By Sultan Riaz | Marketing Coordinator
MediaWhiz Senior Vice President of Media Services Peter Klein is a fount of information about performance marketing. Especially affiliate marketing. The guy loves affiliate marketing. The good kind, of course. Not the fraud-based affiliate marketing of the past. That kind of junk pains him. It
It’s with this perspective in mind that I recently sat down with Pete, who oversees MediaWhiz’s affiliate marketing business, to discuss a topic that he is particularly passionate about: launching performance marketing campaigns. damages the industry’s reputation, he says, and makes it harder for reputable affiliate networks, such as MonetizeIt, the MediaWhiz affiliate network, to earn the trust and business of today’s digitally savvy CMO.
Recently, I asked Peter to describe how marketers can launch their own performance marketing campaign. Here he outlines the five steps every marketer needs to take to launch a successful performance marketing campaign:
Step 1: Define Your Goal
Defining the goal is important because in most cases campaigns fail because there is no strategic goal in place. What are your goals? Are you interested in generating leads or interested in generating sales? It’s best to figure out what your desired outcome is and have a defined goal that you will be targeting for the campaign.
Step 2: Choose the Right Affiliate Network
I highly recommend conducting thorough due diligence when searching for an affiliate network, just like you would with any other business partner. Make sure you figure out how long they have been in business. What kinds of support team is in place? What verticals do they specialize in? Learn the affiliate network’s financial background and history.
All of those factors are important when figuring what affiliate network you want to work with. Once that is done, it’s best to start with one affiliate network because it will allow for a smaller budget at the start of the campaign. Get some success under your belt with a small affiliate campaign and then start branching out and expanding your campaign with multiple affiliate networks.
Step 3: Plan the Media Mix
The beauty of a media mix with performance marketing is that you have access to so many different media channels like social, mobile, display, search, email, incentivize, co-registration and so much more. The list goes on-and-on.
Make sure you know how much money you want to spend and what channels you want to test. After picking your channels invest between $5,000-$10,000 in each channel. Based on your results, either hone in and remove channels that didn’t work or expand into other channels.
Step 4: Monitor the Campaign
Once your performance marketing campaign has launched you must follow the key objectives and needs of your campaign. There are compliance issues and regulations that could arise. It’s important to ensure every aspect of your campaign – and the work of your performance marketing agency or affiliate network – is compliant and that your brand integrity is being maintained and accurately represented within the marketplace. It’s also important to ensure results are trending in the right direction, your budget is being filled in a proper manner and your key performance indicators are being hit.
Step 5: Optimize
Optimizing your performance marketing campaign comes down to looking at all your media spend and making sure that within each channel you are paying appropriately for the leads. Some quality sources might be fantastic and you might want to pay more for those leads in order to bring in a larger volume. Other quality sources might be poor but will still viable. In that case, you may want to pay less for those leads. Really focus on optimizing to hit your target return on investment.
To get a more detailed description about affiliate marketing and how to start your own affiliate marketing campaign download our free guide, “The CMO’s Guide to Affiliate Marketing.” To keep up to date on all things MediaWhiz follow us on Twitter @MediaWhizInc, like us on Facebook and follow us on LinkedIn