Setting Up Your Affiliate Program: A Step-by-Step Guide
Launching an affiliate program can be a great way to increase sales and brand awareness for your business. Affiliate marketing allows you to partner with influencers, bloggers, websites and more that promote your products and get paid for each sale they drive.
If done right, an affiliate program can become a significant revenue stream and distribution channel. Follow this step-by-step guide to create a successful affiliate program:
1. Choose an Affiliate Network
One of the first steps is choosing an affiliate network to host your program. Networks like Awin, Impact and Rakuten advertising make it easy to get your program set up quickly. They provide the technology to track referrals and affiliate payments. In this article, we delve into the top 8 best affiliate networks, equipping affiliate marketers with valuable insights into the range of affiliate programs, platform design, key features, and pros and cons for small businesses looking to elevate their reach in a competitive market.
Learn more: Top 8 Affiliate Networks
2. Set Affiliate Commission Rates
Determine the commission structure you will offer affiliates. Typical commissions are 5-30% of each sale, but you can set fixed euros/pount/dollar amounts or tiered rates based on volume. Be sure your commissions are competitive to attract affiliates.
Learn more: Choosing The Right Commission Structure For Your Affiliate Program
3. Create Program Terms & Conditions
Draft clear terms & conditions for your affiliates. This includes payment terms, referral tracking, trademark usage, marketing guidelines, etc. Setting expectations upfront is crucial.
4. Build Affiliate Marketing Tools
Provide affiliates with the marketing assets needed to promote you. This includes banners, text links, product photos, promo codes, email templates, etc. The better you equip affiliates, the more effective their campaigns will be.
5. Recruit Affiliates
Invite relevant blogs, influencers, loyalty sites and more to join your new program. Provide an affiliate signup link where they can access your resources and banners to embed on their site. Make recruiting affiliates an ongoing initiative.
Learn More: Finding The Right Affiliates
6. Track Performance
Use your affiliate network’s dashboard to track important metrics like clicks, impressions, referrals, conversions and commission payouts. Monitor affiliate performance to optimize your program.
7. Communicate Program Updates
Keep affiliates engaged by sending regular program updates and letting them know about promotions, contests, new products, marketing resources and more. Great communication retains your best affiliates.
By following these steps, you can successfully build an affiliate program from the ground up. Careful implementation and management will allow your program to become a thriving marketing channel over time.
