Here’re 4 significant facts for you to vote for establishing an affiliate program in your Magento shop:
- U.S. affiliate marketing spend about $5B. This is twice the economy of Belize (according to amnavigator.com).
- More than 80% of brands utilize affiliate marketing potential.
- 38% of marketers call affiliate marketing one of the top acquisition ways.
- In most affiliate programs 10% of affiliates generate 90% of affiliate revenue.
What do potential affiliates expect from any affiliate program they consider to participate? How to run an effective and revenue-driving program?
Grab the checklist of successful affiliate program:
Ecommerce Store Reputation – High
Every affiliate needs to know who s(he) deals with. Store’s reputation must be high to acquire more affiliates and engage them with a program. The more potential affiliates know about the online retailer, the higher chances for success are.
Cost To Join – FREE
Signing up and participating in affiliate program must be absolutely free! Those retailers, who try to charge some fees for joining, usually end up with nothing.
Commissions Earning Rules – Transparent And Clear
It would be perfect, if any potential affiliate could view commissions paid and evaluate his/her opportunities with your store program. The more transparent your store is, the more affiliates you get
Payment Terms And Conditions – Plain
Most affiliate programs issue payments once a month or after an affiliate earns some minimum amount (typically, $50-100). Anyway, potential participators should be awared of these terms and conditions BEFORE they join.
Statistics And Reports – Real-Time 24/7/365
Every eCommerce affiliate program should provide its participants with vital statistics. They should be able to view in real-time a bunch of data, but the most useful are the following: impressions, clicks, CTR, sales. Visualise the dynamic of these data through time and add valuable reports to your program. There are additional preferences, like whether an affiliate can track his/her affiliates; how much time they remain in system; whether this is one or two-tier program (two-tier is less preferable) etc.
SOLUTION for Magento Store
Mirasvit Magento 2 Affiliate extension is quite flexible and advanced solution able to provide your store with an attractive program.
Affiliate solution has the most wanted features for customers and store managers. View them below:
Clear Program Types & Commissions
Mirasvit created plain dashboard, where every affiliate can view:
- Types of programs available
- Commissions paid
- Minimum balance for withdrawals.
This information is vital and easy to access at a glance!
Transparent Transactions History
It’s quite important to view all transactions in real-time. Affiliate extension allows tracking the following information:
- Transaction date
- Transaction revenue amount
- Balance after any transaction
- Transaction details (commission for the certain order or withdrawal)
- Current account balance
All the data appears in ‘as-it-happens’ mode.
Simple Affiliate Settings
No complicated setups or settings! All your affiliate should do is just providing you the following simple information to start:
- Referring website name
- Payment method (PayPal or Stripe)
- Email for payments (optional).
Also there’s an option of subscribing to email notification. If an affiliate subscribes, s(he) gets emails about transactions, balance changing, withdrawals and other information messages.
Copy & Paste: Easy Promotion Products Implementation
The only way of applying your store promotion products on an affiliate website is Copy & Paste! Yes, that simple!
Despite the chosen promo product, an affiliate should just COPY the code of banner or hyperlink address and PASTE it in the appropriate place on her/his website.
There are the following ways to copy-paste for any affiliate:
- An affiliate link
- A referral widget
The Long And The Short Of It Right On The Backend Dashboard
Affiliate backend dashboard allow your store managers view the most important information at a glance:
- Active affiliates number (for the last 7 days)
- Total affiliates number (thus, you may compare, new affiliates number for the last 7 days with the previous period)
- The most active and valuable affiliates (TOP-5)
- Latest activity
Create Affiliate Programs Fast And Easy
Affiliate solution allows you creating different program types fast and easy. Simply follow step-by-step guide:
- Define the general information (program name, type, store view etc.).
- Choose the commission type (percent of order amount or fixed amount) and set the commission amount.
Variety Of Opportunities With Promo Products
Affiliate solution provides you with the ability to add promotional stuff easily. You are free to upload the unlimited number of:
- Image banners
- Text banners
Moreover, you can see the KPI’s of each banner right in the same line of grid:
- Clicks number
- Impressions number
This short reports allow you analyzing the performance of each creative at a glance and remain active only the most effective ones.
Creating an effective and attractive affiliate program for Magento store is quite tender process. You should consider a lot of influences, like:
- Comprehensible program type
- Attractive commissions
- Free participation
- Available reports etc
But the only thing that matters is you should hear your potential affiliates, be flexible and meet their needs!
Mirasvit Affiliate will help you successfully launch your first program complying the highest affiliates standards!