Have you considered developing affiliate marketing partnerships, but you aren’t sure how to best make use of this marketing tool? Check out these 5 need-to-know tips.
1) Be picky about who you accept as affiliate marketing partnerships. You certainly don’t need a sloppy web partner who will present your product or service in a schmaltzy or cheesy way. Interview affiliate marketing partnerships with a keen eye, looking for evidence that they will be reliable, effective, and respectable.
2) Work with your affiliate marketing partners. Share information like traffic numbers, letting them know what efforts have been effective and what have not. Give them information such as when efforts resulted in sales. Give emotional support as well as monetary incentives so they will stick with it.
3) Before you sign up with affiliate marketing partners, you need to determine how the numbers will work best for you. Incentives must be tied to a response of some sort. Assign value to the responses you want: traffic, clicks, and sales. Smart business owners offer affiliate marketing partners incrementally more significant incentives, such as fifty cents per click-through to the site, two dollars for contact information, and $25 for a sale. By offering varying levels of incentives, you can inspire your affiliate marketing partners to work to get all levels of responses.
4) Be smart about when you pay out rewards. You may be able to pay out incentives for click-through’s or contact information instantaneously, but you’d be wise to delay pay-out for sales until the product has been delivered or trial periods have resulted in a true sale. Be sure your contract language reflects these kinds of agreements so the affiliate marketing partners don’t think they will get paid for sales that don’t solidify.
5) If you set up your affiliate marketing plan such that it benefits you and the partner, you’ll reap marketing benefits at an affordable price. If you reward your affiliate marketing partners aptly while reserving enough for your own needs, both of you will benefit.