Commission Plan for Affiliates
Whenever a new year is about to begin businesses around the country start to reflect on how their business is ran. For sites that sell products or services online, one area that can be addressed is with your affiliate commissions. A good affiliate program will motivate other marketers to help sell your products, thus boosting your revenues.
So how do you go about getting the most out of your affiliates? Consider these three tips:
1. Contests
Setting up periodic contests can motivate your affiliates and get them pushing your product even harder. Give them a chance to win gift certificates, iPods, or something related to your market. This will get them feeling good about your company and keep them motivated down the road.
2. Tiered Commissions
It seems like the 80/20 rule applies to most of the affiliates that push my products. 20% of them make more than 80% of the money. Keep those 20% happy and motivate them to attain even high sales amounts for you by putting in place tiered commissions. You can keep it simple by just using one target that will be the commissions by an extra 10%, or you can put in multiple levels that affiliates can reach to step up to high profits. Not only does this motivate your top producers, but your less successful partners will also try to climb the ladder.
3. Get Feedback
Keep an eye out for what your competitors are doing and offering affiliates. Ask your affiliates for feedback. Talk to other online marketers in different niches to see what they are doing and offering. Don't go at it alone!