You’ve signed up for Refersion’s affiliate tracking software but you’re not sure what to do next. Do you just develop your first affiliate marketing campaign or is there more background work required? To get the absolute most out of your affiliate tracking software, there are some tips you should keep in mind. The following six approaches are ways you can make your affiliate tracking software work for you.
1. Understand how your technology works
First things first. You need to understand how your affiliate management software works. There are a few directions you can take to learn the Refersion platform once creating your account with Refersion. These include:
- Setting up your business’s page by navigating to the Content tab and adding a business description, your affiliate rate, and terms & conditions for affiliates to consider.
- Updating your Listing Status in the Marketplace to allow you to publish offers for potential affiliates to find.
- Understanding how the Marketplace works, and how offers are seen by affiliates, to determine whether editing is required to optimize the offers that affiliates see.
2. Check out your competition
Before you hit the ground and start running, you should take the time to see what offers your competition are posting — you can’t compete in the marketplace if you’re offering less to potential affiliates. Once you know what your competition is offering, consider two other details:
- Research the industry average for affiliate commissions.
- Determine what percentage of commissions your budget will allow. With all of this information, you can begin publishing worthwhile offers to capture the attention of potential affiliates.
3. Utilize your data
You won’t get much out of your affiliate tracking software unless you utilize the tracking aspect. Refersion’s software is optimized to provide you with data at any time, whether you’re interested in keeping an eye on your business’s KPIs, tracking links and coupon codes, or simply looking to gauge month-to-month performance.
The metrics you collect from your affiliate tracking software are made with business-engagement in mind, making it as easy as possible for affiliate managers to track the performance of their affiliate marketing strategy, taking useful information to inform potential business updates. In some cases, it can lead to you nixing certain coupon codes that aren’t creating conversions; in other cases, you might find that you have room to increase affiliate commissions during certain months, thus motivating your staff to achieve more.
All this is helpful information you’d otherwise miss by ignoring the data provided to you by your tracking software.
4. Test commissions with potential affiliates
It’s better to keep engaged with affiliate marketing platforms rather than walk away once everything is in order. One of the best ways to stay engaged in the marketplace is to regularly test out different commission rates. While it’s obvious that higher commission rates are going to receive more attention from potential affiliates, you don’t want to pay more than you have to — you need to keep your business’s ROI in mind, after all.
Consider trying out a few methods to see how potential affiliates respond:
- Increase commissions for a short period of time to increase sales activity during a slow month.
- A/B test different commissions rates to see how people respond.
- Compare posts written with differing language to see how people are attracted to them.
- Create a unique offer that will stand out in the Refersion Marketplace.
5. Maintain affiliate relationships
Along with trying to reach affiliates through the marketplace with varying offers, you need to also utilize Refersion’s communication features to regularly stay in touch with the affiliates you’ve onboarded.
Once you start connecting and working with and keep your existing affiliates happy, you should work to keep them in the loop, providing them with the necessary tools to gain conversions and make the most of your program. Some simple ways to maintain affiliate relationships include:
- Offering weekly office hours to answer any affiliate questions.
- Offering increased commission rates when a streak of conversions have been made.
- Creating a monthly newsletter to provide updates on business and tactics to be used in their marketing approach.
6. Develop an affiliate marketing strategy
To get the most out of Refersion’s affiliate marketing platform, it’s imperative that you develop a thorough affiliate marketing strategy. This is an essential way to ensure you know where your business plans on going in the coming weeks, months, and years. With this strategy in place, you can effectively modify all of the above considerations to meet internal and external goals, pushing your company towards success at every turn.
It’s Easy with Refersion
With Refersion’s affiliate tracking software, it’s become easier than ever to manage your business’s affiliate program. Interested in how we can help your business? Don’t hesitate to reach out to one of our experts today.
