Lior Poly gives answers to some of the most common affiliate management questions.
1. Is my business suited for affiliate marketing?
According to Lior Poly, regardless of whatever product or service you are offering, affiliate marketing is one of the most potent and effective means of exposing your business to new customers. Additionally, once you initiate a campaign, you only pay when sales are made, and therefore, you do not incur any operational losses.
2. What startup costs will I incur?
Depending on whether you handle the operations yourself or have them managed by an affiliate network, Lior Poly estimates the costs to around a few hundred dollars. In-house prices include a website, banner ads, promotional content and coupons, a marketing contract agreement, and tracking software to track cookies, payments, and click-throughs. Lior Poly adds that as a business owner, a number of your costs could be tax-deductible.
3. How much time will I need to put into it on a daily or weekly basis?
Lior says that you need to put in about two to three hours a day within the first few months of your program, and then you can cut that time down to between half an hour to one once your program is up and running. Lior Poly himself, a professional affiliate manager, says he still dedicates 45 minutes a day to tracking, managing, and promoting his affiliate program.
4. Should I use an affiliate network?
For business owners who may find it difficult to devote 2 to 3 hours of their day to their program, an affiliate network is answered. Affiliate networks help you focus your time on other profit-generating tasks and have the experience to give your product more exposure saving you the hustle that you would go through doing it yourself.
5. How much commission should I pay affiliates?
The right commission rate will impact your profits and help you recruit the best affiliates in the market. Lior Poly advises that you set your commission at a rate you can afford and leave room for promotion, time-limited increase offers, and private offers.
6. What criteria should I use to recruit affiliates?
Online forums, websites that link to your competitors, and customers who already appreciate and enjoy your services are some of the resources you can use to recruit affiliates.
7. How do I motivate affiliates?
Commission increase, bonuses, promotions, and constant communication are some of the ways you can make affiliates feel that you recognize and appreciate their time and efforts.
8. What medium should I use to communicate with my affiliates?
Email is the best medium you can use as you can employ an automated responder to respond to answer frequently asked questions, respond to welcome emails and send links and banner ads.
9. Do I need an affiliate manager?
Depending on how large your company spans and how much time you have to run the program yourself, you can choose to hire one.
10. How do I find and hire an affiliate manager?
Affiliate managers are readily available online, and you can find out about some of them by inquiring at online forums or posting an ad about the position then shortlisting applicants.