Tips & Guides — 21 Sep 2020
Tips to Set Up Partner Relationships
Affiliate marketing is a type of performance-based online marketing that has been growing rapidly for the last decade. As marketers find new ways to promote products and services online, affiliate marketing continues growing and generating revenue for those who want to capitalize on it.
Today, companies are expected to set up productive affiliate marketing relationships to reach success. To help you get started, this article explains how affiliate marketing works and how you can build strong affiliate marketing relationships.
Any affiliate marketing relationship involves two parties – a vendor and an affiliate. A vendor refers to a business that’s looking to connect with a broader audience to increase sales. Vendors pay for every sale/conversion/click that an affiliate refers back to the vendor. An affiliate is an individual or business who advertises the vendor’s product and receives a share of revenue for every conversion they help generate. In order to track clicks and sales, typically an affiliate platform is being used.
In general, there are three payment structures that vary based on the personal preferences of vendors and affiliates. Affiliates can be paid a per click, per sale, or per lead.
As many as 81% of marketers and 84% of publishers leverage the power of affiliate marketing to their advantage. And the research shows that affiliate marketing is here to stay. In fact, affiliate marketing spending is expected to eclipse the $8 billion mark by 2022.
Now, as you have a basic idea of how affiliate marketing works, let’s dig deeper into understanding how to start affiliate marketing relationships. By following these five actionable steps, you can build strong affiliate marketing relationships and ultimately reach success.
Step 1. Place the details on your website
As a vendor, the first thing you want to do is engage potential affiliates and let them know that you are interested in collaboration. The best way to do so is by placing the details visibly on your website.
Have a registration form ready for those who would like to apply and walk your to-be affiliates through the application process. This will help you engage potential affiliates (e.g. content creators) who may be interested in your brand.
Step 2. Initiate communication
Now, as you’ve got a list of potential affiliates who are interested in partnering with you, how do you choose affiliates to work with?
The key to successful affiliate marketing relationships lies in choosing affiliates who share the same niche as your brand does. This way, affiliates will deliver targeted traffic with higher conversion rates.
Initiate communication by regularly reviewing affiliate applications and sending out friendly emails to invite the best candidates into your affiliate program. Craft welcome emails that include your contact information and steps to help new affiliates get started.
You can take the affiliate onboarding process to the next level by sending out automated emails. As a part of your affiliate onboarding efforts, create content with best practices and tips, and share those with your affiliates
Another good tip is to share your expertise and experience of high tier affiliates to help the new affiliates get their first links live and keep them motivated
Step 3. Provide relevant information
Once you’ve placed the details on your website and chosen affiliates to partner with, the next step is gathering and providing necessary resources. This implies up to date information that will help affiliates better promote your product. To help you get started, here’s a list of useful resources you can offer to your affiliates:
You can share press releases, how-to guides, and other useful resources that will help affiliates build a comprehensive picture of your product. You can take it a step further and share marketing ideas to help them drive more traffic.
Also, it’s important that you make sure to list clear terms of service. By sharing terms and conditions upfront, you will keep your brand safe from affiliates who create spam links to your products and other issues alike.
Step 4. Segment your affiliates
By segmenting your affiliates, you can develop unique strategies that will work best with each segment. One of the best ways to conduct affiliates’ segmentation is by rating them high, medium, and low. Let’s see how it works.
Step 5. Keep affiliates motivated
Once you’ve segmented affiliates and completed the onboarding process, it’s easy to overlook the importance of keeping your affiliates motivated. That’s why motivating affiliates is the final step that will help you maintain successful affiliate marketing relationships.
Keep your company in the affiliates’ minds by sending out a monthly newsletter. This will help you keep them engaged and informed about new offers, trends, and seasonal promotions.
Make sure to show special attention to the high tier affiliates. Since, strategically, they are most important to your business, it’s better to target high tier affiliates with exclusive content and creatives.
Create content to keep your low tier affiliates motivated and help them increase traffic. You can use email as a medium to share the best tips and practices. Additionally, you can launch a bonus system to reward successful affiliates and keep the rest motivated.
Finding affiliates and getting them to join your program is not even half of the battle. Most of the challenge comes in once you start building relationships with your new affiliates. Transparency and engagement are the key factors that will help you keep your affiliates motivated.
Before you go, let’s quickly wrap up what you’ve learned today about building affiliate marketing relationships:
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