How can I grow my affiliate programme?
Many of the brands we speak to are over-reliant on a small number of affiliates. A good affiliate programme connects brands with a wide range of partners across a diverse range of business models. There is not a one-size-fits-all approach to partner development. These partnerships should be curated on a brand-by-brand basis, aligned to your objectives, target audience and affiliate channel goals.
Having a diverse range of affiliate partners gives the opportunity to unlock growth through the affiliate channel, reaching new audiences and engaging with existing customers.
In this blog, we share three strategic focus areas for brands looking to unlock growth through affiliate partnerships.
Find opportunities with an affiliate programme review
We are all guilty of getting sucked into the day-to-day business and can forget to take a more strategic look at what we're doing. Running an affiliate programme review is essential to spot new opportunities and areas for development and look at what you are doing well. There is always an opportunity to find more efficient ways of doing things, new ideas, and growth.
An audit is a health check on your affiliate programme and a way to spot growth opportunities.
Areas we look at include:
- The number and type of partners on your programme
- Your affiliate sign-up page and process
- Average order value by partner
- Commission rates
- Distribution of revenue and costs across partners
- Year-on-year analysis
- A competitor benchmark
- Analysing the premium partners, you work with
- A sector analysis
- A market review to establish the opportunities per market
- Platform, agency and network cost structures
Global growth through new affiliate partnerships
Have a look at your current affiliate marketing strategy and consider "how can I think bigger?"
E-commerce has no borders. Your company might be in the UK, but many of your customers will live in other countries. You should consider expanding your partner development into those regions where your customers are shopping. For example, if 20% of your customers are from China, find partners in China to drive traffic to your products and services. Working with global partners is also a great way to test consumer appetite in a new market before expanding further.
Affiliate marketing is an ideal model for companies looking to expand globally. The low-risk, performance-based model can deliver a high return on investment,
minimising the financial risk involved when venturing into new markets. When recruiting partners in a new market, it's essential to understand the market and its cultural nuances. Having people who can communicate in the local language and adapt campaigns to meet market nuances is vital.
To find out more about how to successfully run a global affiliate programme, tune into our latest on-demand webinar with Global Account Director, Stephanie Lester.
Have the right team to manage your affiliate programme
Once you have your strategy in place, you need to think about how to execute it. Our experience has shown us that the best way to support our clients is to separate the account management and partner development functions, both teams working with the client directly. Your account management team's role should be to manage the programme on a day-to-day basis, and your partner development team should be tasked with creating new opportunities.
If you would like to find out more about how to unlock growth through the affiliate channel, download our latest guide where we share actionable insights and best practices for brands.
If you would like to find out more about how we can help you unlock growth through affiliate partnerships, get in touch with our team today.