Driving new business via the Affiliate Channel
Whilst customer retention is a valuable strategic goal of any business, new customer acquisition is also a key focus for many businesses.
The affiliate channel can be a great way to drive new business as this channel offers the opportunity to place your brand in front of the large and engaged audiences of the most influential affiliates in the UK - for example, Top Cashback, Quidco and Net Voucher Codes each have more than a million members.
Many merchants use the affiliate channel to drive new business by altering the commission structure. For example - offering a higher commission rate for new business will incentivise affiliates to work harder to drive new customers.
Lowering the commission offered for existing business will also free up budget for customer acquisition strategies, as well as further incentivising the affiliates to drive new business. However, it is important to note that affiliates do not take well to commission decreases so this must be carefully thought out, managed and communicated to avoid disgruntling your affiliates.
Furthermore, focus on affiliate incentives that will help to achieve your goal, such as offering exclusive codes or commission increases for new customers to further encourage affiliates to drive new business.
Lastly - be sure to implement new existing customer tracking so you can keep track of the success of your new customer initiatives.
If you would like to utilise the affiliate channel for a customer acquisition strategy please contact the affiliate team at Equator today and we will be happy to discuss opportunities.