Affiliate marketing is now one of the most efficient marketing strategies, which support a wide range of E-commerce fields to increase revenue. An average of affiliate drive at least $6000 per month for merchants, as well as the number of more than 25000 visitors. Especially in E-commerce, where Magento is the most used platform, the value of Magento extension for Affiliate Marketing is extremely high. Thanks to this Magento Affiliate extension, store owners can manage affiliate program more quickly and easily. This topic today is going to telling how to manage affiliate program efficiency.
Track the source of every sales
In the end, you must pay either a portion of your total sales or a fixed value of cash for each sales the affiliate make. That’s why it is necessary to confirm the source of the sales to be from other sources or affiliate. There are many big companies such as Commission Junction, ShareASale, which have their own system to manage the affiliate program, so they can track every action of their customers, from the time they see the advertisement banner on a specific site to when they enter the store and even the period they make the purchase for the products. Even if you can’t build your own system, you need to purchase software to do that for you.
Google Analytics is the best tool that Google can provide to help you track both your traffic as well as audience’s behavior. The power of Google Analytics allow you to find the source of your traffic, therefore you can confirm which the affiliate had ensured you in the past. This tool will prove if the sales is actually made by the affiliate, and prevent any argument with affiliate that can be arisen.
Spend wisely for each lead
It is vital that you know about your limit, right? Clearly understand about your revenue and the cost you can accept for each customer. Always remember, spend wisely for each lead in the affiliate commission.
As it varies from each type of goods in the E-commerce store, you must set the cost to be suitable and possible to get profits. For example, if you are a software provider, the commission is based on the price of the product.
Locate the advertisement of affiliate partners
No matter the fact that you have invested in paid search ads or direct ads, some affiliate may start competing with you for your own keywords if you don’t manage the affiliate program well. You can understand the situation like that, you and your affiliate promote the keyword for your product, and Google show the result of your affiliate above you. This is quite terrible, as you reduce your own organic search result in the search engines, and you must increase the cost for your sales.
Measure daily result
Do you have your own affiliate’s information? Actually, even with a proper solid affiliate partner, there are many problems arising with their data and data tracking. You must check the sales data from your own affiliate partner if it is good or bad.
This may be critical if you suspect your partner data, for example a boost from 10 to 10000 in a single day. That’s really strange, and you should beware of it. Probably, it is not the good quality customers and you can’t get sales from them. You just pay for attracting good customers, don’t you?
Build good relationships
The level of trust in affiliate relationships is different. Make sure to choose the appropriate affiliate. Set up payment terms which are really reasonable, such as net 30 versus all pre-paid, and be certain that the affiliates you work with will agree with that schedule.
Spend time developing the best partners and cut non-profitable dead weight partners. It’s very easy for an affiliate partner to promise a performance about lead number, but it’s much more difficult for them to deliver those customers in volume, and that’s why you want to collaborate with the affiliate to work in long-term. So you must strengthen you affiliate relationship.
Today, we – Magento users, have the Magento Affiliate extension to help us manage our Affiliate program, and through this, increase our sales from E-commerce website significantly.The power of Magento Affiliate gives the benefits for both the affiliate and the merchant. The affiliate will be possible to not lose up to $5000 per month, while the merchant can manage the affiliate program smoothly.
-> Are you ready to understand the features of Magento Affiliate, as well as why Magento users need it.
-> Do you want to learn The top 5 trends of Affiliate Marketing in 2016 to catch the new trends.