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Customer Experience Will Determine the Success of Your Company

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Customer Experience Will Determine the Success of Your Company


Opinions expressed by Entrepreneur contributors are their own.

It’s no secret that successful companies are the ones with satisfied customers. But while many executives claim to understand the importance of customer experience (CX), it often falls by the wayside as resources are channeled into product development. Yet as we wrestle with a global recession, how you interact with your customers is more vital than ever before. Customer experience is, in fact, the single ingredient that will determine the success of your company.

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According to Adobe’s 2020 Digital Trends report, the majority of companies stated that their key focus this year was on customer experience. CX was ranked higher than content marketing, video marketing and even social media. It’s really no surprise, considering that focusing on customer experience can vastly increase a company’s bottom line. 

Research by the Temkin Group found that companies with a turnover of $1 billion annually can expect to earn an additional $700 million within three years when they invest in CX. A further report by SmartInsights revealed that businesses offering better customer experience earned between 4 and 8 percent more than their competitors. And a survey by Deloitte found that 88 percent of companies now prioritize customer experience in their contact centers.

Related: How to Improve Your Bottom Line by Embracing Customer Experience

The Use of Technology in Customer Experience

Technology plays a key role in creating a memorable customer experience each time a client interacts with your brand. This can include simple tools such as the use of dedicated landing pages and customized emails, as well as more complex CX technologies such as intelligent live chat and AI-based algorithms that can help companies understand customer preferences. 

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Netflix, for example, uses AI to mine the data of its subscribers and provide highly personalized experiences to more than 180 million subscribers worldwide. 

“We own the Netflix customer experience from the moment they sign up, for the whole time they are with us, across TV, phone and laptop,” stated Todd Yellin, Netflix’s VP of Product Innovation, in an interview with The Guardian. 

The content-streaming platform invests in making customers happy by eliminating friction from the customer journey. In 2016, the company revealed that it used hundreds of A/B tests each year to see how subscribers responded to recommendations. Running these types of experiments allowed Netflix to master the content-delivery algorithm and improve customer retention. 

Between 2016 and 2020, Netflix doubled its number of users worldwide. That was possible through attracting new subscribers, but also because the company was obsessed with providing excellent customer experience that encouraged continued subscriptions.

Brands that create a company culture focused on customers help their employees work together to achieve the same goal: making customers happy. Two decades ago, in an interview with CNBS, Jeff Bezos gave the recipe for creating a successful global company, saying, “If there’s one thing Amazon.com is about, it’s an obsessive attention to the customer experience, end-to-end.”

Amazon is known for delivering unmatched customer experience and making its clients happy. The number-one online retailer has been innovating in the industry for more than 20 years using advanced technology to create the ultimate shopping experience from highly tailored recommendations to effective delivery strategies. 

Why Brands Should Optimize Their Touchpoints 

Customer experience impacts the way they make buying decisions. In fact, even as far back as 2006, a study by McKinsey found that 70 percent of buying experiences are based on how the customer feels they are being treated. This means your company must focus on more than just providing a high-quality product, and consider the customer experience at every touchpoint with your brand.

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You don’t necessarily have to invest in additional staff members of expensive algorithm software. CX technology is accessible to brands of all sizes and allows any company to gather and use data to better understand its users. Moreover, the need to focus on customer experience isn’t limited to online retailers or streaming services. All companies can benefit from optimizing their CX. 

According to Adam Hasaik, for example, founder of Access Jet Group, one of the easiest ways to improve customer experience is to give clients options and comfort. “There’s nothing restrictive about what we offer to our clients,” he explains on the company’s website. “Therefore we secure their business repeatedly. We give traveling clients maximum convenience and comfort. They can hail a charter flight, choose the jet size, and select among add-ons such as sleeping quarters and cabin hosts.”

Access Jet puts the client in the driver’s seat, which increases customer satisfaction and reduces complaints. The results are increased loyalty and positive reviews. Better yet, satisfied customers become advocates of a brand, as they make recommendations and spread the word about a company’s quality services. 

Customer Experience in Affiliate Marketing 

Affiliate marketing is a good example of how excellent customer service can help secure business growth. Using affiliate marketing, a company can collaborate with third parties to reach the right audience in a personalized manner, all while providing an excellent customer experience. 

An affiliate program allows companies to connect with warm leads that have already been engaged in conversations. That’s because the third-party service has already spent hundreds of hours learning about their audiences and their expectations. 

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Services like Affiliate Institute show how affiliate marketing broadens the field of who can play and allows more companies to access rich data about their targeted audience. Marketers can then use this information to optimize touchpoints and treat customers well at every interaction.

The principle is similar to that used by Netflix or Amazon, with the difference being that you don’t do the A/B testing yourself. Affiliate marketers test the audience to see what works and what needs to be improved. Then, they apply the right strategies to market your product and consolidate your relationships with prospects and customers. 

Related: How to Earn Customers’ Trust

Customer experience is vital to business success, with more than two-thirds of companies competing primarily on this factor. When you nail your company’s CX, you can establish your brand as the go-to provider, even in a tough market with established competitors. It may seem like an additional cost at a time when many companies are trimming their budgets, but investing in customer experience is vital to your long-term success.



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How Brands Can Use Affiliate Marketing to Increase Their Marketing ROI

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How Brands Can Use Affiliate Marketing to Increase Their Marketing ROI


Opinions expressed by Entrepreneur contributors are their own.

Getting a strong return on a marketing investment: It keeps a lot of people up at night. How will the money spent on that PR firm translate into sales dollars? How will that huge advertising campaign that cost a million dollars impact your brand? For most marketing initiatives, determining ROI is an unpredictable waiting game with no guaranteed outcome.

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There’s one marketing model that plays by a different set of rules, however — rules based on paying for performance after results have been driven. Affiliate marketing, once viewed as a shot in the dark, is driven today by sophisticated technology, transparency between partners and compensation tied to specific, measurable results.

Related: How This Affiliate Marketer Learned Enough About His Craft to Strike Out on His Own

That said, a successful affiliate program requires the right experience and partners. Whether you’re looking to start an affiliate program or take an existing program to the next level, you need a strong team behind you. Here are the five players you need to ensure you’re driving the affiliate ROI you want:

1. An Agency

Unless your company has the resources and bandwidth to build a team of several people with extensive affiliate marketing knowledge and experience, hiring an agency is the best option. Agency marketers are experienced at handling the multifaceted complexities that come with building and growing a high-performing program.

Make sure you’re clearly looking at the agency’s setup, ensuring it’s based on performance. I once saw a speech by Robert Glazer, the CEO of Acceleration Partners, a global affiliate marketing company. He wrote a book called “Performance Partnerships,” which focused on aligning any affiliate program with performance. It’s easy to fall for the trap of working with a company that says it will bring you sales, but make sure it puts its money where its mouth is. If it doesn’t deliver in the short term, chances are high it might not be able to meet long-term expectations.

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2. A Scalable Network or Platform

Whether it’s an affiliate network or SaaS platform, all affiliate marketing programs need a technology platform to run on. Your platform should be able to support your growth plans and offer you the right features and geographical coverage, particularly if yours is a global brand.

Awin is an example of this type of platform. The firm provides technology that helps address industry challenges, such as third-party tracking, data light tracking, attribution and advanced commissioning. These types of data weren’t available years ago, but with new tech advances, you can identify what works, as well as when and why. It’s not just valuable for the affiliate program, but for also learning what works so you can apply that knowledge to different sales channels.

3. Loyalty Partners

If you want to scale your program quickly, you’ll need to partner with players who are focused on establishing loyal customers. Ebates is one of the bigger players in the loyalty sector operating on a performance basis. The brand is actively expanding its markets and its categories beyond retail to include travel, dining and ride-sharing for cash-back rewards.

It’s important to determine whether these types of partners will truly create loyalty or attract the wrong types of customers. If you pick the right type of loyalty partner, it can result in the strong, loyal customer base that’s key to long-term brand survival.

Related: How Loyalty Programs Are Emerging as Effective Marketing Tools

4. Mobile Partners

Customers are increasingly spending time on mobile devices and apps, so it’s imperative to have partners within your affiliate program who dominate the mobile ecosystem.

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Ibotta is an example of one of these apps in the U.S., connecting consumers with grocery, retail and lifestyle brands and rewarding them with cash for buying things they need. I used the app pretty easily when I was standing in line with customer service after a purchase. I simply took a picture of the receipt, and the app applied the cash back to my account. With a lot of mobile user growth, it’s good to look at partners who have developed a mobile user experience that makes things easy and accessible for the customer.

5. Tech-Driven Publishers

The affiliate space has grown well beyond coupon and deal partners. To drive incremental revenue on a performance basis within your program, consider partnering with publishers who are advanced in e-commerce technology, including deep website integration and artificial intelligence.

RevLifter is one example: The company helps brands deliver more conversions, incremental sales and customers by personalizing deals for advertisers across marketing channels. Available worldwide on a pay-per-performance model, it uses AI to understand real-time signals from users’ on-site behavior and deliver the right deal to the right customer at the right time.

Related: Partner Programs Turn Competitors Into Collaborators

Whether you’re new to affiliate marketing or simply needing to step up your game, checking off these boxes will help you develop a strong affiliate marketing program. ROI is hard to manage when you’re running a bevy of marketing programs, but the right team can help you take the reins — and get the outcome you want.



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AFFILIATE MARKETING

This $19 Course Demystifies Affiliate Marketing in Two Hours Flat

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This $19 Course Demystifies Affiliate Marketing in Two Hours Flat


Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

Fire up your go-to social media feed, and there’s a good chance you’ll scroll past at least one promo code or coupon being promoted by an influencer you follow. Without even trying, you’ve been exposed to a new brand, as well as an incentive in the form of a free trial or discount that might just get you to convert. That’s the magic of affiliate marketing.

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Companies big and small are leveraging affiliate marketing to drive brand awareness and conversions, and affiliate marketers stand to make a pretty penny for their services. Of course, the field can be a bit tricky to crack. but that’s what the SEO Affiliate Domination course is for. Now only $19, this course can help you make a killing in the affiliate marketing scene; and for 90% off what it would usually cost.

In just two hours, this course offers a detailed look into the lucrative world of affiliate marketing. Jump in, and you’ll discover important strategies for e-commerce, affiliate marketing, SEO, and video marketing; and you’ll emerge with a greater understanding of how to build brand authority.

Normally $199, the SEO Affiliate Domination course is on sale for only $19, a whopping 90% off the usual price.



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Pick a Marketing Model That Lets You Pay for Results, Not Potential

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Pick a Marketing Model That Lets You Pay for Results, Not Potential


Opinions expressed by Entrepreneur contributors are their own.

In an era of caution, companies need to invest in marketing efforts that lead to a direct payoff and don’t require more than they can afford. Over the past week, I’ve had to evaluate all the things I’m doing at Calendar to see what’s really moving the needle. It’s astonishing the things we’re spending money on that aren’t actually driving revenue to our bottom line.

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As today’s environment forces drastic behavioral shifts in our daily lives, companies of all sizes and in all industries are evaluating the changes they need to make to stay nimble in our new economic reality. As businesses adapt to the stay-home economy, they’ll be focusing on which investments drive the best possible outcomes.

Businesses are used to pouring money into marketing channels that require upfront, flat-fee investments for promised inputs and potential outputs. Rather than invest in these marketing channels, companies can leverage affiliate marketing, which only requires them to pay partners once they’ve achieved the desired result.

Related: How to Build a Reliable (and Profitable) Affiliate Network From Scratch

What is affiliate marketing?

When managing their marketing budgets, companies should invest in channels tied directly to outcomes and avoid unnecessary risk. After all, if they pour all their funds into marketing but see no payoff, how will they afford to develop their products and services further? 

Affiliate marketing (often called “partner marketing”) is simple: A brand partners with a publisher, or an affiliate, to market a product or service to its audience using a tracking platform. Unlike marketing channels that require upfront payment, brands pay publishers a percentage-based commission for each sale generated through their content. 

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Forrester predicted that by the close of this year, U.S. ecommerce sales would total $500 billion. Combine that with predictive analytics firm Custora’s prediction that affiliate marketing will influence 14 percent of ecommerce purchases in the U.S., and that means affiliate marketing will impact $70 billion worth of sales. Pepperjam’s Adobe Summit 2017 Survey revealed that only 4 percent of are investing in affiliate marketing, meaning there’s a big opportunity. 

Related: Three Trends That Will Drive the E-commerce Sector In 2019

How affiliate marketing pays off (in more ways than one).

Affiliate marketing offers a cost-per-action (CPA) payment structure instead of a cost-per-click (CPC) or cost-per-impression (CPM) structure. This creates a sustainable, competitive advantage because businesses only have to pay for converted sales and leads after the publisher finalizes them. Even during tough times, brands should always want to pay for incremental revenue. It prevents businesses from throwing good money after bad — they don’t need to invest large amounts of money into marketing campaigns or ads that turn out to not convert as expected.

Instead of continuously investing money into Facebook and Google, hoping it leads to conversions, affiliate marketing enables brands to broadcast their product to a wide audience of potential customers with a pay-for-performance pricing model. It also enables them to be more hands-off, allowing their affiliate partners to use their brand standards to do the work themselves. Affiliate programs can even include partners who will share the brand via Facebook or Google; unlike traditional methods on those platforms, these will be paid based on those campaigns’ performance, allowing a low-risk entry to these channels. 

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Related: How Much Should You Spend on Social Media Marketing?

Even in an uncertain economy, this framework can scale. Because the marketing investment is only a portion of the revenue the partnership brings in, businesses just have to figure what they’re willing to pay for each transaction or new customer. They don’t have to worry about pouring excessive budget into a single channel. 

In a precarious marketplace, businesses need to stabilize their immediate future by investing in channels that they know will drive profit. Affiliate marketing is the model for this moment: It’s built on transparent and trusting relationships, where brands and partners set clear expectations and companies only have to pay for the outcomes they get.

People are at home, and that’s where affiliate marketers can capture their attention. Companies can stay ahead of the game by using affiliate marketing to maximize their ROI and make sure they’re paying for outcomes, not inputs.



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