How to create an in-house affiliate program

How to create an in-house affiliate program. Details https://loyverse.town/blogs/entry/166-everything-you-need-to-know-about-creating-an-in-house-affiliate-program/

Transcript

1. Creating an in-house affiliate program
2. What is an affiliate program? ⊹ An affiliate program is a digital marketing strategy where your business recruits partners, known as affiliates, to place links to your business on their website, blog, or social media page. 2
3. What is an affiliate program? ⊹ You then pay these affiliates a commission every time someone makes a purchase or visits your site via their affiliate link. ⊹ 3
4. What is an affiliate program? There are two ways to have an affiliate program: ⊹ Through an already existing affiliate network ⊹ By using your in-house tracking solution. 4
5. What are the advantages OF AN IN-HOUSE AFFILIATE PROGRAM? 1
6. ADVANTAGES Cost-saving While networks might charge a 30% override, you might pay only 5% when using your own tracking solution. Better understanding of company products and customer needs. Running it in-house gives you the benefit of relying on your own account managers’ knowledge of your products or services. Fast Market Your in-house manager would be able to contact key affiliates instantly and arrange promotions right away. 6
7. ADVANTAGES Total Control You have complete control over your affiliate program, your products, systems, and how you are presented online. 7
8. What are the disadvantages OF AN IN-HOUSE AFFILIATE PROGRAM? 2
9. disadvantages Payment and commissions You will be entirely responsible for the finance team that takes care of invoicing and payment. Reporting You will have to be responsible for creating weekly report templates and measuring performance if you want to get insight into a number of variables. Policing the Program You are solely responsible for monitoring and ensuring that affiliates are promoting your brand ethically while abiding by your standards. 9
10. disadvantages Recruitment Start from the ground in building a network that will instantly connect to thousands of affiliates 10
11. Other important points: • How will you allow affiliates to promote and distribute their affiliate links? Which marketing channels can they use? • How long are affiliates entitled to earn a commission after someone clicks on their affiliate link? • What are the policies and terms and conditions your affiliate program should include? • How will you make your affiliate program stand out, compared to competitor programs? • Will you designate or hire a dedicated affiliate manager for your program? 11
12. 6 steps in creating an in-house affiliate program 12
13. 6 steps in creating an affiliate program 13 1 3 5 6 4 2 Set the goals and objectives of your program. Decide on the right affiliates commission. Train your team of affiliates. Set up your strategy based on goals and objectives. Recruit your affiliates. Keep track of how your affiliate program is doing.
14. Start your game plan by determining your affiliate program’s goals and objectives. This clarity allows you to select the right affiliates and define your commission. 1. You’ll need to establish what types of audience you would like to reach before asking what types of affiliates you should target to help you reach those types of audience. 2. Set some quantifiable goals for your program. This will help you determine from the beginning the program’s feasibility and success indicators. 1. Set the goals for your program 14
15. Once your program objectives are defined, you need to set up the strategy that will help to reach them. This strategy may be apportioned into four parts: terms and conditions, setting Pay per Click (PPC) rules, approach to certifying sales, and recruiting the right affiliates. The highlight of the terms and conditions of your program should focus on how affiliates can promote your business. It therefore plays a big role in online representation and how successful you will be at achieving your objectives. 2. Set a strategy based on goals and objectives 15
16. One of your most important choices to make in the design process is the commission structure or the way you’ll pay your affiliates. First, decide whether you’ll pay a set amount for each sale, or a percentage of each sale affiliates make. A golden rule, you should only compensate an affiliate if a sale is made via their affiliate link. 3. Decide on the right affiliates commission 16
17. An existing affiliate network can help you build up a base of representatives quickly, especially if they already have relationships with top affiliates in your niche. However, they charge their own commission, or a finder’s fee in addition to the commission you pay affiliates directly. You also won’t have direct control of your valuable affiliate data. Forming your own personal network of affiliates, on the other hand, will cost much less per year than the fee you’d pay to engage with an existing affiliate network. Plus, this software grants you full control over the data you need – and all other aspects of running a program. 4. Recruiting the right affiliates 17
18. How to form your own network of affiliates? • Make a list of all reputable and significant websites, bloggers, and social media influencers that fit in the niche your business occupies. Then, make a list of people behind those accounts you’d like to be part of your affiliates. • You may also promote an open affiliate application on your website and let potential affiliates come to you. Of course, you will have to screen them carefully, and see how well their niche and audience match yours. A LinkedIn group is another great way for affiliate networking. 4. Recruiting the right affiliates 18
19. After you’ve recruited affiliates, brief them on your program’s terms and conditions, and have them sign an agreement to abide by these rules. Then, train affiliates on brand and program fundamentals, give them their unique affiliate links, and supply them with promotional resources. 5. Train your team of affiliates 19
20. After you’ve started your affiliate program, you’ll need to regularly track its success through your affiliate program software or the affiliate network you’ve signed up for. Keep track of which affiliates are bringing in the most sales. Also, check how well your affiliate program is meeting the measurable goals you set during planning, including the amount of revenue, conversion rates, unique sales, and AOV. If your program isn’t meeting these goals, it may be time to tweak your commission structure or rethink your affiliate lineup. 6. evaluate 20
21. 21 Check out our blog about this on loyverse town! “Everything you need to know about creating an in-house affiliate program” www.loyversetown.com
22. Thanks! Any questions? You can find me at: ⊹ @Chooli ⊹ chooli@loyverse.com 22