Similar to the increase in influencer marketing, affiliate programs are on the rise in the small business world. In fact, affiliate marketing is said to account for 15% of all digital media revenue.
We think it’s because this online marketing effort is relatively low risk — you only pay your affiliate partners after a lead or sale that is generated. If it was that easy, though, everyone would be doing it! That said, there are common challenges associated with affiliate partnerships — challenges that WarmUp can help you solve.
Finding quality affiliates/partners
If you’re a small business, your first instinct may be to cast a wide net for affiliate partners. While that isn’t exactly a bad idea, it’s important that potential partners’ existing networks align with your company mission, products or services. Prospective customers can see right through a phony partnership, so ensure that your affiliate is someone who truly finds value in what your business offers. Sincerity is key!
Along the same lines of selecting potential affiliate partners, consider how competitive the landscape has become. To ensure you secure the best affiliate marketing partner(s), beat out the competition by offering up an incentive that can’t be passed up. In other words, be so good they can’t refuse. Also, as important as the incentive, is the quality of your product. If your product or service really is superior to your competition, it’s easier for affiliate partners to recommend you or your company.
Effectively communicate your payment structure (and be consistent with it)
If you’re looking to work with the best of the best, understand their needs, which often includes adequate payment. Disclose and discuss the ins and outs of your program, being sure to discuss caveats, and all terms. Keep an open dialogue and be as transparent as possible; they’ll thank you and stick with you. The WarmUp software can help you track and communicate payment status as well, so utilizing software to reduce the manual lift on your side is also beneficial.
When it comes to WarmUp, getting paid is easy. We use our own referral software to run its affiliate program. So, the product you’re referring people to is what you’ll use to track your referrals, commissions, and more. Every quarter, we’ll tally up your earnings and you’ll get paid your commissions digitally. Click here to learn even more about our partner program!