6 Strategies for Tracking Affiliate Link Performance
Ever wondered how the top experts track the performance of their affiliate links and measure results? In this blog post, a Founder and Chief Marketing Officer and a CEO share their strategies. From monitoring effectiveness with UTM codes to consistently monitoring affiliate data, these experts provide six invaluable insights. Discover the key metrics they find most valuable to track and why in this comprehensive guide.
- Monitor Effectiveness with UTM Codes
- Use Post-Purchase Surveys
- Track Links with Affiliate Network
- Rely on Analytics Tools
- Leverage Detailed Reporting Tools
- Consistently Monitor Affiliate Data
Monitor Effectiveness with UTM Codes
Using UTM settings in conjunction with analytics software like Google Analytics is one method I employ to monitor the effectiveness of affiliate links. I can monitor which campaigns are generating traffic, where clicks are coming from, and how visitors interact after clicking by assigning distinct UTM codes to each affiliate link. Conversion rate is the most useful measure I monitor since it shows how well an affiliate link converts clicks into desired actions or actual sales. Through the identification of high-performing affiliates and content tactics, this statistic not only assesses the link's effectiveness but also offers insights into improving subsequent campaigns.
Use Post-Purchase Surveys
Make sure you're using a robust, multi-touch approach to attribution. Coupon code redemptions or last-click tracking are only going to tell you part of the story.
The one thing I see people miss most often is using a post-purchase survey to help get a higher resolution of performance.
Shoppers often have a very convoluted buyer journey, and adding in a post-purchase survey will help you pick up some buyers whose purchases wouldn't have been attributed to the affiliate channel otherwise.
Pro tip: If people are naming a creator/affiliate in their survey response, add those to your next payout as a surprise. You'll stand out as an honest partner they'll want to work with again.
Track Links with Affiliate Network
We use an affiliate network to create and track all of our links. The network is able to pass back clicks, sales, revenue, products purchased, coupon codes used, and new customers. New customers is one of the most valuable metrics since it shows a brand what type of traffic a publisher is generating. Finding new customers can be very challenging, and brands put an emphasis on that. You can also incentivize publishers with an increased commission rate for new customers generated.
Rely on Analytics Tools
Although my expertise lies in floristry, I've dabbled in affiliate marketing by collaborating with floral-tool brands. To track the performance of my affiliate links, I rely on analytics tools like Google Analytics and specialized affiliate dashboards. These tools help me monitor clicks, conversions, and sales generated from my referrals.
The most valuable metric for me is the conversion rate. While clicks are great for gauging interest, conversions reveal how well my recommendations resonate with my audience. For example, if I feature a floral-foam brand in a blog post and see a high conversion rate, I know that readers trust my recommendations. This also helps me refine my content to focus on products my audience truly values.
Using data to analyze performance has been a game-changer. It not only helps me identify high-performing products but also strengthens my partnerships with brands. When they see the tangible value I bring, it opens doors for exclusive deals or higher commissions, which ultimately benefits my business.
Leverage Detailed Reporting Tools
One effective strategy I use to track the performance of my affiliate links is by leveraging tools like Google Analytics or affiliate-specific platforms like ShareASale or Rakuten Marketing, which provide detailed reports on clicks, conversions, and sales. The most valuable metric I track is the conversion rate, as it directly reflects how well the traffic is being turned into actual sales. This helps me evaluate which content or marketing channels are most effective at driving sales, enabling me to optimize my strategy and focus on the highest-performing tactics.
Consistently Monitor Affiliate Data
It's crucial to consistently monitor the data within the affiliate network. Comparing the performance of affiliates on a weekly and monthly basis can provide insights. Tracking the conversion rate is particularly important. We value having one of the best in our industry. Understanding how many clients are visiting our page from an affiliate link and ultimately deciding to convert is key. We focus on how we can support affiliates in improving their conversion rates and continue to ask questions to seek ways to enhance overall performance.
