Incentive strategy for an affiliate programme
The major pitfall of most affiliate programmes is that post-launch the enthusiasm fades and the momentum is not maintained. A lot of companies fall into the trap of assuming that the strength of their brand is enough to secure exposure on top publisher sites. In order to maximise the return from your affiliate programme, careful consideration needs to be paid to how you incentivise the affiliates on your programme.
Now I’m not suggesting firing out the discount codes from the get-go; instead I am advocating a strategy that includes affiliates in the conversation and rewards them for their participation in promoting your brand.
Rewarding affiliates for actively participating with your brand serves a dual purpose. Firstly, it acknowledges the hard work the affiliate has put in and encourages them to stay loyal by promoting your brand. Secondly, it serves as an extension of raising brand awareness amongst affiliates and their audiences.
Check this recent case study for Hotel du Vin we here at Equator carried out for further proof. One word of advice – don’t overcomplicate things. An affiliate should be rewarded for completing a task, not just have their name entered into a competition for the slim chance of winning something. Don’t over elaborate either – you’d be amazed how well received a simple cash bonus is for completing a set task!
2. Check your levels
Opportunities exist at all levels when it comes to affiliate partnerships. The type of offer you run with a mega cashback site with an audience reach of 5mill+ differs greatly from the kind of thing you would run with a content blogger. For example you can incentivise long-tail affiliates with a bonus or commission increase for reaching certain targets (e.g. Affiliate Window’s commission by assist model that pays commission on the first click generated in a sale), whereas working with a main cashback/loyalty site you might look to negotiate an increased commission level in return for increased exposure and promotion.
3. Tiered commission