Why Start an Affiliate Program?
One of the easiest ways to drive more leads to your business is an effective affiliate marketing program. Affiliates are motivated to earn money because they don’t get paid unless they give you leads that convert, so they will work hard to create well designed websites that attract people to your products and services. In return for their efforts, you pay your affiliates a percentage of each sale they generate for you. This means you make more money, your affiliates get to make money by working from home, and your customers are happy because they have found a very valuable product or service. That’s right – affiliate marketing really in a win-win-win situation!
What Makes an Affiliate Marketing Program Successful?
There really is no one set method that makes an affiliate marketing program successful. Whether you have a public program or a private one, it is important to set up some specific goals for your program right away:
Q: what type of affiliates do you want?
Q: how many affiliates do you want?
Q: how much revenue should you expect per affiliate?
Q: how much overall revenue from the affiliate program should you expect?
With prior planning and research of other affiliate programs within your industry, you can get a glimpse of what your affiliate program could be when tailored toward your own products or services. If there isn’t an affiliate program run by a competitor, that piece of information is important too because you’ll want to find out why.
Have Easy To Understand Policies and Procedures
What happens if an order is placed that is fraudulent? What happens if the customer asks for their money back because they are dissatisfied? How should affiliate websites be setup? What kind of payment terms can affiliates expect? If you have clear policies and procedures when it comes to what affiliates can expect from you in virtually any circumstance they may face, there will be fewer questions, fewer complaints, and less of a chance of liability that will cost your business revenues. Then, once you have a solid program in place, it’s time to promote it!
How Do You Effectively Promote an Affiliate Program?
A good affiliate program really will promote itself. Whether public or private, if you have favorable terms and the potential for profits, people will jump on board immediately. They’ll share it with their friends on social media outlets. Blogs will write about how fantastic you are! Some affiliate programs even build in incentives to help expand the affiliate network by offering rewards for people who come and join too. Rather than a pyramid scheme, you would simply pay a bonus for each valid affiliate.
Watch Your Network Grow!
As your network grows, so does your potential for sales. Make sure you are tracking all of the sales that come from affiliates to determine if you are meeting your sales goals. Offer promotions, be quick to get rid of affiliates that don’t have your best interests in mind, and you’ll have happy affiliates wanting to help you because ultimately, in helping you, they’re helping themselves.