In some ways, affiliate marketing is an unsung hero. While its siblings SEO, content marketing, and PPC have long garnered attention, this tried-and-tested marketing staple sometimes doesn’t get the attention it deserves. Therefore, it is difficult to find an affiliate program in the FX space that will tick all the boxes of the lucrative plan. This is not the case with HY Affiliates, HYCM’s affiliate program that has been perfected over the years to deliver results to both the broker and its affiliates.
That said, despite growing budgets for affiliate marketing every year, there are no signs that the trend is slowing. According to Statista, affiliate marketing is estimated to be worth $12 billion worldwide. Another interesting fact is that in 2020, affiliate marketing ranks 7th on LinkedIn Learning’s top 10 “hard” skills list, and “the decline of traditional advertising and the rise of social media” are the reasons why affiliate marketing skills are currently desirable. as it shows. employers. According to affiliate network AWIN, at the beginning of 2020, 25 percent of consumers new to brands made a purchase through an affiliate link. At the peak of the epidemic, that figure climbed to 37 percent and has remained above 30 percent since it reopened.
Affiliate marketing as diversification
While we recognize the value of both affiliates and IBs (introductory brokers) in the Forex industry, IBs have historically received the most attention because these partners tended to bring their own traders with them and were therefore considered more trustworthy. source of volumes. Even with SEO and PPC coming to the fore, it is an open secret that a significant portion of the volume of many FX brokers continues to be generated through IB relationships for the above reasons.
At HYCM, we’ve found it to be a great way to develop a modern affiliate marketing strategy, diversify our volume streams, and potentially open our services to segments that are otherwise unreachable. This is because social media technologies that have evolved since the early days of the internet have created ideal conditions for affiliate marketing strategies. Whether influencers, niches or localized messaging is your priority, the platforms we currently have are ideal for promoting these three different affiliate marketing styles.
Get your commissions right
Market research is important when it comes to determining your commission structure. Take some time to research what other brokers in your segment have to offer to see how you can differentiate your own offering. For example, in our affiliate program HY Affiliates, we have chosen to bid up to $1,000 per purchase. Aware of how competitive CPAs have become, we have decided to offer commissions at a higher echelon than what is commonly available, as we rely on the ability of our value-added tools, services, and support structure to retain customers once acquired.
To further highlight our partnership offer, we have also decided to make our partnership as flexible as possible. This includes providing our affiliates with the standard CPA model as well as revenue share and per lot discount options.
Manage your affiliates properly
With the above taken care of, it’s important to understand the importance of affiliate management systems. We cannot emphasize enough how many affiliate programs have failed due to poor management. We are no longer here to discuss the virtues of in-house developed or third-party management systems. What we will say, however, is that if you talk to affiliates regardless of industry, they all seem to value timely payments and full transparency when it comes to reporting.
In other words, your affiliates should know exactly what is the status of their accounts with the most up-to-date conversion data at any given time. Also, there should be zero friction for them in withdrawing their commission. The easier you make this process for them, the more likely they are to stay with you and the more likely you are to attract more members to your cause.
Never forget that affiliates are spoiled for choice today, regardless of industry. You’re not doing anyone any favors by simply offering commissions. You must work hard to keep your offering competitive, while at the same time showing that you value these people as partners who are part of your organization’s success.
That’s why our affiliates who choose to partner with one of the most trusted and established global forex brokers like HYCM by joining our affiliate program benefit not only from the opportunity to introduce their clients to the exciting and rapidly growing online world. not only from trading but also from the opportunity to earn high commissions and generate high conversion rates with their traffic.