Money, Meaning, or Impact ? How about all three! Interested in getting started with an affiliate program but aren’t sure how to do it? You need to make a few decisions, before you can even think about marketing your affiliate program to friends, family and everyone else:
1. Pick your affiliate product
What product/service are you comfortable promoting? What type of product/service would you recommend to others, even if you weren’t getting paid to do it? Is your target market global, or very restrictive? Is it an open-ended, recurring revenue stream across many users, or restrictive? Would the user of the product/service think highly of you for introducing them to it? Would it significantly and positively impact the business, or brand, for life? For a successful affiliate program in the long term, you want to market something you have an interest in, would like to get involved in, or are already familiar with. Some people are able to market just about anything to anyone, but most of us simply aren’t as good at marketing something we don’t believe in, to others – even if we do believe it will make us money.
2. Pick your affiliate program
What’s the right affiliate program for you? As you may already know, there are programs based on selling a physical product and ones that sell a service; programs that pay out a commission based on units sold, and others that pay out based on the number of signups/active subscriptions. Many people consider high commission rates to be their number one criteria. But should it be? If you are interested in a successful long term affiliate program, the highest commission rate should not be the only factor in your choice. Do your research: does the program feature a quality product/service, and is there an established or growing market for the product/service? Also, look into the kinds of restrictions a program may have: is the payout a one-time thing, or is it recurring? What small or large dollar amounts is the affiliate percentage rate based upon? A high percentage rate on a low dollar volume is limiting, and may not be worthwhile, while a reasonable percentage rate based upon thousands of dollars is something quite different entirely.
Research the launching Global Coupon Affiliate Program – and associated student empowerment affiliate scholarship program featuring a 3%-7% graduated commission rate for enlisting businesses/brands to use Global Coupon as a marketing and branding platform for their marketing campaigns, product/service offers and ads, for as long as they continue to use the platform.
3. Pick your affiliate strategy
What will your promotional strategy be? Read our blog post on affiliate marketing – “Affiliate Marketing Strategies That Work.”