Apr
21

How to Set Up an Affiliate Referral Program for Your Business

businessmen shaking hands image, affiliate referral programAffiliate referral programs help companies find its audience and share the benefits of the products and services offered. For effective advertising, entrepreneurs and companies create multiple profiles to be seen on various platforms. This is needed because the standard marketing belief is that the average consumer needs to see your company six to eight times to make a lasting impression.

Accepting this thought can feel very overwhelming.

So how do you promote your products and services using various platforms without using all of your time? Online, the answer is to create an affiliate referral program and let others do this for you.

Setting up an affiliate referral program partnering with super affiliates can magnify your sales. The return on investment of this marketing strategy is tremendous. However, to receive that reward you do have to invest your time creating an excellent opportunity.

How to set up an affiliate referral program? As with everything online you have several options.

You can become a vendor and have a company do the work for you. If you choose this route start by joining one company in the beginning; below are three of the top companies:

  • ClickBank
  • CJ Affiliate
  • Rakuten Marketing

You can also set up an affiliate referral program in your CRM programs or purchase an in-House software. Some companies that have this option are:

  • 1ShoppingCart
  • InfusionSoft
  • Synergyx

Once you choose the company that best fits your needs, the next step is to consider other costs.

Like most marketing activities, affiliate marketing is a time investment project to do well. Therefore, it is important to know how much time you have to work on the tasks included with creating a successful affiliate referral program. If you have only 1 hour for your marketing activities per week, then it is time to hire help. Other costs associated with this marketing strategy for you may be:

  • an affiliate coordinator
  • a graphic designer for image banners if you want to offer these tools to your affiliates
  • Payments to affiliates
  • Bonuses for your super affiliates

You want to pay your affiliates the most you can afford. In addition to the payouts, it is also recommended to give bonuses for your top affiliates to motivate your referral partners.

Sounds like a lot?

Think of it this way. If you offer the right benefits, you can attract some of the best affiliates to your program. I am talking about the people that know how to use the tools you provide and search engine spiders to send referral traffic back to your site that will convert into your consumers. That is a sale you did not have to be present for but did reap its benefits. Some companies have reported a return on investment of 1300% from creating an affiliate referral program for their business.

In order to help your affiliates succeed, provide them with the materials, they will need.

Now here are the time-consuming sections of this strategy.

Writing blog posts, articles, social media posts and providing images that referral partners can use to promote your company. You or the affiliate coordinator is also the motivator for your affiliates. Regularly communications are encouraged with bonuses and new benefits to your programs and services that will help them get traffic to your site. Remember just as you want your contacts on social media to remain engaged on your profiles, you also want an active relationship with your affiliates.

Setting up logistics of the program is next. Choosing the day you will pay affiliates after a sale is completed and providing payments options will take time to organize.

Recruitment efforts will be the following task in establishing your affiliate referral program. If you use one of the companies such as ClickBank, they will advertize your company for affiliates to select your program. If you choose another option, you can start promoting your program to your email list.

As they say, the money is in the list. If you have clients that are happy with your products and services, show them how they can spread the word about your company in a way you both benefit. Satisfied customers are the best promoters because their communication is genuine.

You can also add your affiliate program to a directory. There is a directory for almost everything online. Some of the popular affiliate directories are:

  • Association programs
  • Affiliate Announce
  • Affiliate Tips

As always add your announcement to your website and social media profiles to let others know your program is available. Recruiting is another time investment task because you are aiming for ‘super affiliates’ people that are working daily to get traffic back to your site and for customers to click that link. Remember, making your program enticing to them means creating an attractive program with perks.

An affiliate referral program can boost your sales tremendously, but it does require good effort on your part to create a rewarding opportunity that is truly mutually beneficial.

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