by Sameer KapoorWhen you try to build a business, normally it starts from building a product. Normally a large portion of initial capital goes towards building product or framework for service and the infrastructure required. However, when it comes to sales, normally business becomes deficient of capital and wait for fresh sales to spend on marketing.
And this is what we call a chicken and egg situation.
So the BIG question remains is…..whether Sales will enable marketing or marketing will boost sales. A solid way out in such a situation is build a network of affiliates.
Affiliates are the Brand Ambassadors who promote your brand without any fixed remuneration and/or getting involved in servicing or fulfillment. Rather they ask for a share in revenue which any business gladly accepts. Excited…please be patient.
It is not easy to get such people and convincing is even difficult. So let us discuss few points that will help you to get them on and get them fast.
Clearly defined product proposition
Any affiliates hates to work for a product where business is not very clear ways to generate revenue. For example, consulting business where it is unclear what value add will be done by business to customers and how will the rates will be defined. Comparing it with a selling a website design service for financial advisors make a lot more sense.
Transparency
An affiliate is the one who is busy engaging with people either in-person or through online blogs/Vlogs etc. He is not very eager to get into day to day activity as expect business to share all relevant information in the most transparent manner. This keeps his confidence alive for generating future business.
Well defined Commission structure
Be it less or more, but a well defined commission structure is a must of any affiliate. it helps him to commit his attention and capital towards your business, basis the revenue expectations. Frequently changing terms or hidden condition may get you some early business but proves to be fatal in longer term.
ROI Modeling
It is always better to build a affiliate plan keeping in mind the ROI for their capital investment. They are the stakeholders of your business and making investments in your business, may in the form of money, efforts or their relationships. So, you are answerable to them for their ROI. A good ROI propogates more investments and efforts and thus better business for you.
Efficient Process for payment disbursements
While a affiliate commits his focus or capital to your business, his sole aim remains the earning on a regular basis. Any delay in making payments or unnecessary processes demotivate and thus slower their spree to give you business.
Having said all this, one MOST important point remains the competitiveness of your products and pricing viz a viz other players. A better product gets widely accepted and enables an affiliates to play on their reputation to make a sale.
An affiliates as the business partners in real sense and needs a lot of respect and caring. So if you wondering to build a bigger sale though this network, these points and not only important but a necessity.
Happy entrepreneurship !!!
Comments are closed.