Digital transformation is disrupting industries and changing the face of business, and ticketing has evolved along with it. Most tickets are now purchased online, and the rise of mobile ticketing solutions in the past few years has further enhanced accessibility. At the same time, global revenue for event ticketing is reported by Statista as growing to nearly $64 million for 2020.
This growth has left ticketing companies with the task of figuring out the best way to sell event tickets online, and considering whether solutions like affiliate marketing programs could make sense for them. So, what is affiliate marketing, and could it be a good strategy for your business?
Affiliate marketing is an agreement where online retailers pay commissions to individuals or companies (affiliates) who promote their products. As retailers grow even more focused on customers and relationships, affiliate programs become more important in keeping everyone connected.
Increased online shopping (mobile and otherwise) isn’t the only digital driver of growth for affiliate marketing. The meteoric rise of social media has also created more opportunities for affiliate marketing to take hold, as has YouTube, an arena packed with influencers eager to promote themselves (and your product).
Approximately 81% of brands are already involved in some form of affiliate marketing, and it’s become more efficient, with improved analytics and tracking that allow organizations to measure the effectiveness of affiliate marketing strategies. And artificial intelligence (AI) and voice search are set to play a bigger role in affiliate marketing’s future via enhanced performance monitoring and communication capabilities.
Statista reports this combination of innovation and growth has driven spending on affiliate marketing from 5.9 billion in 2018 to a projected $8.2 billion in 2022.
Affiliate marketing is an easy and cost-effective way to drive sales and increase your customer base. Nearly 40% of marketers consider affiliate marketing as one of the top ways to acquire new customers. New customers from affiliate partners are significantly worth more— 30% more revenue, 27% higher average order value and 3% more orders per customer delivering new customers at a 30% higher rate.
While in the past the ability to grow might have required waiting for your marketing budget to catch up, those limits are gone with successful conversions through an affiliate program, growing in months versus years. And because it’s a performance-based model, a business only pays for results as a business scales up.
An out-of-the-box affiliate marketing cartridge can tie all your efforts together, enhancing Salesforce Commerce Cloud’s functionality, helping you create your own affiliate marketing program and expand your customer base.
Affiliate ASSISTANT, a Storefront Reference Architecture (SFRA) compatible cartridge, is one option that also helps you connect directly with your affiliate partners and eliminate the costs of using an affiliate network program. Features include a partner dashboard, built-in search engine for affiliates to search for the products they want to promote, layout options for the product widget and a merchant dashboard to view sales reports within Business Manager.
Explore your options and find out if an out-of-the-box affiliate marketing cartridge can work for your ticketing business.
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