We know affiliate marketing is a tool we should be incorporating into our eCommerce growth strategy, yet it can be so confusing. What software should you use? How much should you pay your affiliates? How do you run an affiliate program? Where do you find affiliates? Today, my guest Rick Magennis and I are going to tackle your questions.
Rick Magennis is the founder and president of Bearcat Media, LLC, a full-service, high-touch performance marketing (affiliate management) agency that educates prospects from small businesses to Fortune 500 companies. Rick has been in affiliate marketing for over a decade.
There’s so much value in this episode, I hope you take something away!
[00:01] Opening Segment
- A few announcements and upcoming events (links below)
- What to expect in this episode
[02:33] Rick Magennis Tells Us About Himself
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The beginnings of Bearcat Media
- Rick was, initially, just looking for opportunities to earn in preparation for his wife’s pregnancy. Affiliate Marketing kept on coming up and so he started reviewing baby products. Through SEO, it picked up and he began earning money via Amazon affiliate links.
- Rick began working for a couple of agencies then later started his own.
[04:25] Affiliate Marketing 101
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Affiliate marketing is getting a group of independent marketers to promote your products for a piece of the sale or a commission
- Payment for performance model
- Helps businesses scale quickly
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How to get started in affiliate marketing
- Have a sellable product
- Popular Softwares you can use for affiliate marketing: CJ Affiliate, ShareASale
- Free/inexpensive Software: Affiliatly
[09:15] The Different Types of Affiliate Marketers
- Email Marketers
- Coupon Aggregators
- Cashback Affiliates
- Mobile-Oriented Affiliates
- Charities
- Data Feed Affiliates
- Review Websites
- Remarketing Affiliates
- Social Media Publishers
- Toolbar Affiliates
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Video and Podcasters
- Check out the link to Rick’s blog post below!
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Best practices in finding the right affiliates
- Focus on quality, not quantity
- Understand who you’re targeting
- Be patient and have a plan
[16:15] Common Affiliate Marketing Mistakes
- Ricks talks about the two biggest mistakes he sees; not understanding the competition and not taking care of your affiliates.
- Run a lateral competitive analysis and do research on your competitors
- Offer your affiliates incentives to keep promoting and keep them motivated
[21:16] Some Key Metrics for Measuring Success with an Affiliate Marketing Program
- Revenue
- Clicks
- CPA and conversion rate
- Active affiliates
- Stay tuned to Bearcat Media’s affiliate marketing course on how small businesses can create an affiliate program
[23:28] HOT SEAT Questions
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What’s one non-negotiable step in your morning routine?
- DDP Yoga
-
Favorite business book?
- Extreme Ownership by Jocko Willink and Leif Babin
-
What’s your favorite podcast that you’re listening to right now?
- Business Lunch with Roland Frasier Podcast
- Check out Rick’s podcast The Rick Magennis Show (link below)
[25:12] Wrapping Up
- Connect with Rick through the links below
- Final words from Rick and I
Key Quotes:
“Affiliate marketing is simply a relationship-based marketing channel that rewards independent marketers for putting in hard work for getting a piece of the sale.” - Rick Magennis
“Finding the right affiliates is not about the number of affiliates you find, it's just about the quality of them.” - Rick Magennis
Connect with Rick
on LinkedIn, Instagram, and Facebook. Visit his website at https://affiliateprogrammanagement.co/
Listen to his podcast, The Rick Magennis Show https://podcasts.apple.com/us/podcast/the-rick-magennis-show/id1502273600
Resources:
- Affiliate Management Expo Summit Access: https://www.affiliatemanagementexpo.com/VIP
Enter code: BRAVE and get it for free ($127 value)
- eCommerce Launch Grow Scale summit, free registration link: https://bit.ly/343nETA
- Extreme Ownership: How U.S. Navy SEALs Lead and Win Hardcover – by Jocko Willink
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