Performance marketing is becoming an indispensable part of many brands’ online strategies but how do you know if you’re doing it right?
With the rapid march of eCommerce and the need for a dynamic online approach, harnessing the power of a network of publishers promoting on a cost-per-sale payment model, is proving lucrative for a number of brands.
It’s important however to get the basics right. There are rules of publisher engagement, optimal means of incentivising them, and the need for policies to protect brands in the hands of third party marketers. The good news is, with the right approach, an affiliate program is highly rewarding. Here’s our quick-fire guide to best practice in the world of performance marketing.
- It’s good to talk
Communication is key if an affiliate program is to secure incremental sales. Advertiser, publisher and network need to form a triangle of communication where information and expertise can be exchanged. You know your brand better than anyone so make sure you share relevant information with your publishers; keep publishers posted which products are converting well. This helps them to promote your range more effectively and keeps them motivated to promote on your behalf.
- Be transparent
Performance marketing is measurable, with complete visibility over where your sales originate. You should be able to expect complete transparency from your network and from your publishers, but likewise, you too should be transparent. Keep up to date with industry best practice such as the IAB’s Ethical Merchant Charter, and avoid unfair depuping and late payments, both of which deter publishers. High quality affiliates should be valued as working in collaboration generates robust results.
- Be open minded
The performance marketing channel is a fast paced, exciting landscape which is constantly developing. Be open-minded about working with different types of publishers and don’t underestimate the power of creative engagement and innovation; jumping on current market trends, developing tailored campaigns, offers, discounts and publisher competitions will all help your program perform even more effectively.
- Keep asking questions
Reviewing activity regularly will enable you to understand what is working well. Your network should be providing you with regular reports and reviews with your account manager, helping to identify which avenues are the most profitable. By incorporating this insight into future activity, you can keep you program moving forward.
An affiliate program is a long term strategy but by communicating effectively, exercising transparency, utilising content imaginatively, adding creativity and constantly reviewing activity, it has the power to grow revenue consistently and cumulatively.
Webgains is an international performance marketing network