Holidays are great times for affiliate promotions, especially Valentine’s Day. Affiliate promotions engage the current affiliate base, plus running promotions properly can aid in affiliate recruitment. With Valentine’s Day (February 14) on the horizon, here are five tips for running a successful promotion.
#1. Outline Promotion Goals
There should always be goals associated with an affiliate promotion. Some goals may include increasing overall sales, increasing new customer sales, increasing the AOV (average order value), but the bottom line is: there should always be a reason for doing a promotion.
After the promotion ends, analyzing the data is easier when goals were set at the beginning and you can determine the success or failure of the promotion.
#2. Plan, Plan, Plan
Planning is an essential element of any successful affiliate promotion. Advertisers should consider a few things when planning a promotion centered around a holiday. First, is the promotion going to be an affiliate exclusive promotion or going to match an onsite promotion? Second, will top affiliates get vanity codes exclusive to them? Last, but not least, make sure the promotion is available at least 7 days in advance so that all affiliates can add it to their sites and/or social media schedules.
#3. Personalize to Different Affiliate Types
This is where some merchants miss the boat. Consider different payouts for specific affiliate types. For example, content affiliates may receive a higher commission on all sales during the promotion than coupon affiliates. Increasing commissions for a type of affiliate should take into account the discount amount, margins per sale, and the affiliates current commission payout. Showing affiliates that you care and are thinking about them when creating promotions can go a long way.
#4. Strong Relationships = Better Results
Affiliate marketing is all about relationships. Advertisers with solid affiliate relationships are more apt to succeed with holiday promotions (as well as short-term promotions). When creating holiday promotions don’t just put it in the affiliate network and make the affiliates hunt it down. Send it out via a newsletter to all affiliates, send them a personal email with all the promotions details to make sure they have it in advance. The affiliates will appreciate the extra effort and in turn, they will put in the extra effort promoting the offer.
#5. Analyze the Results
The promotion has ended, now what? Analyze the data of the promotion. This is an important, but sometimes overlooked aspect of running a promotion. Go back and review the goals for the promotion and compare them to the actual results. Did it hit the target for total sales, total revenue (overall and per affiliate), and if the top affiliates promoted it?
Setting goals, planning, personalizing, building strong relationships, and analysis are five key elements to a successful Valentine’s Day promotion (and any promotion for that matter). The more thought goes into a promotion, the more likely it is to be successful. Affiliates want to know that their best interests are being served and through the five tips mentioned above you can assure them that they are.