Getting a business, any business off the ground is really a numbers game at its core; the more people know about it the better your chances of making a sale.
Getting the word out, more importantly getting the word out in front of the right audience will play a crucial role in getting your brokerage business off the ground.
That being said, marketing is not easy. Not to mention it can cost you a pretty penny and even then you have an uphill task when you consider the ever dynamic business landscape and a customer who is very well informed and knows exactly what he wants.
Affiliate Marketing: What is it?
Wouldn’t it be great if you had an army at your disposal willing to take your message far and wide, bringing sustained growth to your fledgling brokerage?
Affiliate is marketing is the name of the game. Here’s how it works.
An affiliate is assigned a tracking URL to track which of them are driving traffic to your website. He then markets your brokerage through several ways such as paid traffic, YouTube, email blast, blogging, product/service reviews etc. The visitor purchases the product or signs up. And then you pay out the commission.
There are several key advantages of affiliate marketing:
Stretches your marketing penny to a dollar: Within an affiliate marketing program, you have a sales force working for you 24/7 for free. When we say free, we mean the affiliates only get paid when they bring in the sales, it’s that simple. If you have just started your brokerage operations this could really help you take off.
Easy tracking: One of the greatest benefits of affiliate marketing is its transparent nature. Affiliate programs allow you to monitor key metrics such as click-through rates or website views and you can see exactly which affiliate drove how much traffic and through what channels.
Extended Exposure: By leveraging audiences of each affiliate you can truly amplify the effects of your message. A properly run affiliate program has the potential to take your message and product to corners far and wide at a fraction of a cost as compared to some of the more traditional marketing approaches.
What you should consider while starting your affiliate program:
Following are some of the key components that you need to pay attention to make sure that your affiliate program actually delivers the intended results:
1. Competitive commission structure:
Just like an organization hustles to pluck out the best available talent by offering a great culture, a competitive pay and other perks. The same way you need to offer a competitive commission structure. Most businesses skimp here and then wonder why they hear nothing but crickets within their affiliate programs.
We are not at all suggesting that it has to be the highest but make sure to take a good look at what others are offering and then offer something similar if not higher.
2. A well-made website:
If your website is dated and has a terrible user experience, then one, you won’t be able to sync in with affiliate platforms and secondly even if the affiliates are driving in traffic by the droves, it won’t matter because your bounce rates will be through the roof. A flawless and seamless web user experience is an absolute must if you are to realize the intended gains from your affiliate program.
3. A positive market image:
Just as terrible UX would make potential customers abandon your brokerage, the same way if you brokerage does not have a positive brand image or in other words customers/traders don’t count on your brokerage to deliver on your promises no affiliate would like to associate himself with your business. So you need to make sure that you go above and beyond for each of your clients and craft an image synonymous with top notch service.
Although, there are numerous ways to get the word out for your brokerage but an affiliate program should one of the on your marketing checklist because if run properly it will bring in the business, will not inhale your resources and is very transparent.
Social Media Posts:
1. Be sure to visit our latest post on how affiliate marketing can create a much larger bang for your brokerage marketing buck Blog link
2. You most certainly don’t need to offer an arm and a leg as affiliate commission but it’s always to take a look at what your competition is offering before you start your own affiliate program. Explore our guide to harnessing affiliate marketing for your brokerage here Blog link
3. The success of your brokerage depends on a robust, reliable trading platform. We would love an opportunity to show you how Firstgate brokerage solutions can help your brokerage build a strong operational foundation. Schedule a free demo session by sending us a PM or an email at [email protected]