Just a third of business owners in the UK have an understanding of affiliate marketing, a study has revealed.
Only 34 per cent of businesses surveyed by European affiliate marketing company Optimus Performance Marketing (OPM) could accurately describe what affiliate marketing was and 72 per cent said they felt they needed to invest more time into learning about it.
Of the 516 SMEs which took part, 26 per cent said they have an affiliate marketing programme in place for their business while 31 per cent said they would consider it. However, 44 per cent of businesses said a lack of knowledge on affiliate marketing was preventing them from implementing a strategy, and of those who had one or were considering it, more than half (51 per cent) said an external agency was or would be involved.
Managing director at OPM, Mark Russell, said: “The results are rather similar to what we expected among small to medium business owners, with a lack of knowledge apparent.
“It’s a shame that so many don’t realise the potential benefits of affiliate marketing, especially seeing as though so many of these business owners had an e-commerce element to their company and a transactional website.”
Affiliate marketing allows businesses to make money online through rewarding affiliate online publishers for enticing customers through their own marketing efforts.