Retailers everywhere understand the power of omni-channel marketing. But if your brand does not currently partake in affiliate marketing, it is missing out on a lot of profitable opportunities! Did you know that Affiliate marketing now accounts for more than 16% of U.S. e-commerce orders? (Business Insider)Get started the right way with these helpful steps:
Plan
Everyone wants to sell more online, but good initiatives start with welldevised plans and goals. Be thoughtful about what Return on Ad Spend (ROAS) you need in order to make your affiliate marketing efforts profitable.Also think about what resources you can dedicate to really optimize the program fully.
Set Up
Now is the time to start getting into your research. So roll up your sleeves, get organized, and have your team start researching these areas to ease the setup process:
- Affiliate Networks: Setup Fees, Transaction Fees, Monthly Minimums, # of active Publishers
- Product Catalog: Category/Item Profitability, Contractual Conflicts
- Feeds: Product and Transaction Feed Requirements, Available Network APIs, 3rd Party Link Feeds Used by Publishers
- Terms & Conditions: TM+ Bidding, Sub-Affiliates, etc.
Getting the details for these items will get your feet wet in discussing the execution of some of the technical aspects More importantly, you will have the data to make your program fit your plan with a profitable commission structure and it will identify automated processes to free up your team so that they have the ability to recruit and optimize the program.
Recruit
When it comes to recruiting publishers, it is quality not quantity that matters most. It will take time to foster the working relationships that are indicative of a good affiliate program, so it's a good idea to start off on the right foot by reaching out personally to publishers. Sometimes a phone call can mean the difference between an offer that goes unanswered and an offer that leads to a profitable partnership.
Create Offers
Keep you program fresh and your links up to date with sales and offers available to customers. To keep your program strong, plan for exclusive offers that appeal to both the publishers showing your product and the consumers buying it. You have two audiences that need to find a common ground in order for your program to be most successful.
Improve
Don't assume that you can set it and forget it! Affiliate programs require constant attention and outreach. On a weekly or even daily basis you should be reviewing your reports to see which offers were popular, which publishers had a spike in sales, and which publishers have been trending down in sales. The sooner you adjust and reach out, the easier you'll be able to steer the program in a profitable direction.
Looking for expert help to build your affiliate program without having to hire a new division of personnel? Contact Informatics, Inc. and learn more about our affiliate team that is dedicated to your success and has the results to prove it.
