Singapore is a resilient hub for small businesses with more than 271,000 small to medium enterprises at a growth rate of about 60.7% in 2019. However, the survival rate of small businesses in Singapore that grows beyond their startup stage is a cause of concern. Several Singapura business owners claim that customer loyalty has the most impact on their small business’ growth.
Apart from loyal customers, small businesses also require an influx of new customers to boost sales. Thankfully, affiliate programs can help your business to take off and thrive. With user-generated content and real customers promoting and marketing the products or services for you, affiliate marketing is one of the potent ways for your business to stay afloat during uncertain times.
Here’s how running a Singapore affiliate program to market your services can help boost sales:
- Expand your Reach and Increase Impressions
One of the most significant advantages of affiliate programs is the level of reach you can expect to achieve. For instance, suppose you have an online health store promoting wellness products in Singapore. If you have 20 affiliates in your affiliate program with 5000 followers each, that’s a significant number of impressions that otherwise you have to pay to get.
38% of Digital marketers in Singapore consider affiliate programs as the most reliable and cost-effective customer acquisition methods.
- Leverage User-Generated Content
User-generated content is natural content that acts as social proof to showcase your brand. More than 4.6 million Singaporeans are active social media users who depend on this channel for product or service inspiration.
Within your Singapore affiliate program, start encouraging your affiliates to share user-generated content by featuring customer stories, reviews from Google, or review videos for a killer social proof.
- Nurture Customer Relationships
Affiliate programs do a great job of converting leads into customers that can further act as lead magnets for your business. With an affluent customer base, your next objective should be to foster a healthy relationship with the customers by continually engaging with them.
Affiliate marketing experts in Singapore suggest using targeted emails to keep your customers in the loop. It’s best to not only inform your affiliates about your products or services; you should also address their pain points and add more value.
Singapore has one of the highest email open rates in Asia at 20%, and those with less than 2,500 subscribers tend to have a greater click-through rate.
- Higher ROI
Affiliate marketing is growing in popularity in Singapore as more companies in different industries hire affiliates to sell their products and services for a commission.
Affiliate programs offer a greater ROI based on the strategy of paying commission for sales than other marketing campaigns like Google Ads that involves paying for traffic with no guarantee of conversions.
- Enables Data Tracking
With any marketing campaign, you have to measure performance to make improvements. Affiliate marketing is no exception. Affiliate tracking can help your business devise proactive strategies to improve conversion, offer better services, and identify top-performing affiliates.
According to a local survey, one of the top risks for Singapore SMEs is a struggle to meet customer demands and increasing competition. However, running a Singapore affiliate program can mitigate your risk since you have a lucrative chance of working with your customers directly and understand their pain points to win new customers your way.