Becoming an affiliate is one of the most lucrative ways to monetize your platform, particularly in the financial services industry.
It grants you the opportunity to earn a commission on every user that engages with your partner’s promotional campaign.
Your payout program will usually determine what type of engagement you get paid for, which typically ranges from simple user sign ups to new accounts or first-time deposits.
Even more profitable are the payout structures that pay you a fixed commission per traded lot. These secure you a long-term stream of revenues from each individual conversion that you turn into a repeat trader for your partner.
Either way, the opportunities are plentiful and they’re there to be capitalized on.
So how do you incentivize your audience to engage with your partner’s advertising campaigns?
How do you make sure your users aren’t just passive viewers, but active participants?
We’ve broken it all down for you in 3 important steps.
1. Establish yourself as a pro
In this day and age, nothing is as powerful for sales as an endorsement from a trusted source, be that an influencer, a friend, or an industry expert.
And in the FX field, this is particularly important.
The industry is oversaturated with bogus bonuses, barely compliant promises and misleading ads with tons of fine print. And it’s very hard to tell who is truly professional enough to trust with your investments.
That’s why you need to establish yourself as a trusted source within your community.
Traders value reliable information, quality research and, above all, honest recommendations from those who are experienced within the field.
So use your platform to make a real difference in your audience’s trading journey.
Post honest, thorough reviews about various companies, tools, or products. Make good recommendations, provide helpful links and share educational or informative content.
Build a track record of honesty, transparency and consistency so that your audience knows that they can rely on you no matter what they need. And slowly, but surely, your reputation will precede you and your conversion rate will go up.
If you’re a trusted authority in the industry and you decide to vouch for a partner, your users are much more likely to trust your recommendation and engage with your ads.
2. Make it Relevant
The wisest thing to do to increase your conversion rate is to ensure there is a palpable synergy between who you are and what you advertise.
Let’s put it this way - if you were to have a blog about healthy eating and veganism, you would never run an ad for KFC.
Not only would that confuse your audience, but they would also never click on it.
That’s why you would most probably opt for ads about smoothie makers, or healthy cookbooks - much more relevant, much more likely to get them to take action.
Similarly, if you’re an education-based blog that is focused on market analysis and research, you shouldn’t run ads for bonus campaigns offering 1:500 leverage and no negative balance protection.
To really incentivize your audience to take action on the ads they see on your site, they need to see something they want or need.
So make ur ads relevant.
Use your affiliate manager to help you run campaigns that will be of real use to your partners.
If you’re an educational blog with a conscientious audience, and there’s a big economic event coming up, run a demo “trade the event” competition with a trusted broker.
Or launch an exclusive ebook offer for new sign ups, teaching them how to trade the data release. And just watch your CPL revenue stream soar!
The main thing to remember is: don’t sign up to an affiliate network with a one-size-fits-all approach.
Align yourself with like-minded brokers who will collaborate with you to build relevant campaigns that excite your audience.
Better yet, sign up to boutique affiliate networks with specialized affiliate managers trained to create this very synergy, like we have at ROI-Collective.
Contact us today to book an exclusive consultation with our talented affiliate managers.
3. Optimize to Incentivize
The industry is ever changing, and what works today may not work tomorrow.
The biggest mistake affiliates make is absent mindedly letting campaigns run in the background without actively looking into the data to check for areas of weakness.
Large affiliate networks tend to have busy account managers who are unable to get into the nitty gritty of the data. So problems existing within the funnel might go unnoticed, leaving your CR to suffer for much longer than it has to.
Where in the funnel do users need more support? Where is there a considerable drop off? What can your partner do to support users further or add more value?
Asking the right questions can dramatically change your user experience and increase your conversion rate. So mobilize your affiliate manager and encourage thorough data analysis to set yourself apart from your competing publishers.
So there you have it! 3 ways to incentivize your users to take the plunge from passive user to active trader.
For more information on how to run affiliate campaigns like a pro, get in touch with us today!