When you are running an affiliate program, you need to make sure that you understand what kind of value you offer potential affiliates, and you must be able to demonstrate this to them. This concept is known as ‘finding your value wedge’ and it isn’t as complicated as you might think.
There are a few factors to consider when you are finding your value wedge including your prospects, your competition and your USP. In this weeks’ episode of Affiliate Drive Time, Lee-Ann explains the importance of the value wedge and how you can demonstrate this to your affiliates. Watch the video and read the blog below to hear more.
Understanding your value wedge
If you want to understand your value wedge, you have a few things to look at first. Ideally, you would begin by looking at your prospects and who they are. You need to research what your target affiliates do and where they spend time. The more information that you have about your prospects, the easier it will be to find your value wedge.
Secondly, you need to understand your own business. If you already have a USP that you are aware of then you will be halfway there. If not, think about what makes your business different. Do you offer affiliates something that you know others don’t? Find your USP and you’ll easily locate that wedge.
Finally, you need to look carefully at your competition. Who are you up against? What do they offer affiliates? This is important in any industry but in affiliate marketing, competitor analysis is vital.
What to know about your value wedge
Once you have found your value wedge, you’ll need to make sure that you aren’t just putting this discovery on the backburner. You need to ensure that your value wedge is crystal clear and unique to you. Any affiliates who consider joining your program must understand exactly what you are offering.
You need to put yourself in an affiliate’s shoes. Yes, player bonuses might be good for business but are they really important to this particular affiliate? Showcase the important factors to any affiliates and you’ll notice a difference in no time at all. You can do this through emails, calls and the onboarding process to show that you really offer this USP.
Learn more from Lee-Ann
The value wedge makes up only a small part of managing an affiliate program and if you are new to this industry, you might have a lot more to learn. Lee-Ann will be hosting a live webinar on 25th March which will provide you with all the insights that you need. Bookmark the event here so that you don’t miss out.
We’ll also be back with Affiliate Drive Time next week so make sure to subscribe to our YouTube channel so that you never miss an episode!