July 02, 2018 | Editorial
The fact that payments in affiliate marketing are made according to the sales generated, measuring and having the right analytics is essential. Otherwise, companies would not be able to pay their affiliates. It is crucial that your marketing team understands correctly how to translate the insights so you can take the management of your affiliates network to a whole new level.
Take well-informed decisions according to the data. If your marketing team fails to convert this data into actionable, optimized plans, the company would not be making the most they can from the investment made, missing some big sale opportunities.
Make this KPIs part of your marketing team. Both you and your partners need to keep a close eye to the following indicators:
Total website visits.
Percentage of visits or clicks coming from the affiliates.
Total sales and revenue.
Percentage of actionable sales and conversion rate from the affiliates.
Return on ad spending.
Average Order Value.
Customer Lifetime Value
The affiliate behavior to know the percentage of active affiliates and how active and what percentage of revenue they bring to your sales.
As you can see, the measurements from an affiliate program performance, are not so different from the regular data your company will be interested. However, as head or member of the marketing team you need to understand the importance of the team handling this data that will help in future goal planning and others. Depending on the size of your company, try for your team to review the data at least once a week. Ideally checking daily helps you understand deeply the situations and patterns affecting positively and negatively. Plan forward but also keep an eye on the past, your team of marketing specialist needs to be able to test something, learn the pros and cons, test something else and repeat the process. This will not only make your SMART goals SMARTER (Specific, Measurable, Attainable, Result oriented, Time-bound, Evaluation, Readjustment) but will also help you allocate your resources in the right place.
A survey showed that only 7% of CMOs’ understood the importance and the value of SMM, and ROI evaluations. Meaning some campaign may be failing but they do not really understand that their money is being wasted. You do not need to freak out, measuring your return on investment is quite simple if measured the previous KPIs we shared with you.
You just need to take your net profit and dived it among the total cost of your campaign. As ROI is written in percentage, you will need to multiply it by 100 to actually get it.
As an advertising network, we at Wide Markets provide our clients with the solutions to the needs of tomorrow. Ride your wave with confidence; your marketing team can help the company make money with the most fascinating campaigns. Take your affiliate network management to the next level by being on top of your metrics. Remember, metrics only make you SMARTER. We are committed to meet your goals and get you on board in this new way to manage your online presence efficiently while saving money. Check our discounts in limited offer, and start your selling.