5 Tenets of Effective Affiliate Program Management
Effective affiliate program management begins with five simple tenets. Follow the tenets and everything will fall into place. Skip a tenet and you will find yourself scrambling for affiliates, tax records, and sales.
#1 Always Deliver on Your Promises
Actually, tenet number one is good for life in general. However, it is crucial for an effective affiliate program. Affiliates are human and like all humans, they spread bad news faster and wider than they ever spread good news. Therefore, you must keep your word.
You can do everything else right and fail to deliver a prize, acknowledgement or pay on time and everyone will know. It only takes one late payment or one failure to hand out an award for all the affiliate forums to light up with how bad your company is and how you do not fulfill promises.
#2 Offer Training on a Regular Basis
You and only you are the expert in your business. Good affiliates recognize this and will expect you to offer training on your products and services.
- If you have a new promotion, then you need to let them know.
- If you have discounts, let the affiliates promote them.
- If you have awesome logos, articles, or content, share them with your affiliates.
#3 Track Affiliate Sales and Programs
When you track programs, you can see what works and what does not work. Then you can focus your time and effort on proven methods of success.
#4 Track Affiliate Tax Records
The IRS is not someone to mess with. You need to have up-to-date and signed tax records on all your affiliates. The IRS has made this easier by accepting digital signatures. This means your affiliates do not have to mail in or fax the W9 to you. All the affiliates need to do is sign the forms digitally.
Additionally, a digital signature makes tracking affiliate tax info even easier. Now you can store all the information on the computer, including the signature. There is no longer a need to have a paper copy of the W9. Since it can all be computerized, the use of affiliate management software is ideal for this service.
#5 Outsource When Plausible
An effective affiliate program manager will know when it is plausible to outsource. If you are not making enough money to cover the outsourcing, then it is obviously not plausible to do so.
However, if you find yourself spending hours on end trying to track all the affiliates, the documents and the programs, then outsourcing will help. This could mean using software to reduce the workload, hiring an outside agency, or a combination of the two.
Follow the five tenets of effective affiliate program management and watch your affiliate program flourish. As with everything, it takes time and patience but with a little knowledge, everything goes smoother.
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