How to scale your affiliate business
Affiliate marketing attracts more and more people due to its: flexibility (work from home, park, cafe or beach); inviting numbers (US affiliate marketing spendings for 2018 has been estimated at around six billion dollars); minimal start-up costs (get a website with decent content and you’re good to go).
The profits for sole internet marketers can be very motivating, even if you’re yet to reach the level of Charles Ngo. Some, however, decide to go even further.
You can create your affiliate network.
“Now that I know so much about the industry, why do it myself? Why not find some bright people, teach them what I know so that we could do more as a team?”
And so come the tries and tribulations of looking for “your” people, teaching and first steps at managing a team. This is also the stage where you start earning a name as a brand.
As with any startup launch, many things can go wrong even when you have up to 5 individuals under your wing.
The reasons they fail are many and various, but let’s say you’re out of these muddy waters. What’s next?
If you’ve been both smart and lucky enough to survive the startup stage, you might think about getting bigger.
One of the main reasons behind the need is, apparently, the profit increase. Apart from the final goal, larger businesses tend to get more game — work with better projects and partner up with the top.
In affiliate marketing business, this means working with direct advertisers and significant publishers, increasing income from every offer.
The “northern star” shines so bright that few small networks decide not to grow.
And if you think that ten more people are not going to change anything, apart from bringing in more money, think again. Premature scaling killed off as many as 65% of startups, according to Venture Capitalist.
How do you know you’re doing it the wrong way?
This one’s easy. If you lack focus, constantly cut resources related to growth and make decisions based on your “guts” — you’re lucky your network still runs. It’s time to check your priorities.
This is how you avoid the most common mistakes that lead to failure.
How many networks do you know that created CPI, CPA and CPM departments at the same time and succeeded? Choose one and add another only once you feel you aced the first.
“The man who chases two rabbits catches neither.” ~ Confucius.
Or as the modern world puts it:
Invest in data and analytics.
Data-driven decision-making is key to succeeding in ANY modern business.
It means much more than just using some features of Google Analytics. It’s an investment of your time. It may seem difficult to spend your resources on something that doesn’t pay off right away. But it is a vital contribution to the future of your business.
Things to keep track of when you grow*:
- offer performance data and predictions;
Keeping track of real-time data AND insights will allow you to prevent many hardships.
- financial parameters;
You would be surprised by how many entrepreneurs forget about analyzing such metrics as income, revenue, and profit.
- managerial performance;
View the day-to-day stats to recognize and prevent professional burnout and see who really brings in the most bacon.
* all the data can be available within our BI Module dashboard (Beta).
If the number of people, offers and partners start to grow, but you don’t change the way you manage all of that — you might as well prepare to fail.
While some things can help you succeed during the traction period of your business, different things will drive when you grow.
Automate the repeatable.
The times of offers being sent to you one by one is over. API integration with advertisers is a must for any decent network.
Orangear went even further allowing you to:
- receive offer updates (affiliate link, payouts, traffic restrictions, etc);
- choose which exact offers (Geo, categories, prices, and restrictions) you want to receive;
- approve certain publishers for an advertiser.
Once you’ve recruited those 10+ people, the way you operate your team has to change. Orangear Performance Marketing Platform has a set of features that allow you to create specific roles, that hold different sets of access rights. Thus, you can choose who is allowed to view offers and statistics, and who can make changes to settings.
How many advertisers and affiliates do you have now? Imagine handling the financial “papers” for ten times more partners?
Automated Billing section will allow you to draft up-to-date invoices as soon as any changes to the scrubs (rejections and compensations) are made.
Orangear products can help you scale.
Our team has decided to focus on creating specialized software for teams of 5+. Every feature is set to allow easier and smarter scaling. Apart from that, we always take into account your current needs and are ready to adapt our platform, just like we did with postback settings here.
Request a Demo to find out more about our Performance Marketing Platform. Or get our trial version to experience our features.