Behind the Scenes of Creating an Affiliate Program
Episode 520: Show Notes
Any business that is selling through a one-to-many system is going to, at some point, debate whether or not their strategy is worth their time and energy. That’s why today, we are going to talk a little bit about why we decided to roll out our affiliate program, as well as some of the logistics behind setting it up. When it comes to affiliate programs, there are a few mysteries that need solving, like what kind of software is out there and how to make it work in your business. We are also going to focus on some of the aspects that didn’t make sense for us in the past, because like we said: affiliate programs aren’t always the best idea. So join us and get the lowdown on the dos and definitely don’ts of setting up an affiliate program.
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Deciding Whether or Not to Start an Affiliate Program
Perhaps one of the biggest misconceptions of starting affiliate programs is that they bring in cash flow quickly and easily. While it has the ability to grow profits and generate revenue, there are still many things to consider, like using the correct systems and processes, and appreciating that you’re in it for the long haul. A big challenge is cost-to-run versus return, and tracking down your affiliates can be a big task. Simply put, affiliate programs aren’t going to run themselves and it takes a lot of work to partner up with the right kind of affiliate. Questions to ask include who is buying what I am selling; will my audience have their own audience; will it make sense for their audience to buy my product or service? But there are ways to manage this, and it comes down to finding the right affiliates and compensating so it makes sense to all parties. Running an affiliate program can be tricky, especially seeing as the definition can get a little murky. Before you start anything, make sure you know the difference between an affiliate program and a referral system. Once you’ve done that, you’ll be in a far better position to begin work with your affiliates.
Setting Up Software and Structure
This is why it is so important to get a clear picture of what you want to achieve with your affiliate program. If you don’t know the “what”, you’ll never be able to execute the “how”. By identifying this, you will be able to invest in the correct software and structures. If you don’t, you will greatly limit the versatility you so desperately need. Two of our biggest pieces of advice are researching software that is as automated as possible and outsourcing the managing of your affiliates. This practice might be a little expensive but it ultimately always looks better. This is also going to save you a whole bunch of time too; time that you can spend in other areas of the business that will generate returns in the now.
Refining Your Program
Now that you have created your affiliate program and you have your software and structure in place, you know who your audience is, and you know who their audience is, you should refine your process. To do this, you need to take a look at what your program is going to look like and what people are going to get as perks and benefits. If you are unsure how to entice your affiliate members, the best thing you can do is ask them! We have our members fill out a quick survey when joining our shop to tell us what industry they’re in. By finding out details like this, we gain valuable member insight and are able to create resources and templates tailored specifically for them. In your survey, you can ask for feedback and advice, ask for thoughts and ideas, and what kinds of rewards you can get. So often you can implement these ideas to great effect, and it helps give your affiliates a sense that they’ve been heard and their ideas are valued. However, there are some cautions to take when sending out surveys. The most important thing to remember is that you are in the driver’s seat, and you don’t need to ask for permission to implement your ideas or how much to charge for them.
Quote This
It is important to identify where you are currently selling your product or service because that will dramatically influence what program you can use for it.
Highlights
Deciding Whether or Not to Start an Affiliate Program [0:03:21]
Setting Up Software and Structure [0:13:59]
Refining Your Program [0:31:27]
ON TODAY’S SHOW
Abagail & Emylee
The Strategy Hour Podcast
We help overwhelmed and creative entrepreneurs break down their Oprah-sized dreams to create a functioning command center to tame the chaos of their business. Basically, we think you’re totally bomb diggity, we’re about to uplevel the shiz out of your business.
