Harnessing the power of affiliate partnerships is a pivotal strategy for brands seeking to expand their reach, drive sales, and cultivate brand loyalty. Amidst the dynamic landscape of online commerce, the affiliate marketing ecosystem thrives on innovation and adaptation, constantly evolving to meet the demands of both brands and consumers. Effective strategizing and enticing incentives are key elements in fostering fruitful collaborations between brands and publishers. Below are 6 strategies we implement to grow a successful cost-effective affiliate program.
Provide Exclusive Offers/Unique Codes
Offer exclusive or unique promo codes with very selective publishers. These types of publishers offer a full funnel marketing solution because they provide valued and trusted content as well as verified offers and codes to incentivize readers to complete the purchase. Additionally, offering VIP loyalty partners unique codes will ensure publishers remain prominent. Offering exclusive codes also adds another layer of tracking optimizations with select publishers.
Want even more? Check out our approach to working with coupon and deals sites.
Attribution Model
Set a rule within the network that puts parameters around how and when a publisher should be commissioned. Commission rules allow you to create flexible and custom payouts based on a condition. For example, a Coupon Late Entrance rule states an affiliate will not receive the commission on a sale if the click on the coupon happens within 5 minutes of the consumer being on their checkout page. Another common commission rule may reward a publisher higher commission (CPA) for driving new acquisition and lower commission for a returning customer. We have many different scenarios and examples of driving successful growth using unique and custom attribution and payout models.
Interested in more? Check out our approach to solving incrementality.
Tiered Performance Bonuses
Incentivize publishers through tiered performance bonuses based on specific KPI targets. This will encourage publishers to aim for a higher sales volume as well as continue to promote and stay active in the affiliate program. One example of a tiered performance bonus could be for an affiliate’s first 5 sales they earn a higher commission rate. Or, if they drive X amount of traffic they earn an increased commission rate when the target is met.
Dynamic Commission Structures – Product Specific
Implement commission adjustments during periods of seasonality on specific products. These could be products a client has excess of or products the client is focusing on. For example, offer a higher commission rate during peak seasons or for specific product launches to motivate affiliates to focus on those areas.
Buy Now Pay Later Partners
Implementing more Buy Now Pay Later partners can attract more customers who may be hesitant to make a full upfront payment. By partnering with BNPL partners a brand can reduce purchase barriers, increase conversion rates, and ultimately drive higher sales volume. Many brands are allowing this convenience aspect to consumers when making purchasing decisions, and BNPL partners have continued to surge the last couple of years and will continue to stay prominent in the space. As a bonus, most BNPL partners do not require onsite integration to be featured in their marketplace.
CPC
Encouraging publishers with Cost per Click (CPC) offers can effectively manage, decrease, or eliminate Paid Placement expenses for particular opportunities. Proper setup of CPC offers within the network, aligned with an overarching CPA objective, ensures accurate tracking and optimization. Publishers are receptive to this approach and are likely to deepen their brand engagement if offered such incentives.From exclusive offers and dynamic commission structures to tailored attribution models and enticing incentives, each opportunity contributes to a multifaceted approach for achieving sustainable growth and tangible results.
Looking for more? Have a look at how we approach budget planning.
With the right mix of partnerships and incentives, an affiliate program will flourish. If you’d like to learn more, reach out to us at gethelp@jebcommerce.com or schedule time to discuss your needs with us.
