Affiliate marketing is a hugely impactful type of marketing. Companies are more and more turning to affiliate marketing as at least a component of their marketing practice, especially because affiliate marketing can be very cost-effective and bring in new customers regularly.
However, on the back end, it’s as important that you keep your affiliates happy as that you keep your customers happy. How can you find the right affiliate marketing platform and create happier affiliate partners?
Here’s what you should know.
The Benefits of Better Affiliate Partnerships
First of all, what makes it such a good idea to hunt for better affiliate partnerships in the first place? Here are four critical reasons to try and create better affiliate partnerships.
- Trustworthy Relationship With Your Affiliates
A trustworthy affiliate relationship is everything in the world of affiliate marketing. If your affiliates don’t trust you, how can they convince customers to trust you as well? It’s not enough to just have a good product or a good brand image. You also need to have your affiliates trust you. This is one of the best ways to build long-lasting affiliate relationships, which are the types of relationships that will end up paying off the most.
- Better Sales Numbers
Affiliates do speculative work for you. All the work that goes into the advertising process is speculative for an affiliate because they only get paid when they actually make a sale. They’re more likely to work harder at their job if they know you’ll treat them well, which means more sales for you.
- Higher Conversion Rate
The work that your affiliates do may also transfer into a higher conversion rate. Conversion rate is an important part of your marketing process, as getting more eyes on your product doesn’t necessarily matter if you never convert those people into paying customers. The general conversion rate across industries is around 2.35%, and you want that number as high as possible. Better work before a customer clicks may create a higher likelihood that the customer makes a purchase.
- More Affiliates and, by Extension, More Customers
When you treat your affiliates well, word gets around. Think of it as an extension of the affiliate program itself; if a blogger who works with your affiliate program is going to recommend affiliate programs to a new blogger, how likely are they to recommend your program specifically? The larger your affiliate network, the more customers you can bring in.
What Do Your Affiliates Really Want?
Now that you understand the benefits of affiliates, it’s important to understand what they want. Their desires are really very simple, and it may surprise you how simple they are, in fact. Affiliates want three main things.
- On-Time Payments
On-time payment is extremely important. No affiliate wants to wonder when their paycheck will be, especially if affiliate marketing is a large source of income. In one survey by BloggingX, 65% of merchants responding said that they earned 5-20% of their annual revenue through affiliate marketing, which is certainly nothing to sneeze at, and they need to have that payment on time.
- Direct Payments
Direct payment is another important part of positive affiliate programs. Some affiliate programs, especially in the earlier days, would pay into a smaller account, which you could only withdraw once you reached a certain dollar amount. Nowadays, it’s more generally recommended to pay your affiliates directly.
- Accurate Payments
Finally, even if it’s an accident, no one wants to have a company pay them less than they’ve earned. Think about how you might feel if your company made 100 sales of $100 each during a day, but at the end of the day, you had only made $8,000 instead of the $10,000 you knew you earned. Inaccurate payments can make it feel like a company is scamming or cheating an affiliate, even if it’s an accident.
How Refersion Pay Can Help Your Brand and Affiliates
So, how can Refersion Pay help? There are a number of benefits to Refersion Pay that can help you retain your affiliates and keep them for years to come. Here are the top three benefits.
- Direct, Automatic Monthly Commission Payments
The key point to Refersion Pay is that you never have to manually approve commission payments again. That means you don’t have to keep an eye on commissions, you don’t have to put the payments on your to-do list, and you don’t have to worry about what might happen if you miss a monthly commission payment for your affiliates. Refersion Pay takes care of all of these things.
- Automated Order Conversion Approvals
Additionally, you don’t even have to manually approve order conversions. Refersion Pay also takes care of this for you, ensuring that order conversions get approved whenever they happen. As soon as your affiliate makes a sale, it’ll be credited to their affiliate account, and that will be automatically paid out monthly. This makes for a hands-off affiliate marketing process that works incredibly well.
- Built-In Compliance and Tax Information
Tax compliance can be a daunting task, and the more work you have to do by hand, the more difficult it is. Plus, if you don’t understand your local tax information, that’s still on you; the IRS doesn’t care whether or not you understand it, just that you do it correctly. This is where Refersion Pay can really come in handy. With the tax compliance components of Refersion Pay, you can issue the correct forms at the correct times, see exactly how much you and your affiliates made, and submit everything appropriately at the end of the year.
The Bottom Line
Creating high-quality affiliate marketing programs is key to your affiliate marketing success. If you don’t invest in a high-quality affiliate marketing program, then you’re not going to build good relationships, and that’s likely not going to pay off in the long run. With Refersion Pay, however, you can optimize your affiliate marketing program for everyone, including you and your affiliates.