How to effectively manage your affiliate program and where to find helpful resources.
Affiliate marketing can feel daunting and overwhelming at first. Fortunately, there is a lot of information available to help understand affiliate marketing better, and how brands can benefit from the channel. Below are a few steps to consider as well as links to helpful resources.
1) Expanding knowledge on the affiliate channel
Immersing yourself in the various articles and content related to the affiliate channel and wider digital industry is highly recommended. Below is a link to the Commission Factory Blog which contains many helpful articles to expand industry knowledge:
https://blog.commissionfactory.com/
Examples of content pieces on the blog include:
- How to run a successful coupon strategy
- Affiliate marketing metrics
- Three core rules to affiliate marketing
2) Defining the affiliate strategy and setting program goals and objectives
What are the key objectives for your business? Is it looking for new customers or maximising sales by opening a new revenue stream?
Once the affiliate strategy has been defined, and the program goals set, the road to using the affiliate channel is much easier to navigate.
Once the program goals and objectives have been set, the program settings & terms and conditions should be looked at:
- Commission structure
- Allowed promotional methods for your program
When determining the commission structure, it is important to not set the default rate to the maximum rate possible. To optimise performance and visibility on specific affiliate websites, affiliates often ask for an increased commission rate for a set period of time. Therefore, it is important to not already offer the maximum rate as a default.
3) Understanding the various promotional methods in the affiliate channel
The affiliate channel is very broad and diverse, and thus the choice of affiliate partners is diverse. Amongst the most common affiliate types are Incentive Cashback, Loyalty Programs, Bloggers, Coupon & Offer Affiliates.
Knowing and understanding the various promotional methods, and aligning these with the program goals and objectives is important to achieve overall business goals. Our promotional methods glossary is a helpful guide.
4) Affiliate diversification and its importance
Having a diverse and balanced affiliate portfolio is important. Being over-reliant on 1-2 affiliates driving the bulk of sales for a program is risky. Explore new opportunities that align with the program objectives to diversify the program.
Diversity in the affiliate channel allows to try or test new promotional methods for a program, with minimal risk as all of this will always be on a Cost Per Acquisition model.
The most successful affiliate programs have a broad and balanced affiliate mix, with different types of promotional methods. An article on affiliate diversification and its importance to an affiliate program can be found on the Commission Factory blog.
5) The importance of relationships in the affiliate channel
Good relationships with affiliate partners are one of the key fundamentals to affiliate marketing and will help program success. Keeping an eye on the message centre and responding to affiliates reaching out is an important first step for this.
Investing the time in building rapport not only with the large publishers on the program but to all affiliates approved to a program is important. The Commission Factory Message Centre allows advertisers to reach out and engage with all approved affiliates. It is also possible to group affiliates and segment them this way. Try and engage the currently inactive affiliates on the program as well as build relationships with the already transaction active ones.
Demonstrating engagement to affiliates increases the likelihood of them engaging with you to promote your brand.
Commission Factory provides all the resources and information an advertiser needs to manage a program from the Help Centre and Blog. If you do require assistance feel free to contact your dedicated account contact who will be able to assist.