Crafting Strong Bonds: The Key to Affiliate Partnerships
Embarking on the journey to forge successful collaborations between brands and their affiliate partners demands a strategic approach. Taking a shotgun approach, aiming to quickly enroll as many partners into the program, might result in a misalignment of values and, in the end, unsatisfactory outcomes. This is the reason why choosing the appropriate partners and wisely selecting strategic affiliates is paramount in establishing a robust foundation for fruitful partnerships.
Here are some strategies to assist in the recruitment and activation of partnerships that will propel your brand's growth and deliver tangible results.
Identifying the Right Path to Partnership
The initial step in forming a prosperous partnership is discovering the ideal opportunities. To accomplish this, it's vital to begin by clarifying your objectives and understanding the type of partners that align with your brand's ethos.
Reflect on questions like:
- What do I aim to achieve with this partnership?
- Which partners resonate with my brand's core values?
- What expansion opportunities exist for my brand?
Once you've pinpoints your goals, your internal team or your affiliate agency partner can commence the search for suitable partners. It's crucial to consider different partnership forms and not overlook any because of preconceived notions.
For instance: A major mattress retailer aiming to boost affiliate referral revenue had previously avoided considering deal, coupon, and loyalty partners, based on their internal view that these partners would be a financial drain and wouldn't drive additional sales by attracting customers who were already considering buying.
At Impact Partners Hub (IMPH), our extensive background in managing affiliate programs for leading brands has demonstrated the value of coupon affiliates in significantly enhancing a brand's performance and contributing to its overall success.
For the mattress retailer, the IMPH team collaborated with the company to define what "incrementality" meant in the program and recommended a diverse mix of partners, which included deal, coupon, and loyalty partners. This approach proved effective – the brand witnessed a 40% year-over-year increase in revenue.
Asking the Right Questions
After pinpointing possible collaborators, it's crucial to begin assessing their compatibility. Inquiring about the right questions can help you ascertain if partnering with them aligns with your brand's values.
Consider the following questions:
- What experiences do they bring from working with other brands?
- How will they promote your brand?
- What evidence of successful outcomes can they provide?
By posing these questions, you can figure out if the collaboration is a good match for your brand and if they can assist you in achieving your objectives.
For instance: IMPH's collaboration with The Independent, a renowned online media outlet, saw success with Noom, the international health and fitness company offering an award-winning weight-loss program, aiming to boost its brand recognition and market presence in the UK.
The IMPH team capitalized on their established connection with The Independent, known for its sizable online audience that closely mirrored Noom's target demographic. Based on their previous experiences, the IMPH team was confident this venture would meet Noom's expectations.
Indeed, it did.
The Independent employed a comprehensive promotional strategy to integrate Noom content into their newsletters and social media posts, as well as direct traffic to Noom's website. This resulted in content from The Independent led to over 2,600 Noom sign-ups – a jump of 267% from the previous year!
For instance: This approach turned out to be advantageous for a company that provided business-to-business (B2B) services, which was initially doubtful about the effectiveness of the affiliate channel in the B2B market. The affiliate program team suggested a trial program, allowing the company to understand the value of the affiliate model and experiment with a select group of high-level B2B-focused affiliates.
The affiliate program team crafted an appealing commission scheme ranging from $20 to $40 per acquisition, rewarding affiliates based on specific achievements such as initial sign-ups, purchases of additional hardware or software during registration, and the product's utilization by the seller after the purchase. These chosen affiliates were part of a newsletter campaign that informed them about the company, its products, and services, along with the benefits for their audience.
The trial was successful, leading to these affiliates attracting new customers who demonstrated significant long-term value and met the objectives set.
Think about Engage a Partner
Partner and affiliate marketing agencies possess in-depth knowledge of the sector, along with the necessary relationships and connections for identifying, activating, and enhancing the performance of top-tier partners. These agencies usually boast an extensive roster of potential affiliate partners, enhancing the likelihood of securing a suitable match for the business; and they have the capabilities to streamline the recruitment process.
The affiliate approach to partnering stands out in the field. We acknowledge the critical role of partner recruitment and activation in the success of any program, and we maintain our own dedicated Team for Partner Development to seek and integrate new, innovative partnerships.
Building a solid foundation for fruitful partnerships is essential for achieving growth and achieving results for your brand. Don't overlook the chance to extend your brand's presence, grow your audience, and increase your revenue.
Contact us, and let us assist you in establishing the groundwork for your successful partnerships.
