Affiliate marketing continues to grow at a steady pace. In 2010, the market was worth $1.6 billion in the US. Last year, affiliate marketers made a total of $6.4 billion. The market is set to expand to over $8 billion by the end of 2022, according to a study by Statista.
Image Source: Statista
This represents a massive opportunity for savvy affiliate marketers.
It’s easy to join an affiliate marketing program and share the links on your site. You will make some affiliate income, maybe a lot. However, your conversion rates will probably be 1% or lower. Even with warm traffic from your email list, you’re lucky to get a 5% conversion rate.
To get the most out of your affiliate marketing, you need to utilize various techniques to increase the number of clicks and boost conversions. Bonuses are one such method.
Why you should offer bonuses to boost your affiliate income
A bonus is an extra product or service offered alongside the primary purchase to encourage customers to buy. Here are some reasons you should add bonuses to your affiliate offerings:
- Bonuses add value. A bonus that can be used alongside the base product or service is a significant selling point.
- Bonuses make you the favorite affiliate. There are likely hundreds or thousands of similar sites that promote the same product or service as you. But if you increase your sales through bonuses, your affiliate partners might give you preferential treatment. Bonuses will also make you the customers’ favored affiliate when…