In the SaaS world, word-of-mouth marketing is considered as one of the powerful marketing modes. As the industry continues to grow at a rapid rate, businesses have to use new strategies to stand out in a crowded marketplace and one such technique is using the best affiliate programs.
SaaS companies are using affiliate marketing to drive more customers and growth. According to surveys, affiliate programs are generating 15-30% of total sales for the businesses. Moreover, the stats show that affiliate marketing is expected to grow at an annual rate of 8%, which is a good thing both for businesses and affiliates. Surveys have shown that more than 80% of the companies in the near future will use this model to make most of their sales.
The popularity of SaaS by 2023
What is Affiliate Marketing?
Affiliate marketing is a process that involves individuals (affiliates) who promote a product and get a commission on each sale. For SaaS, it works as an additional channel to reach more customers in less time and optimize business growth. When it comes to affiliate marketing for SaaS products, the risk involved is not so high. You only pay an affiliate when you get a sale, thus earning great ROI.
Benefits of Affiliate Marketing for SaaS companies
There are numerous benefits for SaaS affiliate marketing companies, especially for startups and businesses. As it is a risk-free and affordable process to earn more customers – Since you only have to pay when they perform, if they don’t get you a sale, the money stays in your pocket.
For small businesses that can’t afford to spend a huge amount of money on different methods, affiliate marketing is a good option. By offering the best affiliate programs, they can make a rapid brand exposure. Having a solution like top paying affiliate programs on standby is a great option to boost your website traffic and sales.
Here are some ways SaaS affiliate marketing companies can grow and scale their business using these programs.
1. Save Huge Marketing Costs
Affiliate marketing websites only pay for the ads that actually convert. Due to the pay-for-performance model, it works quite well, especially for small businesses. It’s a risk-free investment program with great ROI as compared to other online marketing channels.
Running paid campaigns and ads on Facebook or Google reach many people but there’s no guarantee that they would convert. On the other hand, you only pay when you get results.
2. Reach the Target Audience
SaaS companies can reach their target audience via the best affiliate programs. This works really fast when you partner with niche-specific affiliates.
Niche-specific affiliates have blog authority ad their topics revolve around certain topics. They have the ability to share in-depth and relevant content that they share with their well-established audience.
3. Advantages of Word-of-Mouth Marketing
The best affiliate marketing programs have become an authentic and genuine voice for your marketing.
Uses will trust the information coming from the best affiliates because the best affiliates only share only relevant content and links.
To leverage its potential, it’s important you work with only high-quality affiliates that thoroughly understand your tool or software. Moreover, your existing customers can also promote your product with word-of-mouth marketing, giving stamp approval for your tool or software.
4. Attract Promoters & Build Customer Loyalty
To attract the best affiliates, SaaS companies offer top paying affiliate programs, something that is not commonly available.
Offering top paying affiliate programs can be very tempting for the top affiliates. This way, you will also be able to attract top talent including influencers, bloggers, etc. You can incentivize them to actively promote your product and you will see getting results in a short time.
Moreover, you can also collaborate with your existing customers through the best affiliate programs. A win-win for you all.
They buy your product, use it for their business, they are happy with the results, and then they can make money by simply sharing your product.
This way, you will not only promote your software but earn loyal customers. They will work sincerely for you as they have a vested interest.
5. Improve ROI
As compared to other marketing techniques and channels, affiliate marketing is very cost-effective. There is no major investment required upfront. You only need to hire affiliates and pay them when they bring a sale. This way, you can easily improve your ROI.
When you improve your ROI, it eventually leads to lowering customer acquisition costs. The ultimate goal of affiliate marketing companies is to accelerate your growth and help your business reach new segments that you otherwise cannot even after investing a huge amount of money.
What things SaaS companies should consider before launching an affiliate program?
- There are a number of affiliates who will want to partner with you. Make sure you choose the ones that can understand your software better.
- When choosing the best affiliates, the conversion rate is an important selling point to focus on.
- Engagement with affiliates works the same way as it works for customers. So, engage with them more often.
- Your software/tool needs to satisfy the market demand as the best affiliate programs need a product-market-fit.
SaaS and affiliate marketing is, undoubtedly, a good match that can earn your a good amount of money with the least effort and in less time. Being a win-win for both SaaS and the affiliate, there’s simply a great potential for growth here.
For any small businesses or startups that simply want to tap into the word of mouth marketing, affiliate marketing is the best marketing channel to go with. Your product awareness will expand, while affiliates can get a stable source of income for a long time.
Get Started Today With LinkedCamp
Are you interested in becoming an affiliate partner of a SaaS company that offers top paying affiliate programs? Join LinkedCamp’s affiliate program earns a 30% recurring commission, each month for one year. It’s an easy and simple process to join the affiliate program. Click here to find more!