Discover the solution To the ten commonest Affiliate Marketing Management Questions
1. Is affiliate marketing right for my business?
Affiliate marketing is one among the foremost powerful and effective means of gaining new customers, no matter your product or service. Affiliate marketing exposes your business to new customers and may get you out of your marketing rut. Additionally, once you initiate an affiliate marketing campaign, you’re on top of things . you identify the commission rate you pay and pay only your affiliates make a purchase . it is a no loss operation for you because you simply pay when a purchase is formed .
2. What are the startup costs?
When you start an affiliate program you’ve got the selection of handling the operations yourself or having it managed by an affiliate network. the prices for either choice are reasonable and usually start around a couple of hundred dollars. Additionally, as a business owner do not forget that a lot of of your costs could also be tax deductible. to start out an affiliate marketing program in house, costs will include:
Affiliate management software
Affiliate marketing support including an internet site that answers affiliate questions and a way for them to contact you if any issues arise.
An affiliate marketing contract agreement
Tracking software to trace cookies, click throughs, payments, etc…
If you select to rent an affiliate network to handle your program they typically charge a flat fee or a percentage of what you disburse monthly .
3. what proportion time will it remove of my workday/workweek?
Most experts agree that it’ll take you about an hour and a half every day to manage your affiliate program. They also recommend you to budget longer within the first few months of your program, approximately two to 3 hours each day . Even the foremost efficient affiliate managers spend about 45 minutes each day managing their affiliate program.
Professional affiliate managers generally spend a mean of 40-80 hours a month dedicated to managing, tracking and promoting your affiliate program.
4. Should i exploit an affiliate network?
Do you have an additional 3 hours each day for subsequent two or three months? does one have an hour each day to devote to managing your program after the initial three month program is complete? An affiliate network, while it’s going to be a touch costlier on the outset, can assist you focus some time on other profit generating tasks. Additionally, an affiliate network can help expose your affiliate program to a good sort of experience affiliates, which suggests extra money in your bottom line and more exposure overall.
That being said, there are an incredible number of effective in-house solutions including some you’re likely already conversant in like 1shoppingcart.com and affiliatepro.com. These programs will assist you stay 100% on top of things of your affiliate program and are effective at managing your program.
5. How should I pay affiliates? What sort of commission works best?
This is a really important decision because it not only affects your profits, the proper commission rate will assist you recruit top-notch affiliates. the overall rule of thumb is to line your default commission rate at a rate you’ll afford to pay while leaving room for time limited commission increase offers, promotions, and personal offers. for instance , if you’ll afford to pay 50% of your gross profit margin margin, pay 25% instead and tier it in order that after a sales goal is reached they earn 30% otherwise you can bump it up to 50% during the vacations or during typically low sales times.
6. How do I recruit affiliates?
Your customers could also be your best affiliates. After all, they already appreciate and luxuriate in your products or services. an easy link on your website may be a good place to start out . Here are a couple of ways to seek out quality affiliates:
Online forums. These are excellent places to satisfy and greet and connect with compatible individuals. They’re also an honest resource for affiliates who have an interest in, motivated, and qualified to sell your products and services. employing a forum, you’ll announce your affiliate program. take care to not ‘sell’ on the forum as most forums look down on this and should kick you off. Additionally, you’ll include a link to your affiliate site in your signature.
Likewise, you’ll find affiliates using your favorite program and get in touch with them about joining your program.
One last way is to hitch an affiliate network or become listed on an affiliate directory. this may make sure that affiliate marketers who are checking out new products and services to market . However, confine mind that a lot of beginner marketers also seek products and services to market via affiliate directories and that they may lose interest and motivation before they ever make a purchase . this is not a robust deterrent because they do not get paid unless they create a purchase , however it should be noted.
7. what’s the simplest thanks to communicate with my affiliates?
Email is that the general tool of choice, which makes an auto responder an incredible tool for basic emails just like the welcome email, introducing promotions, coupons, sending links and banner ads, and answering commonly asked Questions. it’s also generally advisable to possess an email address, fax number, and phone number available for when affiliates have questions that aren’t answered by your commonly asked questions website or once they simply want to talk with you.