Ever since its inception, affiliate marketing – even with its relatively developing practices – is still the choice of many forward-thinking advertisers. According to one study, the industry is now worth approximately $6.5 billion.
Needless to say, they’re a valuable asset for the promotion of your products and services. This is precisely the reason why developing a good and healthy relationship with each and every one of your affiliates could be the contributing element between success and failure. Looking to start an affiliate program an affiliate program? Here’s how you can develop good business relationship:
1. Be Generous
Incentives are what keep the affiliates rolling in. And of course, we’re referring to the financial kind. Provide them with valuable incentives and they’ll realize the potential of you being affiliated with you and work hard to keep you happy. While at an average companies pays between 35% – 45% to their affiliates, perhaps you could raise the bar?
2. Find That Common Ground
Businesses work best when the partners have common interests. And your affiliate program is no less of a partnership. Before you sign up with an affiliate, check to see if their business model is in sync with yours. Do you both have something that the other can use? Monopolize on mutual benefits.
3. Provide Necessary Promotional Items
To gain maximum exposure and conversion rate of your campaign, you should provide your affiliates with all the right promotional tools, such as banners, text campaigns, links, landing pages and product data feeds.
Additionally, provide a template for press releases and other necessary information that you think is required as per your offerings. Remember, your branding needs to be consistent. If you leave it completely onto your affiliates, not only will you get conflicting campaigns, but will also end up frustrating your affiliates.
4. Listen To Them More Often
You might be neck-deep in work, but always take the time to hear out your affiliates. They will end up being more responsive and accountable if they feel that you’re receptive of their ideas and suggestions. Find out about their additional offerings. Is there a new trend out there that you’re unaware of?
5. Be Prompt With The Payments
One of the worst practices of any advertiser is delay in commission payments. It comes across as unprofessional and decreases the motivation level of your affiliates. Keep in mind, a happy affiliate could mean higher conversions.
Luckily, you can do all that with the help of LeadDyno’s affiliate management program!
LeadDyno is an innovative and simple-to-use lead affiliate tracking platform and software that assists companies in managing their affiliate program. With some of the best features, LeadDyno covers social media and WordPress affiliate tracking, and provides a convenient mean to paying them.
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