There are a number of reasons to run an affiliate incentive, from encouraging new partners to sign up to your programme to reaching out to inactive affiliates. Each incentive should be created to achieve a particular goal so our affiliate team have provided some key points to consider when planning a successful incentive.
The most common techniques to incentivise affiliates would be:
- Receive an entry to a prize draw for every sale you generate in a defined timeframe
- Receive a cash bonus for reaching a sales target in a defined timeframe
- Improve sales performance by X% in the given period and be rewarded with X% commission increase for one month
Whilst the above have proven successful in the past, it could be that some affiliates enter these incentives by default. For example, if the incentive is open to everyone, how do you determine who is actively participating in the incentive and pushing your offer as much as possible from an affiliate that is not actively participating in the incentive yet still generating a sale? This means that incentive bonuses may be paid out for a sale that could have been generated anyway, using up budget that could alternatively be used to reward other affiliates.
To avoid this, we suggest planning incentives carefully and being clear about what you want to achieve and how you want to achieve it. This will allow you to plan your incentive strategy and determine which affiliates will help achieve your goal. We suggest contacting a selection of handpicked affiliates that you believe will help meet your objectives and asking them personally to participate. This way you will know what affiliates are actively participating in your incentive and that any rewards handed out are for incremental sales. Our top tips for running a successful incentive include:
- Know what you want to achieve so you can plan your strategy accordingly to meet your goal. Clear, measurable objectives should be set, for example increasing your base of active affiliates by 15% in one month
- Make the incentive as simple as possible to catch affiliates' attention. If entering the incentive is difficult or confusing your incentive may be overlooked
Finally, remember to analyse your post incentive results to see if your goal was achieved!
Remember, our affiliate team are always happy to discuss how they can help! Contact them here.