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Best Affiliates for the Best Promotion
Even companies with a decent level of sales must be constantly searching for new customers - otherwise, they will not have time to blink an eye, as they will be left behind the competitors. One of the most effective ways to expand the customer base is the so-called affiliate program. It is a form of mutually beneficial business cooperation that allows all parties to reduce the cost of attracting customers. Today we are talking about how to choose affiliates and organize work with them correctly.
Choosing the right affiliate is the first condition for success. Only in this case, the program will become a driver of growth. To understand which affiliates you need, you must have some knowledge base. Such a base includes 2 main aspects: your goals and accurate data and business indicators.
We offer you the next steps on the way to creating a dream team:
1. Use specific data
Keep in mind the following aspects in terms of collecting information to help you identify the best affiliates to promote your products:
- Make sure that the information you have is not generalized, but rather sufficiently segmented.
- Divide data about existing customers and new ones. This way you can accurately track the effectiveness of your solutions.
- Make sure that you have data at all stages of the client's presence so that you can measure the KPIs on all the funnel rings.
By paying due attention to all three aspects, you can determine exactly what your ideal affiliates should do to successfully promote your product. Perhaps your ideal affiliate already exists and the only thing you need to do is get him or her to work for you.
The most difficult part of working with affiliates is attracting professionals. Professional affiliates are people who earn thousands of dollars on affiliate programs, they have their resources — a site with huge traffic, a subscriber base that responds well to their offers.
2. Define KPIs per your business goals
There is a myth about affiliate marketing that the only goal of using affiliate marketing instruments is to immediately raise sales. In fact, the affiliate marketing system is so multi-layered that you can customize it so that it hits the goals of your business exactly.
It may sound quite simple, but understanding what you need in the smallest detail is something much more complex than understanding that you need an affiliate program just because your competitors have it. The main goal of the business is profit, this is clear. Indicate sub-goals. Calculate KPIs specifically for these goals.
When you pass this level, you can start thinking about how you can successfully fit affiliate marketing tools into it. In the end, you will be able to select affiliates whose work is configured specifically for your KPIs.
3. Expand the base of affiliates
Don't wait for them to come to you. This, of course, is not a Pokémon hunt, but you still need to know where to look for them. First of all, you should search for affiliates on thematic forums, in affiliate communities, catalogs of affiliate programs on the Internet, at conferences, use contextual advertising, and targeted advertising in social networks. Also, suitable people can be found among existing customers, so do not hesitate to tell about your program in the next newsletter.
Finding experts in the implementation and consulting services is a more manual process. Search for agencies in the desired region that work with products in your category. The lists of affiliates that local competitors have are very useful.
4. Monitor the efficiency
This is the technical part and, in fact, the easiest, but only if you have created a really high-quality product that is interesting to the market. You can independently set a reward for each affiliate’s sale. The services allow you to automatically pay fees to affiliates. It takes a lot of time to track each affiliate's sales independently, check everything, and pay fees, but it is necessary. This is why there are special services. Do not hesitate to use them, because monitoring the affiliates you have attracted will show you if the decisions made by both you and them were right.
5. Accurately define the role of the affiliate program in the business
To build a proper affiliate program, you need to understand its role in your business. Often, company managers do not pay due attention to this area – they consider fees to affiliates unnecessary expenses from the company's budget. This is not true. Affiliate programs have enough advantages to be considered as an additional channel for generating profit:
- The affiliate program allows you to save some money on advertising since the service is advertised by the affiliates themselves.
- Affiliates save part of the bonus money for managers, as they do their own work.
- Some affiliates advertise not only the service itself but also the affiliate program if they are satisfied with the terms. Thus, there is a simultaneous influx of clients and affiliates.
6. Identify key performance metrics
The key metrics for evaluating the effectiveness of the program in our case are the growth of the base of affiliates per month, the number of new active leads, and purchases. Affiliates who bring in less than the "pass-through" minimum of leads and paid users are removed from the database after some time (however, this indicator may be flexible since the transaction takes time to complete).
Perhaps the main difficulty when launching an affiliate system is that you pass on some of the user experience to your affiliates when they get to know your product, which means that you must carefully monitor that this experience is positive. When choosing affiliates, you should immediately cut off those who provide false information (promises a non-existent discount, etc.), engage in spam mailing, and use fake credit cards. Sometimes, it is necessary to prohibit the unauthorized use of your brand in advertising, especially in unfamiliar languages.
7. Select a service for the affiliate program
Depending on the functionality, it may be easier for you to choose one of the ready-made solutions. The standard set of features includes SEO-optimized links, customized design, customizable group fee, premium payments, and integration with Paypal. It is difficult to find the perfect ready-made engine for an affiliate program, but it pays off in multiple amounts. The functionality will be exhaustive.
Affiliates make your business. It is your affiliate who will bring you a customer who is interested in the product, and you will share the fee for the paid orders only. In fact, you save on attracting traffic but share the income from sales. In any case, you are in the black.