Affiliate marketing requires careful research and planning, along with effective use of competitive analysis to understand yourself and your business adversaries. Competitive analysis involves thinking rigorously about your business’ history, present state and future outlook through the model of Strengths, Weaknesses, Opportunities, Threats and Trends (SWOTT). This is not an academic thought experiment, and you should use the SWOTT model to find and evaluate practical, empirically-valid ways of improving your business. This includes developing a thorough understanding of your competition.
- The author advises those who are planning their affiliate marketing goals and have ideas on structuring it should not be in a hurry to do so.
- One of the biggest mistakes one can make in the affiliate marketing journey is to launch a program too quickly without studying the competition.
- An affiliate marketing program benefits the business but should be based on a thorough analysis of the business, competitors, and the state of the market.
“That is where competitive analysis comes in. It helps you find out exactly where you stand and what you can do to build and run a successful affiliate program and prevail over your competitors. It can also help you get to know your business better and improve it.”