What Affiliate Marketing Means in Healthcare?
In the healthcare space, affiliate marketing is the referred to as the practice of recommending a healthcare company’s services and products to targeted doctors, medical executives and other healthcare professionals and in return earning commission whenever the recommendation generates sales. The affiliate earns a profit from the sale of the product purchased through the link shared.
A Sales Tactic Beneficial to Both Brands and Affiliates
- The U.S. affiliate marketing is expected to reach $6.8 billion by 2020.
- Advertisers generate 15%–30% of all sales from affiliate programs.
- About 35% of affiliates earn over $20,000.
Three Parties Involved in Healthcare Affiliate Marketing Process
The Seller or Advertiser: A solo entrepreneur or large enterprise with a product to market and sell for revenue generation.
The Affiliate or Publisher: An individual or a company who promotes the product to persuade customers to make a purchase.
The consumer or Buyer: When the consumer purchases the product, the affiliate gets a commission while the advertiser receives the rest of the profit.
How Affiliates Get Paid?
Pay per Sale – Earns a percentage of the sale price of the product.
Pay per lead – Gets compensation on lead conversion.
Pay per click – Incentivized based on increase in web traffic.
Reasons to Become an Affiliate Marketer
- To earn additional incomes besides your permanent job.
- No headache of handling customer queries and providing customer support.
- Launch campaigns and receive revenue while working from home.
- Affiliate marketing is cost-effective and can be started without any hassle.
- No company restrictions and regulations, you can work as a freelancer.
- Get paid based on your performance as per your convenience.
Types of Affiliate Marketing Channels
Bloggers: Drive traffic by reviewing the product and promoting it.
Email Lists: Using email lists to promote the products of the seller.
Paid search focused microsites: use of banners and contextual affiliate links to promote products to millions.
Large media websites: Advertise products on the sponsored listings of a search engine or on partner site.
Benefits of Affiliate Marketing for Healthcare Businesses and Professionals
- Improve sales outreach, drive revenue, and boost ROI with quality lead generation.
- Get new leads by capitalizing your existing medical network.
- Collect real-time market reports and field progression data.
- Market your healthcare products and services to more number of customers.
- Expand your healthcare business reach through advertisement on the affiliate’s network.
- Track your healthcare affiliate program performance and analyze what works and whatnot.
- Increase market exposure of your medical products by partnering with the right affiliates.
- Nurture your brand portfolio leveraging the popularity and market reach of affiliates.