Affiliate programs help businesses reach a wider audience and bring in more bucks. This revenue-sharing model can boost your revenue by up to 30% and you can easily set it up on platforms like Wix.
Many businesses set up affiliate programs without considering some factors. Instead of rushing into this, you should consider taking some time to prepare. This will set you up for a better deal.
If you’re looking to set up an affiliate program with Wix, here are 10 of the most common mistakes to avoid.
1. Ignoring Competitors
Some businesses set up affiliate programs without considering their competitors. But to stand out, you need to understand who your business rivals are. By running a competitive analysis on your competitors, you’ll:
- Find out the platforms they run their affiliate programs on, including Wix
- Note the terms and conditions of their affiliate programs
- Observe how they recruit affiliates
- Check their commission structures
- Monitor how they handle the strengths and weaknesses of their programs
This analysis will show you what to pay attention to when setting up your affiliate program.
2. Launching Without a Plan or Test Run
Before starting an affiliate program on Wix or any other platform, plan out your marketing strategies. Consider your business goals and the number of affiliates you’ll be working with. They will guide you through the setup process.
Also, before you launch your program, make sure that all necessary details are in place. Test the program before inviting several affiliates to join. It will help you make all the necessary changes.
3. Working Without a Commission Structure
Businesses that start paying out high commissions often end up cutting them, which can be discouraging for affiliates. To avoid paying extremely low or high commission, get strategic with your commission structure.
Start by using varying commission rates for different brands and products. Also, study your market and improve rates with enhanced sales. And don’t neglect lessons from your competitive analysis. You can make your commission structure more appealing by offering bonuses to affiliates that exceed expectations.
4. Not Providing Adequate Affiliate Resources
While you might only need a traffic source for affiliate programs, you’ll need more than a minimalist set up to make good profits. Without the necessary tools and resources for affiliate program activities and supervision, there’ll most likely be inconsistency.
You need resources like affiliate trackers, landing page tools, and campaign automation features to evaluate traffic and sales and track links to eliminate spamming. That way, you’ll minimize damages to an already working system.
5. Setting up Without an Effective Tracking Software
Whether you set up an affiliate program with Wix or another site, make sure to choose a solution that allows accurate tracking of clicks, leads, sales, and other marketing campaigns.
With affiliate tracking software like LeadDyno, you’ll get complete control of relevant data and effectively run your program, as the software integrates with popular eCommerce platforms in just a few clicks.
Effective tracking software will keep affiliates engaged and motivated through automated emails and published newsletters. Also, automatically track social shares, how coupons and links are doing, and the success rate of your marketing efforts. That way, you can easily see the results of your affiliate program and take necessary actions early on.
6. Not Vetting Affiliate Applications
Instead of setting your program to auto-approve, which may reject useful publishers or approve those who won’t add much value to your business, meet with potential affiliates. You don’t want an automatically-approved affiliate spamming customers or cookie stuffing browsers with your name as part of their tactics. Evaluating each potential affiliate on a case-by-case basis gives you a chance to get to know their websites and their promotion services.
Also, run a check on their content channels and audience before deciding whether they’re the right fit for your needs. When you make a decision, notify the affiliate early.
7. Collaborating Without Clear Program Guidelines
Don’t accept affiliates into your program without rules or policies. Before you set up affiliate programs, prepare a detailed outline stating the terms and conditions of working together. Set standards and policies on how and where to promote your brand and how to communicate with them.
Make these terms and conditions into an agreement that both parties can sign to create accountability. This contractual agreement will safeguard you from liabilities that may come from unsatisfactory practices run by affiliates.
8. Responding Slowly to Affiliates
When you receive an application, make sure you respond early. And when you add them to your program, make sure they can access information easily. Don’t pile up queries, as it will only slow down the system and affect their work. You don’t want customers’ trust in your brand to diminish because of an issue that’s not attended to promptly.
Also, optimize channels like emails, social media platforms, weekly meetings, or monthly newsletters for better communication.
9. Not Treating Affiliates as Business Partners
While you should ensure affiliates promote your brand’s reputation, you need to treat their partnerships like other business relationships. Try maintaining a solid working relationship with each of them by keeping communication lines open, attending to their concerns and suggestions, and connecting with them on different platforms.
Let them see that you pay attention to their activities and appreciate their progress. You can also organize periodic events that bring all affiliate partners together to network and strategize on how to achieve mutual goals.
10. Not Monitoring Affiliates’ Activities
Make sure you regularly monitor how affiliates promote your brand. Review your traffic and sales, and check for inconsistencies. Also, look out for gaps and broken links so you can fix them quickly. You don’t want affiliates directing leads to discontinued products or services.
Ensure affiliates only share content that’s both up to date and according to the stipulated brand guidelines. Check how they use product names, associated hashtags, branded keywords, and others.
Monitoring how they promote your brand and ensuring that there’s no false advertising will protect your brand’s reputation and help you know the areas that need improvement. You can then help affiliates to take the steps necessary to promote your brand effectively.
Time To Set Up Affiliate Programs Without Error
Innovative methods help you reach a wider audience. Setting up affiliate programs is a good way to do this, connecting you with affiliates who can enhance your brand awareness by sharing content about your products and services. Before you know it, you’re gaining more traffic and making more sales.
But if you want to succeed at affiliate programs, you need to avoid these common mistakes that businesses often make when they want to set up an affiliate program with Wix and others.