For many ecommerce businesses, especially high margin businesses, an Affiliate program makes all the difference.
Affiliate Programs allow an ecommerce merchant to create commission incentives for driving sales through their store. So, an affiliate is often given a link like grapejuice.com/ref=jerry. Then, any purchase resulting from that traffic sends a little kickback to the affiliate, Jerry.
Affiliate and Referral programs can be super effective. Data shows referral marketing generates 3-5x higher conversion rates than any other channel. And, more than 50% of people are likely to give a referral if offered a direct incentive, social recognition or access to an exclusive loyalty program. Sources (1, 2):
This is an often underutilized channel and – with a little bit of effort – can become a new, sustainable revenue stream.
Monto Affiliates allows you to create, track and reward affiliates for driving sales through your shop. It also provides a dashboard for your Affiliates to track their own performance. It’s completely free for your first 5 affiliate sales.
Sign up at Monto.io and follow the steps to make an account. You’ll be prompted to authenticate with Webflow and connect your store.
During setup you’ll get a script. Per directions, paste it in your Webflow page’s header (Webflow > Project Settings > Custom Code > Head Code) and deploy to your production URL.
If you’re already using one of the other Monto apps you can skip the previous step and simply click “Affiliates” in the navigation bar to get started with your trial.
Two important variables to consider when designing your Affiliate program is your commission rate and your conversion window.
- Commission rate: this is how much of each sale referred by an affiliate will go to them (pre-tax, pre-shipping). This is highly dependent on your business’s margins.
- Conversion window: this is the period within which an affiliate can refer traffic to your store and any sales will be credited to them.
*Example: a window of ten days means an affiliate can refer customer X on day 1 and they can wait until day 10 to make their purchase and the affiliate will still be credited. Usually merchants will leave this at 10-15 days.
Who will become your store’s strongest affiliates? In some cases it’s influencers, bloggers and people with access to lots of people. In other cases it’s past customers and people who believe in your brand. The trick is to try a few groups of people and see what works.
When you’re ready to invite them to your platform, you can invite them yourself or send them to your affiliate subdomain (your-store.monto.io) for them to sign up themselves.
You can track your affiliate success on your affiliates page or on their personal page to see how they are contributing to your bottom line. Your affiliates can track their success on their own dashboard (we invite them to this when they’re added to the platform).
A few things to keep in mind:
- It can take months to create a strong network of affiliates. In some cases you might be creating relationships with them for the first time and need to do some relationship-building.
- Keep going! We’ve heard plenty of stories from merchants who thought Affiliates wasn’t for them until they were able to get the perfect blogger or influencer who made all the difference. Sometimes it only takes one.
Are you disappointed in the outcomes you’re seeing? Ask your Affiliates what they need to do to be more successful! This might mean stronger commission structure for them or it could mean improving certain parts of your products, too! Regardless, your affiliates can teach you valuable things about the business.