereferral programs can be started and stopped with fewer issues than formalbusiness partnershipsCons:Ï Lossof control over marketing of products orservicesÏ Potentialfor affiliate to go off message when selling products or services resulting inan over promise under deliver situation that no business owner enjoysresolvingÏ Payreferral commission between 10% - 50%Ï Difficultto gauge the potential success a new partner will have and the impact incurredfrom an increase in sales, product shipments, customer service requestsIf your business sells a physical product,the pros far outweigh the cons and your business will likely gain tremendouslyfrom evaluating and implementing this marketing strategy. Service basedbusinesses however; should consider the affiliate model more carefully. Be cautiousnot to move forward too quickly as the costs associated with referral fees canbe high and the program could place an unexpected strain on your existingsupport team they are not equipped to handle if youve not taken the time to setit up properly. Overall affiliate referral programs canbe an excellent method to educate the market and industry at large about yourbusiness and the products or services you offer. Most individuals andbusinesses making money from affiliate programs will have an excellent onlinemarketing presence they can leverage when promoting and selling your offerings.Affiliate referrals are a good way toget your business engaged with other companies in your industry that have existingcustomer bases and are marketing to your target customers. The bestparticipants in your business affiliate referral program may ultimately becomeyour strongest channel to new customers which makes this a strategy worth considering.
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