Running a business involves a lot of creative input time and again from its owners and staff. Optimized iterative processes for quickly resolving issues and cost-effectively scaling up relevant operations are also necessary for growing a business. Combined, this makes it almost impossible for any company to guarantee affiliate marketing success.
That’s because no two businesses are created equal. Despite having the same business models, a lot of things can be entirely different in terms of targets, operating procedures, ideal audiences, niche markets and co-marketing prospects, just to name a few. This is like how two artists who create 80s heavy metal music almost always sound unique when compared to each other and also appeal to different listener markets in the same geographic locations. Simply put, doing business is both a science and an art, just like how creating music or writing a book is an artistic process, while formulating promotional campaigns mainly involves scientific procedures.
This becomes a bit more complicated when it comes to affiliate marketing. That’s because for a merchant, building a network of co-marketing partners is primarily focused on developing strategic ways to entice your ideal prospects to sign up as your affiliates and promote your newest offers for them to earn commissions for each sale they produce for your business. So this involves tweaking your affiliate offers to become more captivating and compelling for your target affiliates, and at the same time improving its marketability for their subscribers and viewer traffic.
Remember, you’re also competing against other merchants who are all trying to grab the attention of your ideal co-marketing partners. Besides, this doesn’t just come down to offering the highest possible commission percentages. That’s because your products should also be compelling for the traffic of your affiliates. These are the most important components of a co-marketing campaign, which should be present before you can claim affiliate marketing success.
So it all boils down to how your products convert when your affiliates promote it to their subscribers and viewers, and how much it costs them to generate a sale. For example, let’s say you’re offering a 60% commission for a $100 product. Meanwhile, your competitor is pitching a 40% cut from their $100 product.
Next, let’s say each of your affiliates is spending $10 just to send 4 of their subscribers to your $100 offer. On average, let’s say they get a 25% conversion rate (1 out of 4). So this means each of them is earning $50 net for every $10 that they spend.
Meanwhile, let’s say the same affiliates are each on average spending $5 to drive 10 of their subscribers to your competitor’s $100 product. Plus, say average conversion rate is 40%. So this means each of them is earning $155 for every $5 they spend. Wouldn’t you consider this to be much better affiliate marketing success for them?
But then again, overall affiliate satisfaction isn’t only about giving them much better commission earning potential. On the contrary, this is made up of the following moving components:
How to Achieve Affiliate Marketing Success by Ensuring the Overall Satisfaction of Your Co-Marketing Partners
First, make it quick and easy for your ideal co-marketing prospects to clearly understand the current relevant metrics of your affiliate offers. This includes average CTRs (click thru rates), conversion, customer acquisition cost and net revenue percentages. Your primary objective is to allow them to quickly and conveniently figure out on their own what to expect from their promotional activities for your offers. This has been proven to generate larger numbers of affiliate sign-ups for many merchants all around the world.
Second, be more transparent on how your end-to-end affiliate marketing system is set up for the benefit and convenience of your co-marketing partners. Remember, they need to understand how your internal processes work in terms of tracking cookies and commission payouts. They also need to clearly comprehend your commission payout schedules and withdrawal options. Don’t forget that as with any other business arrangement, trust and confidence are vital components of affiliate marketing success.
Third, provide them with a quick and simple to use platform for managing their promotional campaigns. It should be convenient for them to regularly view the results of their promotional activities for your affiliate offers. They should also have straightforward options to track and monitor their current and previous commission payouts and withdrawals. Also keep in mind to incorporate simple functions into your platform that they can use to contact your affiliate managers and support teams through their preferred devices (mobile and desktop).
Fourth, integrate helpful features into the platform that you provide your affiliates. For example, make it easy for them to access timely industry reports, relevant market research data and other resource materials that can help them tweak their campaign strategies and tactics. Also provide downloadable media materials that they can use for their advertising and marketing activities for your offers, especially for your new co-marketing partners. This way, they can hit the ground running and be able to immediately promote your products to their subscribers and regular viewers.
Fifth, build a community of affiliates with different target niches and industries. Remember, an affiliate that’s currently competing in a certain niche might not want to mingle with others who are also focusing on the exact same niche. So this means your community platform should be able to do this through the tactical segregation of niches via private sections and categories. For example, a Youtube influencer with subscribers and viewers interested in DIY tools for home improvement projects is likely to engage in meaningful discussions about affiliate marketing strategies with other Youtubers in vertical niches like home appliances, real estate property investing and development among others. The same affiliate might also be interested in discussing promotional tactics with bloggers who are serving markets interested in these verticals.
Keep these tips in mind while creating your co-marketing campaign plans. You’ll be able to generate innovative ideas to increase the likelihood of achieving affiliate marketing success for your business when you do these things right.